Company Pension Scheme question

A couple of years ago I joined my employers company pension scheme, which is a "Your Company Pension @ Norwich Union" scheme.

Now, completely out of the blue, I receive an information pack from some financial advisors claiming they have been appointed to run the scheme. New financial projections included, the full works. This is to be set up as a new "section" in the NU scheme, with higher charges to pay for these advisors. Its particularly the increase in charges I object to, as the these come out of my pension fund.

Although I suspect the answer is "it depends", in general, can the company change the scheme with consulting the members, can they release personal financial info to a third party without agreement, is there a breach of contract if existing scheme benefits were simply terminated?

Reply to
Steven Briggs
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The scheme trustees should be looking after your interests. If they have consented to these moves against the wishes of the members then the members can change the trustees and rescind the changes. The existing scheme benefits for a member cannot be changed except by agreement with the member.

Reply to
Stickems.

In message , Stickems. writes

That appears to be a weakness of the scheme, there are no trustees, there is no one to look after the members interest. Is this usual for defined contribution "personal" company schemes?

Reply to
Steven Briggs

Yes. It's a personal pension and doesn't need trustees. You and the company pay in your payments and you get what you get. Mind you I don't see how they can up the charges unilaterally. The charges should be as they were originally set up.

Rob Graham

Reply to
Rob graham

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