Company Pension plan that seems to conceal details

The company I work for has introduced a new pension plan which I should
probably be grateful for. However as well as being horrendously complex and
seeming to want to make every pension holder into an investment manager (and
I don't work in financial services!) they wont give us any information on
the intermediary and investment managers and fund charges. Asking the
question brought fourth the unhelpful, "I can assure you the charges are
very competitive".
What is the best way to get more information and what is the legal situation
if the company withholds it?
Reply to
T
I am certainly not a pensions expert, but as you've had no other replies...
Ask your HR dept for a list of the trustees. If the scheme is large then an employee trustee or two should have been appointed. Contact these trustees and ask them your questions. You may get the same answer, but at least it will be from someone who should know for sure!
If your employer is making contributions for you / as well as you, then that "usually" means you're getting a good deal. If they are not contributing anything, then ask them how it differs from a SIPP? (see Hargreaves Lansdown or similar website if you are not sure what a SIPP is)
Hopefully someone who is more knowledgeable will also contribute an answer. I know there are some ones in this group - John Boyle are you there?
Reply to
John
T wrote:
I hope that assurance isn't as worthless as the one IBM made to its staff. See
formatting link
Reply to
Reentrant
I'm no expert but I thought that there is a legal requirement for the disclosure of information such as commission/charges on all financial products.
Reply to
Mark
There is, but this will have been given to the trustees or the employer. I'm not sure what the legal requirement is for the employer to tell the employee. Morally he should, but legally...?
Rob Graham
Reply to
robgraham

Site Timeline Threads

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.