Employee Rewards and Benefits News
Pension scheme member opinions "at odds" with Pensions Regulator
Despite comments by the Pension Regulator on December 10th, 56 per cent of trustees are happy to consider a transfer value exercise, according to a new survey of trustees of the UK's biggest pension schemes.
The study conducted by Winmark Research and commissioned by Hymans Robertson and the PensionChair Network, garnered a reaction from a number of experts who supported the poll.
Richard Shackleton, a partner at Hymans Robertson, said that while he recognises that some unscrupulous employers seek to profit at the expense of members of the pension scheme, a well-structured enhanced transfer offer will give members a real and fair choice as well as the ability to take control of their pension savings.
He added: "Clearly, transferring out of a defined benefit scheme will not be appropriate for all, but for some members having the opportunity to re-shape their pensions, improve the flexibility over payment and avoid the risk of losing some of its value if their employer goes bust will be attractive."
Hymans Robertson recently reported how a new Club Vita survey discovered that seven out of ten members of the British public think that Britain isn't doing enough to help the elderly in their retirement.
Posted by Michael Ewing
