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

23rd November 2017
:: Employer | Website audit | Service Details

Service Details
 
Why use an audit service?
 
A survey conducted by MyCompanyPension.co.uk revealed that, of those websites surveyed, 4 out of 10 when explaining the different types of work-based pension schemes, wrongly stated that final salary schemes provide guaranteed benefits for members.
 
an example of incorrect text saying final salary benefits are 'guaranteed'This comes after the high profile court case involving scheme members who lost significant amounts of pension benefits because of their employer’s insolvency. The scheme members argued that they had relied on Government documentation about the security of this type of pension scheme.  
 
The widely publicised case, which has filled media headlines over the last 18 months, focused on documents provided by Government departments that indicated that final salary schemes were guaranteed.
 
The fact is that this type of scheme provides a ‘promise’ of benefits rather than a guarantee.
 
Mike Jones, Director at MyCompanyPension.co.uk said, “To find websites continuing to refer to final salary schemes as providing guaranteed benefits is rather worrying. What surprised us was that organisations have failed to update their websites. For such websites this opens the companies up to potential compensation claims.”
 
example of incorrect statement saying final salary pensions are limited to two thirds 
The survey looked at a range of websites that included national and local organisations and a variety of referral-based, advice-orientated websites, as well as regulatory websites.
 
 
What was also revealed was that 1 in 4 of the websites surveyed had yet to be updated to take into account the changes introduced by the Government in April 2006 - what became known as ‘A-Day’.
 
To read the notes that accompany this, see The truth about pension 'guarantees'  
 
 
For further details on how we can help you and your employees and scheme members, please contact:
 
Mike Jones
Business Development
MyCompanyPension.co.uk Ltd
 
(t)       0845 123 5670
(m)     07730 855596
 
 
 
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