Pensions

This section of the website provides general guidance on pension rights and legislation.

The advice in these briefs provides some basic details on pensions and pension law. They do not attempt to describe every aspect, and should not be regarded as an authoritative statement of the law in any particular case.

TSSA members should, where necessary, seek advice from their staff reps, the TSSA Helpdesk or their Negotiations Officer.

TUC Pensions Champions - Protecting Our Future: Want to know more about how pensions work?

NPC National Lobby on Pensions: NPC Pensions: National Lobby of Parliament - 25 October 2006

Turner on pensions at the TUC: Pensions Commission Chairman Adair Turner told the TUC General Council in November 2004 that no single measure, on its own, would avert the prospect of growing pensioner poverty over the next 20 years as the number of retired people rises to match the numbers in work.

Tax exemption for pensions information and advice: A new tax exemption will mean employers can for the first time give their employees access to valuable pensions advice without incurring a tax charge.

Independent financial advisers avoid giving advice on opting out of state second pension: Nearly two thirds of independent financial advisers (IFAs) are not prepared to advise people seeking guidance on whether they should contract back into the state second pension, according to a recent survey.

Many people feel property is safer than pensions saving: Rocketing house prices mean many homeowners are planning their pensions around the profits, according to a survey from the Prudential.

Lords approve Pensions Bill: The Pensions Bill has finally been passed by the House of Lords without an amendment that would have raised the age limit for compulsory pension annuities.

People with larger occupational pensions live longer: New longevity research from the Actuarial Profession confirms that people on higher retirement incomes live longer than those on smaller incomes, and goes further than previous work by quantifying the difference.

Increase in Defined Benefit Scheme Closures Continues: According to the latest annual survey from the National Association of Pension Funds (NAPF), ten per cent of final salary schemes in the private sector closed to new staff in 2004 compared to 26% in 2003 and 19% in 2002.

Defined benefit pensions v defined contribution schemes: The recent rush to close final salary pension schemes to new employees means that an increasing number of workers are now having to rely on defined contribution (or money purchase) schemes to provide their future retirement income, either through a scheme set up by their employer or a personal pension as a group or individual arrangement.

Election of Trade Union Representative to the Railways Pension Scheme Trustee Board - Employee Director Casual Vacancy: TSSA Members of the Railway Pension Scheme should be aware that a casual vacancy has arisen for a Trustee of the Railway Pension Scheme as a result of the resignation of the RMT’s General Secretary Bob Crow from his position as a Trustee.

Railways Pension Scheme - Valuation update Jan 2003: In May 2002 we highlighted the fact that following the latest triennial valuation of the Railway Pension Scheme (RPS), contribution rates for both employers and members could increase for the majority of Sections.

Railways Pension Scheme - Future Contribution Rates - May 2002: Railways Pension Scheme (RPS) members should be aware that there exists a strong possibility that the contribution rate needed to fund the RPS may have to be considerably increased.

Railway Pension Scheme - Brass II: Brass II members who have funds invested in the Brass II ’Pension Assured Fund’ (PAF) will have received a letter dated December 2001 from the Norwich Union.

Stakeholder pensions - regulation: The Financial Services Authority (FSA) regulates the marketing and promotion of all Schemes including any occupational schemes that are set up as stakeholder pensions.

Stakeholder pensions at work: Employers with five or more employees must designate and provide access to a stakeholder pension scheme. If any employees join the designated scheme, the employer must provide a payroll deduction facility to those who request it.

Stakeholder pensions - an introduction: The government wants people who can save for retirement to do so. Stakeholder pensions are designed for people without access to employer sponsored pension arrangements and are targeted at those earning Ł10,000 - Ł20,000 per annum.

Pension scheme surpluses: Scheme surpluses have dominated the pensions debate for most of the last decade or more. Those of us involved with pensions have become accustomed to their consequences in terms of contribution holidays, refunds to employers and benefit improvements. Despite this importance there is still widespread lack of understanding of their true nature.

Resolving a pensions grievance: The aim of this brief is to inform Association members of how to formally complain if they have a pension problem if they belong, either to an occupational pension scheme (OP) or a personal pension plan (PPP).

A guide to pensions jargon: Pensions are a subject that is particularly bedevilled with jargon. The aim of this brief is to provide a brief introduction to some common pension terms and make a very important subject more accessible to trade unionists.