With a new age in which less and less occupational pension schemes are available, the focus has shifted onto the employee to take the initiative when it comes to safeguarding their retirement with a pension .
This, at least, is the perception of the technical director of the Pensions Advisory Service (TPAS.) Des Hamilton said that despite declining standard company pensions, employees weren’t necessarily making less provision.
Personal pension plans, Hamilton commented, are a new choice that many are looking for. Employers are sitting back, according to Hamilton. He reportedly said: "They are still making pension provision but they are doing it through a different vehicle, rather than the traditional occupational scheme. The perceived wisdom here from employers is that there is a lot less regulation than there is with occupational schemes, there is a lot less hassle, they don't have to get involved in trusteeship and it puts the pension arrangements at more of an arm's length from the business."
For those looking for pensions information and guidance, TPAS are an independent organisation that offer these services for free.
Pensions driving seat for employees
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Pensions driving seat for employees
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1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
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