Consumer Rights – Pensions

Frequently asked questions: Pensions

Who regulates personal pensions?

Regulation of workplace pension schemes. The Pensions Regulator and the Financial Conduct Authority (FCA) regulate workplace contract-based pension schemes, eg personal pensions or stakeholder policies where the employer is responsible for making contributions or deductions from employees’ pay.

How much do employers have to pay into workplace pensions?

You have been automatically enrolled into a workplace pension. You and your employer must pay a percentage of your earnings into your workplace pension scheme. Under automatic enrollment schemes, you’ll make contributions based on your total earnings between £6,136 and £50,000 a year before tax.

Does my employer have to match my pension contribution?

Often, employers will contribute a proportion of your salary or wages. Some employers will agree to pay more to your pension pot to help you build retirement benefits faster, if you agree to increase your contributions to the scheme too. This is known as ‘contribution matching’.

Is there a pension ombudsman?

The Pensions Ombudsman. The Pensions Ombudsman (PO) impartially investigates complaints from members of pension schemes (including personal pensions) or their beneficiaries, employers or trustees. … PO is a tribunal non-departmental public body, sponsored by the Department for Work and Pensions.

Can I still claim for mis sold pension?

Pension mis-selling complaints made after the end of the personal pension review. … Customers who missed this deadline but who believe they have been mis-sold a personal pension are still able to make a complaint to the firm in the normal way, although in some cases time limits may apply.

What happens to your pension if you die?

If the deceased hadn’t yet retired: most schemes will pay out a lump sum that is typically two or four times their salary. if the person who died was under age 75, this lump sum is tax-free. this type of pension usually also pays a taxable ‘survivor’s pension’ to the deceased’s spouse, civil partner or dependent child.

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    Working when you’re 90 may be the norm – if you’re not prepared
    Currently one-fifth of British people aged 65-69 are still in employment.
    Some scientists today predict that living to the ripe old age of 100 years old will be the
    norm for future generation, meaning that the working age is likely to continue to stretch further into one’s golden years.

    Three Years Difference – Women live longer
    The average life expectancy for women is almost three years more than for men.
    The average life expectancy for women after 65 is 24.3 years compared to men’s at 21.6 years.

    The rise of pensioners
    In 2010, there were three people working for every pensioner in the UK;
    however, back in 1901, there were 10 people working for every pensioner!