Time to abolish commissions

Article Abstract:

The United Kingdom plans a reform of pensions and is to publish a white paper on this issue. There is widespread recognition of the need for private pension schemes for people not covered by company schemes, so there is no need to pay commission to salesmen. Commission was needed when private pensions were first introduced, but this is less true now there is greater public awareness. The state is better able to market pension schemes than the private sector, and a public education campaign can be used. There is also a need for better treatment for people leaving company schemes early.

Welfare reform

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Hidden pension pitfalls for the unwary

Article Abstract:

Final salary pension schemes offered by United Kingdom companies allow for a tax-free lump sum to be taken on retirement. This sum reduces the amount of pension available The amount forefited is calculated by pension scheme actuaries. Inflation and interest rates have dropped, so annuities have become expensive. This means that lump sums can buy less of an annuity than previously, but actuaries are often not taking this into account when they calculate the amount forfeited.

Defined benefit plans

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