Do you actually mean how do they track that their pension value(s?) reflect the cumulative value of all of the contributions plus any growth to date where pension savings have potentially become "fragmented" across multiple schemes/products/employments? To do this they will probably need to have kept their own documentation on such issues to ensure that they have a record of all pension savings made. Then they can check with each pension company to check the current value of each pension held.How can a person check the calculations that the pension provided gives at retirement?
I don't really understand the question or the background behind it...We are really at the mercy of the pension company when deciding what our pension entitlement is, they seem to be able to blame the market condition for a reduced pension. Are we getting the good deal that we first looked at when taking out a pension?
In most cases it's impossible to tell in advance as much depends on the performance of the underlying assets/funds in which the money is invested. You should at least have received an illustrative projection based on various assumptions but this would still have no bearing on actual or likely future performance which simply cannot be predicted.This is a general enquiry based on personal experience. When opening a pension scheme many years ago, I do not recall being told what I would receive on retirement;
I don't really understand what you're on about here. Perhaps you can post a bit more clearly and in a bit more detail?if I was told, it would be assuming that I pay into the scheme until retiring age, which I did not, because I left the employment of the company. I do however recall receiving a letter telling me I will receive a reduced amount because of market conditions. As you say cumulative value and growth they must calculate, but all I want to know is, have they worked it out correctly or is the company screwing me? And how can I check
Unfortunately there is no onus on pension providers to issue annual statements to members who have left the scheme even when they leave money invested. And I think most don't. Although they do normally provide valuations/statements on request.I did get a yearly statement when I was paying in, but not after I left the employment of the company
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?