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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | October 2008 (3 blogs) | Are pension buy-outs secure?
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How are these pension benefits secured in the event of failure?
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If you are involved with pension transfer advice, give advice on pension benefits, or are an employer or trustee, sooner or later someone is going to ask you about the security of pension benefits in a scheme that has performed a buyout of pension liabilities.
I read this article about the security of benefits for scheme members where the trustees have used an insurer to buy-out some (or all) of the scheme’s liabilities. The problem is, if the insurer fails (remember Equitable Life), where does the buck stop? Who picks up the liability to pay pensions as they fall due?
What occurred to me most was the almost complete divergence of opinion from the various people that are quoted within the content. If the pension legal eagles, FSCS and PMI cannot all agree, where do scheme members stand? See:
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Mike Jones, MyCompanyPension.co.uk, 2nd October 2008
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