Is your pension keeping good company?

Article Abstract:

United Kingdom employee pension schemes are usually better value than personal pension schemes because employers contribute to the pensions. There may be minimum contributions to these pension schemes, and there may also be an additional voluntary contributions scheme, or AVC, to which the employer also contributes. Pension fund growth projects can be used to assess the correct level of payments into the scheme. The fees and track record of the scheme are important. A few employers will also contribute to outside schemes.

Employee benefits

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Soaring complaints

Article Abstract:

The UK pensions ombudsman saw a rise in complaints for 1995 to 1996 with judgements favoring complainants in 68% of cases. Common complaints included delays in transfer value payments and high values given for pensions prior to retirement which then fall when the pension becomes payable. There was a backlog of complaints in Mar 1996 and the level of extra staff has not been increased greatly since it is unclear whether the increase in complaints is a long-term phenomenon.

Ombudsmen

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Running out of patience with pensions injustice

Article Abstract:

The United Kingdom government is seeking to speed up settlement of cases of pensions mis-selling. The companies involved have been told to settle a minimum of 90% of 175,000 cases classified as priority by the end of 1997, and the rest by year-end 1998. Priority cases involve people who could have been in company schemes but took out personal pension schemes, as well as people who were married to or dependent on deceased holders of personal pensions.

Life Insurance, Direct Life Insurance Carriers, Laws, regulations and rules, Insurance industry

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