15 June 2009
The Pensions Advisory Service (TPAS) has produced a new free
explanatory leaflet explaining the effect leaving work whether
through redundancy or other reason may have on your existing
pension provision or plans.
The leaflet entitled "Pensions and leaving work" explains what
employees in this situation should be told about their pension
position and what they need to think about for the future. The
impact of redundancy is covered as are possible early retirement
options, what happens if the employer has gone bust and what
important factors should be taken into account before contemplating
transferring your pension out to another scheme or arrangement.
"We are very conscious in the present economic climate," says
TPAS Chief Executive, Malcolm McLean, "that losing your job can be
a very stressful time. Loss of income and future career prospects
are obviously the most pressing concerns. But one other very
significant issue that needs to be considered is the impact leaving
work will have on your retirement saving and what, if anything, you
might be able to do to safeguard your position. We hope our leaflet
will help in explaining what is involved and where to go for any
further information and guidance deemed necessary".
Notes for Editors
1. A copy of the new leaflet "Pensions and leaving work" is
attached.
2. Copies can be obtained free of charge by ringing the Pensions
Helpline 0845 6012923 or downloaded from the Publications Section
of the TPAS Website www.pensionsadvisoryservice.org.uk
3. TPAS is an independent voluntary organisation that is grant
aided by the Department for Work and Pensions. The service is
free.
