Firms should reassure pension plan members, expert states

Tue, 11 Nov 2008

Companies should make sure they are in regular contact with members of their defined contribution (DC) pension scheme to reassure them that there money is safe, according to one firm.

According to Colin Williams, executive director of DC business at Fidelity International, an increasing number of pension investors are worried about the effect stock market volatility will have on their cash .

He advised firms to contact their pension holders on a regular basis, regardless of market conditions.

Doing this will help make sure that members consider "their pension account as a long term investment ", Mr Williams stated.

However, if firms which have not been in touch about their pension scheme in the past suddenly start bombarding people with information, then this could have a negative effect he warned.

Last week, Scott Mowbray, a spokesperson for Virgin Money, warned that delays in buying an annuity could see people miss out on some of their pension pot .
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