DWP explains pensions calculator proposals

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DWP explains pensions calculator proposals

Thu 3rd Mar 2011

Its findings for vesting included that upon leaving a scheme, most employees would opt for a short service refund instead of transferring to a different pension programme.

In addition, only an employer with 1,000 or more employees and smaller companies with a high turnover were found to process sufficient short service refunds to accrue a large enough sum to be able to use the funds.

Regarding default options, it was found that where a fund had been set up to be reviewed every few years, there was more variation in the types of pension investment between employers.

A result of this was money put into different proportions of equities as opposed to safe investments, which could include bonds.

Customers of The Pensions Advisory Service were recently found in a poll by the DWP to be happy with the facility, with 95 per cent of helpline respondents reporting to be very satisfied or satisfied with the help they received.

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