Occupational pension schemes 'must communicate more'

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Occupational pension schemes 'must communicate more'

Mon 28th Sep 2009

Occupational pension schemes do not offer their members enough information and this makes them harder to keep track of, according to an industry expert.

Anna Sofat, director of ADDIDI Wealth, pointed out that without regular contact, it can be easy to forget about a pension, especially if it is one with a company you no longer work for.

She noted that personal pensions have rules about making sure members receive annual statements, which cover what the pension is worth, how the money is invested and how much it has increased since the previous year.

Ms Sofat explained: "On occupational pensions, that isn't the case and many schemes, to save costs, for example, don't issue annual statements to deferred members - paid-up members who are not there anymore."

Recent research by the Lincoln Financial Group indicated that 48 per cent of people with a pension do not know how their scheme is investing the money.

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