By Business Report
During the quarter ended 31 December 2020, the Commission handled 75 complaints relating to pensions, out of which 35 were resolved, 11 were under investigation as at 31.
December 2020 and 29 related to implementation of the Commission of Inquiry recommendation on the compensation of pension scheme members owing to the loss of value occasioned by the 2009 currency reforms.
Those under investigation related to unremitted contributions, additional information required from pensioners and investigations by pension funds on payments made through cheques submitted to members’ former employers.
“The bulk of cases that remain outstanding relate to non-remittance of contributions by employers and low values at conversion in 2009,” IPEC said in its Pensions Complaints Resolution Report.
“Those to do with non-remittance are at various stages of resolution as some employers have submitted payment plans to respective fund administrators whilst others have started making part payments.”
“The Commission continues to encourage pension funds to follow up on payment plans agreed with sponsoring employers who have outstanding contributions.”
“Trustees should ensure that annual benefit statements are submitted to members so that they are aware of their benefits status and contribution arrears, if any.”
Pension fund members are advised to regularly update their details, particularly
contact details as well as their nominated beneficiaries.