I HAVE just received a notification (unsigned) from my occupational pension trustees indicating a new pension offer. It is termed a pension increase exchange (PIE) offer. It amounts to pensioners accepting an enhanced one-off annual increase and waiving the right to any further annual increment.
Our former employer has ceased trading. There are approximately 900 active pensions and a further 950 deferred pensions. The gross assets of our pension fund is more than £188 million.
This does not appear to be an over complicated actuarial challenge. So why this deviation from an agreed contract involving "free" financial advice. It does not appear to be in the best interests of the average pensioner but rather the ploy of yet another financial institution clawing back the well-earned pension dues of former loyal staff members.
Allan C Steele,
22 Forres Avenue, Giffnock.
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