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Sharp-eyed pensioners were concerned when they spotted that Reuters Pension Fund assets had dropped by more than a billion pounds between 2021 and 2022. The latest accounts show a 39% drop in assets from 2.8 billion pounds to 1.7 billion.
- Dragging Their Heels
- The Fastest Pension Providers
- The Slowest Pension Providers
- Why Are They So slow?
- Biting Back
Each year pension advice firm Portafina releases a series of tables, charting the length of time taken by the different pension providers to provide the basic information needed in order to advise savers on areas like the pension freedoms. The data covers a whopping 13,021 requests for information made by the firm on behalf of more than 7,000 pensi...
Let’s start with those defined contribution firms. Here are the five fastest providers: Evidently they have the sort of clear processes in place for dealing with such requests quickly. And for the defined benefit schemes, where things can get a little more complicated, here are the fastest providers according to Portafina. The Railways Pension Sche...
The difference between the relative speedsters in the tables above and the slowest providers is pretty stark. If your pension is provided by one of these firms then you’ll be left waiting for a while for even the most basic of information about your pot. First, we’ll start with the defined contribution firms again. For example, Equitable Life Assur...
Portafina hasn’t just flagged up the slowest performers, it’s also outlined some of the issues with their processes that cause these massive delays. Equitable Life, for example, requires savers to call the scheme in order to provide additional information, but as it won’t tell the adviser what that information is, the client cannot prepare and ensu...
It’s worth noting that some of those named and shamed as dawdlers have hit back at the findings. Speaking to the Money Marketing trade title, a spokesperson for South Tyneside Council ‒ speaking on behalf of the Tyne and Wear Pension Fund ‒ emphasised that, while it wants to deal with transfer requests promptly, its main priority is protecting memb...
Aug 17, 2023 · Scammers pretend to be experts: these criminals will often pretend to be a pensions adviser, from a government agency or from a genuine financial firm. Key phrases: if you see the words “free pension review”, “pension liberation”, “loan”, “savings advance” or “cashback”, it could be a scam.
PRINCIPLES. To provide a forum for members and pensioners of Reuters Pension Fund (RPF) and the Supplementary Pension Scheme (SPS) for the exchange of views and opinions on the development and management of RPF and SPS. To keep under review the management of both Funds by the Trustees.
Sharp-eyed pensioners were concerned when they spotted that Reuters Pension Fund assets had dropped by more than a billion pounds between 2021 and 2022. The latest accounts show a 39% drop in assets from 2.8 billion pounds to 1.7 billion.
The Fund runs a multitiered complaints system to better support a resolution as quickly as possible. In the first instance, please raise your concerns with our administrator who will look to resolve the matter with you.
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May 1, 2005 · The PRG may act as an initial point of contact for members who have pension issues, but it cannot take responsibility for the management of their pensions or the resolution of any problems or disputes they may have with the Fund managers.
