The number of complaints about
pension mis-selling and poor administration of pensions has soared, the
Pensions Advisory Service (TPAS) has said.
TPAS, which mediates pension disputes, had 6,821 complaints about
pensions in the past year, a 15% increase on the previous 12-month
period.
Personal pension complaints rose 43%, but gripes about workplace pension
schemes fell 12%. TPAS said that some pension firms "lack concern" for
customer service.
TPAS said the "worst offenders", as far as customer service was
concerned, were pension providers that "are closed to new business."
Many UK pension providers have closed their funds to new business,
following sharp falls in the stock market between 2000 and 2003. Closed
for new business means that the pension fund continues to invest but
does not accept new savers.
Malcolm McLean, chief executive of TPAS, said that unless providers of
pension funds which are closed to new business improved their customer
service standards, the Financial Services Authority, the industry
regulator should take action
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