MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

19th September 2017
:: Press Office | Press Releases | New pension education service launched

Press Release
 
MyCompanyPension.co.uk launches information
and education website for pension scheme members
 
MyCompanyPension.co.uk has launched a dedicated website to provide impartial and unbiased information and education services for pension scheme members.
 
The jargon-free, no nonsense, website is designed to make scheme members’ understanding of pensions easier by bringing together useful and relevant facts about defined benefit schemes.
 
Pension scheme deficits combined with rafts of new legislation and regulation have led employers to seek ways of reducing the costs and risks associated with running schemes. This has meant many employers considering changing aspects of scheme design and a significant number of pension schemes are now closed to new members. Active membership of defined benefit schemes has fallen by over 60% since 1995.
 
Any change in scheme design can have a dramatic effect on scheme members’ benefits. Many members don’t realise the impact that recent laws may have had on their benefits (Civil Partnerships, A-Day and Age Discrimination). 
 
Mike Jones, Director of MyCompanyPension.co.uk, says “It is essential that employees and members have a clear understanding of all of the issues associated with their pension scheme. Regularly reviewing pension benefits is essential and should not only be triggered by a life changing event such as redundancy. With an ageing population, a complex pensions market and a greater emphasis on people taking responsibility for their finances generally, we strongly believe there is need for impartial, factual and unbiased information. Scheme members have to improve their knowledge and understanding to save themselves from painful experiences later in life.”
 
The launch follows hot on the heels of the Treasury’s announcement in January to research and design a national approach to generic financial advice. By launching a no-advice service, MyCompanyPensions.co.uk is one of the first commercial organisations to provide specialist information and education services which the Financial Services Authority have said are the foundation stones of generic financial advice.
 
MyCompanyPension.co.uk provides Factsheets on different aspects of salary related pension schemes, each considering the how, why, when and where, helping scheme members negotiate the complexity of their pension schemes and make them more transparent. The website is written, maintained and updated daily by pension professionals.
 
Scheme members can join for a small annual membership. Employers and pension scheme trustees can purchase bulk subscriptions for their employees and scheme members. Financial advisers can buy block membership for their clients, to assist in pension analysis and financial reviews.
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Contact
 
Mike Jones
MyCompanyPension.co.uk Ltd
PO Box 240
Telford
TF6 5YN
Tel: 0845 123 5670
Mobile: 07730 855 596
Fax: 0871 433 4662
 
Notes for editors:
  1. Planning for retirement is one of a number of priority projects being undertaken as part of the national strategy on financial capability. For further details see DWP publication Informed Choice (PDF)
  2. Active membership of defined benefit schemes has fallen by over 60% since 1995 according to the Pensions Commission (A New Pension Settlement for the 21st Century, 2005, page 52). For further details see Pensions Commission Main Report (PDF)
  3. According to the FSA, information and education services are the foundation stones of generic financial advice (Building Financial Capability in the UK: the role of advice, P2). For further details see FSA document (PDF)
  4. On the 15th January 2007, Ed Balls, Economic Secretary to the Treasury together with James Purnell, Pensions Reform Minister, announced the Government's long-term approach to financial capability. For further details see Treasury Press Release (HTML)
  5. In the same announcement referred to in 4. above, the Government advised that it will set up an independent feasibility study, led by Otto Thoresen, Chief Executive of AEGON UK, to research and design a national approach to generic financial advice.
  6. Generic financial advice is defined by the FSA as ‘a set of services and tools that use information about individual’s circumstances to help them to identify and understand their financial position and needs and to plan their finances accordingly’. (Financial Capability: developing the role of generic financial advice, P6). For further details see FSA document (PDF)
  7. On 5th December 2005, the Civil Partnership Act 2004 came into force. The Act enables same-sex couples to form a legal relationship, known as a civil partnership. If a same-sex couple enter into a civil partnership, the scheme member’s partner will be given similar rights to those previously only available to married couples in relation to a number of issues. These include pension rights. For further details see DWP publication Civil Partnerships (HTML) 
  8. A-Day was the 6th April 2006. It was an attempt by Government to simplify the tax rules that govern pensions in the UK by introducing a single set of new rules. The whole process became known as ‘pensions simplification’. Employers have had to adapt pension schemes to meet the new legislation. For further details see HMRC website RPSM Manual (HTML)
  9. From 1st December 2006, the pensions aspects of age discrimination became effective. Any future occupational pension provision offered to employees and scheme members (actual or prospective) in relation to pensionable service earned since that date must not discriminate on the grounds of age. For further details see DWP document Age Discrimination (PDF)
About MyCompanyPension.co.uk
 
MyCompanyPension.co.uk is an information, education and communication based website aimed at scheme members, trustees, sponsoring employers and advisers. The website presents facts and information. MyCompanyPension.co.uk doesn't give advice; doesn’t sell pensions, life insurance products, investments or mortgages.
 
In the UK, there are approximately:
  • 20 million pension scheme members including over
  • 10 million salary related pension scheme members
  • 29,000 FSA regulated firms and 165,000 FSA regulated advisers
  • 10,000 salary related schemes and 1,000's of sponsoring employers
  • 176,000 trustees and 100's of associated organisations and support companies.
The company is a privately owned enterprise. Our team are all experienced and seasoned pension professionals. The website represents our core business - it is updated daily. Our income comes from membership fees, sponsorship, strategic partnerships and subscription services.
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PR1001_5
 
 
Release date:
28th February 2007

Article details:
Main article 385 words

What we do: Image of a green tick
provide e-learning
inform
educate
communicate
provide facts
simplify the complicated
save you time
help people understand
 

We don't do: Image of a red cross
we don't give advice 
we don't sell pensions
we don't do investments
we don't sell insurance
we don't do mortgages
 
  

 

 


© MyCompanyPension.co.uk Ltd – 2017