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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | February 2009 (16 blogs) | Why regular pension reviews are essential
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Why regular pension reviews are essential
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Transferring from a defined benefit scheme requires a great deal of thought given the nature of promises that lie behind such schemes. Not to mention the potential ‘security’ offered by the PPF if a scheme fails (assuming it qualifies), although the level of compensation is limited.
Nevertheless, I firmly believe that all active and preserved members of such schemes should regularly review their benefits, because circumstances can and do change. In today’s uncertain world, it would be foolhardy of anybody in the private sector to assume that their pension provision is ‘safe’.
Wise people will take a keen interest in both the sponsoring employer and the scheme’s solvency position. Easy to say: not so easy to do, but with a little pension guidance, a regular review would put minds at rest – as well as flag up potential problems or benefit shortcomings and allow members to react accordingly. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, February 3rd 2009
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