Cost.co.uk Responds to Proposed Pension Shortfalls for Charity Workers

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Workers at charities may face difficulties with their pensions.

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As always, we advise consumers to shop around before deciding on their pension scheme.

According to The Telegraph, charity workers’ pensions, and vital services on which millions depend, are at risk. Tens of thousands of charity workers could see the value of their pensions fall by a third as a result of spiralling pension scheme deficits. The cost of final salary pension schemes could force some charities to go bust, leaving millions who rely on their work and aid stranded.

Experts explained that charities often have their pension schemes run by multi employer schemes, but this means that if one employee fails the rest have to take on its obligations and duties, affecting a chain reaction of problems. ‘There will be a ripple effect through the not for profit sector from charities going bust,’ said Patrick Bloomfield, a partner at Hymans Robertson, the actuary.

This is worrying news for Cost.co.uk, one of the UK’s most established comparison sites. The site is dedicated to providing the best tips and advice on a range of sectors including insurance, finance, utilities and travel. The site provides consumers with the ability to compare various pension schemes enable them to find the best pension scheme. The news that some state pensions may be failing due to a domino effect is something that Cost.co.uk has been advising against as a representative explained, ‘Pensions have caused some concern for consumers over the last few months with the news that many people of retired age have had to return back to work in order to live comfortably in later life. As always, we advise consumers to shop around before deciding on their pension scheme.’

Cost.co.uk continues to follow consumer related news on pension schemes.

Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites. Allowing their online customer’s access to companies offering a range of insurance, financial and travel services, the firm specialise in providing a personal experience. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
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