Now is the time for companies and individuals to take action. The most important factor for any pensioner is how efficiently his funds have been invested. The art is to make sure you are not among them.
Pensions are very serious and important assets.
Following the recent collapse in equities, many of the schemes from which surpluses have been withdrawn are now seriously under-funded. In June 1997, the English High Court, in a case involving the National Grid, decided that employers can draw off surplus funds - apparently including contributions made by their employees. The fact is that much of the mis-selling was nothing short of dishonest and sometimes outright fraud. What is more, the currently visible problem is likely to be the tip of the iceberg. We believe that pensions are riddled with problems which the regulatory agencies are incapable of solving.