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Tough year for final salary schemes

Conditions for final salary schemes will be tough in 2017.

The future of the schemes has been highlighted this year with the collapse of BHS and the future or steelworkers’ retirement deals.

The Pension Protection Fund said that the collective deficit of the UK’s 5,794 final salary schemes was £222bn at the end of March, little changed from a year earlier. One of the major concerns of final salary schemes is that people are living longer meaning the companies have to pay out or longer thus making the scheme more expensive. Another major concern is the uncertainty in the economy. Pensions schemes rely on the employer’s contributions to be successfully invested.

To see if you can move your pension to a personal pension scheme Contact us

 

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Pension Cold Caller Crackdown

Pension cold callers could face £500,000 fines as part of planned ban.

The government plans to ban cold calls offering exotic investment opportunities to people cashing in their pension pots.

Savers can now cash in their pension pot from the age of 55. Since the access was permitted for the first time last year, people were taking out sums averaging £20,000. The influx of withdrawals have attracted fraudsters offering false investment opportunities.

Many people with defined benefit schemes will be allowed to transfer to a private scheme to allow access from the age of 55.

 

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