P542 Teletext 542 May20 23:11:09 ——— AVOIDING PENSIONS RIP-OFFS ———————— "You will nearly always be better off if you stay in, or join, your employers' pension scheme." That's the advice of the senior City watchdog, the Securities and Investment Board (RIB) in new consumer guidelines out this week. They follow an outcry over bad pensions advice from unscrupulous salesmen and advisors. ——————————————————————————————————1/8—— Checklists: why theygre necessary > GREAT OFFSHORE RATES FROM YORKSHIRE GUERNSEY - SEE P539 Advice Savings Property 8lus IndexP542 Teletext 542 May20 23:1 : 5 ——— AVOIDING PENSIONS RIP-OFFS ———————— Hundreds of thousands of people are thought to have opted out of company pensions or transferred money out of company pensions when they should not have. The consumer checklists are designed to help investors protect thjmselvrs. Guidance notes for financial salesmen and advisors have also been published. ——————————————————————————————————2/8—— Guidelines for opt-outs >>> GREAT OFFSHORE R—RES FROM YORKSHIRE GUERNSEY m SEE P539 Advice Savings Property plus IndexP542 Teletext 542 May20 23:11:48 ——— AVOIDING PENSIONS RIP-OFFS ——————— Opting-out of a pension means leaving or not joining en employers' pension when you are eligible to be in it. The checklist says it is better foz you to stay in or join a company scheme instead of getting a personal pension: You and your employer will put more into a company pension than you can alone in a personal pension benefits can be higher and better in an employees' scheme you'll pay the expenses setting up your own scheme. ——————————————————————————————————3/8—— What about pensions transfers? >>> GREAT OFFSHORE RATES FROM YORKSHIRE GUERNSEY - SEE P539 Advice Savings Property plus IndexP542 Teletext 542 May20 23:19:34 ——— AVOIDING PENSIONS RIP-OFFS ———————— Pension transfers involve the movement of money from a company scheme to a personal pension or a new employer's scheme. The RIB advice is: In general, there needs to bj good reasons for you to transfer from a company scheme offering good benefits, especially in a public sector pension. But transferring out can br right in some cases. ——————————————————————————————————4/8—— Pensions action checklist >>> GREAT OFFSHORE RATES FROM YORKSHIRE GUERNSEY - SEE P539 Advice Savings Property plus IndexP542 Teletext 542 May20 23:19:54 ——— AVOIDING PENSIONS RIP-OFFS ———————— The RIB's made it clear that advice to opt-out is bad advice. V As for transfers, it's told pension companies to identify cases involving dependents of clients who have died, clients who are retired, women aged 50 and min of 55. Other cases will follow. If bad advice was given, pension firms are to put matters right as soon as possible. ——————————————————————————————————5/8—— Pensions action checklist >>> GREAT OFFSHORE RATES FROM YORKSHIRE GUERNSEY - SEE P539 Advice Savings Property plus InduxP542 Teletext 542 May20 23:10:12 ——— AVOIDING PENSIONS RIP-OFFS ———————— Pension holders considering opting or transferring out are advised to: Ensure the financial advisor explains the very different benefits of company and personal pensions discuss the decision with your partner get reasons in writing for opting or transferring out ask how much your advisor will earn in commission shop around for zhe brut dean. ———————————————p—————————————————p—p——— Where can I get a checklist >>>6/8 GREAT OFFSHORE RATES FROM YORKSHIRE GUERNSEY - SEE P539 Advice Savings Property plus IndexP542 Teletext 542 May20 23:18:31 ——— AVOIDING PENSIONS RIP-OFFS ————pp—— The booklets, Pension Transfers and Pension Opt Outs are available in libraries and Citizens' T Advice Bureau|. Single copies can be obtained grom |hj RIB free bz sending a stamped addressed envelope size 9" by 7" to: Pensions Factsheets, Securities and Investments Board, 2-14 Bunhill Row, London EC1Y 8RA Pension transfers......... 0891 141 324 T+ ——————————————————————————7/8—— Calls cost 39p/min cheap rate 49p/other GREAT OFFSHORE RATES FROM YORKSHIRE GUERNSEY - SEE P539 Advice Savings Property plus IndexP542 Teletext 542 May20 23:10:50 ADVERTISEMENT ... </8 Traded Endowment Policy Specialist Thinking of surrendering your With-Profits Endowment Policy? TRY US FIRST IF YOUR POLICY: HAS RUN FOR AT LEAST 25% OF ITS TERM IS FROM AN ESTABLISHED LIFE OFFICE HAS A MINIMUM SURRENDER VALUE £1,500 IF ITS "YES" THEN WE WANT TO SEE IT POLICYPLUS CaN SOMETIMES OFFER UP TO 35% MORE THAN SURRENDER VALUE FOR FULL DETAILS CALL: p22u 466466 (THIS IS A 24 HOUR SERVICE) Member of F.I.M.B.R.A. Advice Savings Property 8lus Indj|