Pension Provision back in the Limelight
Originally sent: July 19, 2004Brendan Barber, the General Secretary of the TUC, told delegates at the National Association of Pension Funds conference last month that pensions are no longer a discussion topic for simply ?those with an excessive interest in rainwear and the need to get a life?.
The unions have always, of course, been concerned with pensions and have wanted to ensure employers provide decent pension benefits for their staff. But the employees themselves are often ill-informed about the need for retirement provision, as we all know only too well. However, Mr Barber now maintains that pensions ?are a top concern for people at work?.
Some of us may have become so fed up with rebuffs about poor performing pension investments, atrociously low annuity rates, and the loss of capital on death that we have given up even trying to sell pensions. Perhaps we would be surprised to find that, whilst no doubt many people still have their concerns about these issues, there is more willingness at least to have a sensible discussion about retirement planning.
The unions are going to be putting more pressure on companies to provide proper pensions for their staff. And whilst those unions would clearly love to see lots of new final salary schemes for their members, they are realist enough to recognise that simply is not going to happen. So that pressure will be creating a bigger and bigger market for us to go in and talk about money purchase company pension schemes.
Coupled with the changes coming up in April 2006, and the good old but very effective presentations you can make on the benefits to both the employer and the employee of salary sacrifice, this is all very good news.
Far too often we in this industry focus on the negatives. Let?s get out there and do the job we came into the industry in the first place to do! Get some positive vibes and get out there ? you might just surprise yourself with the results you will obtain!
Adviser Breakthrough Training Solutions Ltd. takes no responsibility for loss occasioned by any person acting or refraining from action, or in consequence of any other person acting or refraining from action, as a result of the material in this article.
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