I was thinking over lunch about writing another blog post and wondering what subject I might pick and on returning to my desk the answer was staring me in the face in the form of an email from a pension administration company which I have been corresponding with for the lastÂ six months.
At the beginning of August 2016 a client asked me to review his existing pensions and to make a long story short I have spent the last six months corresponding withÂ this company in an effort to locateÂ one of hisÂ pensions from an employer which he previously worked for. Iâ€™ve had to endure some very high minded rebukes from this company to the effect that I was wasting their time etc and in mid-November they told me that they werenâ€™t willing to investigate the matter any further unless I was able to provide evidence that the pension was managed my them. Continue reading Who’s Keeping Track of Your Pension Entitlements?
It’s not too late to late to make a decision about what you want to do with your ACC Bank pension entitlement. The deadline for return of your completed option formÂ had originally been set forÂ 31 January,Â however Aon Hewitt have extended the deadline to 8 February.
If you previously worked for ACC Bank / ACC Loan Management and were a member of the Bankâ€™s defined contribution pension scheme you will have received a letter in recent weeks informing you that you must transfer your pension out of the scheme. The letter gives you the following options; Continue reading ***Deadline Extension*** for return of ACC Bank Pension Option Forms
Thereâ€™s an old saying (which I donâ€™t subscribe to due to its crudeness!) that there are three roads to financial ruin â€“ alcohol, gambling and women. The saying goes that alcohol is the most certain, gambling is the quickest and women is the most fun. The world has changed and there are now many more roads to financial ruin and some of them aren’t near as much fun as any of the above.
Anyone keeping even one eye on the investment markets in recent months will have seen headlines which declare that there is a bubble in bond prices and that it might be about to burst. So why would bond prices fall, is it likely to be severe and why should you care?
Continue reading Bond Markets, Bubbles and Tantrums
- Did you leave a previous employment where you had a pension entitlement?
- Do you know how much it is worth or what it is invested in?
- Do you know how much is deducted in charges?
- Do you know who has responsibility for the stewardship of your pension?
- Can you make fund switches with ease and speed if you need to?
If you have a definedÂ contribution pension entitlement from a previous employment, it usually makes sense to move it into what is known as a Personal Retirement Bond, also known as a Buy-Out Bond.
If left in your previous employers scheme any amendments you wish to make to your pension must be signed off by the Trustees. This can take considerable time. Some companies who administer company pensions impose their own rules such as restricting fund switches to certain times of the month. Some companies have a lock in period during which no fund switches can be performed. Continue reading Do you have a pension entitlement from a previous employer?