British specialist insurer Paternoster has called for regulators to clampdown on companies that encourage pension holders to quit early with cash. ‘Cash for pensions’ is an emerging phenomena in the UK, with companies offering cash top-ups to pension scheme members who fly their nest early.
The chief executive of Paternoster, Mark Wood, described the trend as ‘bad practice’, implicitly criticising several UK companies, including Goldman Sachs. Mr. Wood has reportedly made representations to several watchdogs, including the pensions regulator, the FSA and the Department of Work and Pensions .
Mr. Wood was reported as commenting: "Defined benefit pension schemes are designed to pay pensions . Specific regulation of the transfer value process is required now to protect tomorrow's pensions."
Cash for pensions under fire
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