Trainee firefighters in the UK are offered visits from ‘pension experts’ – HR employees whose job it is to answer the questions they might have about their retirement savings. It’s a risky job. Firefighters have been deeply unsatisfied with their pensions since a law change in 2015 sent their retirement age up by ten years and altered the type of benefits they would receive when that date finally arrived.
These ‘pension experts’ are well qualified to tell firefighters why they won’t be much worse off under the new scheme. What they seem less sure of is where the money they pay into the scheme each month will actually go.
Digging into the destination of pensions for public sector employees is a painstaking task. It shouldn’t be so hard for Hertfordshire firefighters to find out that their pensions go into the Firefighters Pension Fund: a pay-as-you-go, unfunded pot which “receives contributions from firefighter members and the employing fire and rescue…
Register to continue reading this article.
Already a member? Login
For access to the top news and insights from the investment worldREGISTER FREE TODAY