Article Abstract:
The Government has revealed plans for a GB[pound] 10mn pensions campaign in the UK in order to persuade pensioners to claim what they are entitled to. Those on low incomes, or those that rely solely on the state pension of GB[pound] 66 per week, will be encouraged to apply for the minimum income guarantee (MIG) of GB[pound] 78 per week. It is said that some 250,000 pensioners are failing to claim the correct amount of pension and the government is saving some GB[pound] 2bn per year in unclaimed benefits. A television and press campaign will be launched in the summer of 2000 to make pensioners aware that they may be entitled to more benefits and encourage them to complete claim forms. A specialist call centre is to be created that will allow pensioners to make a claim over the telephone.
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Article Abstract:
The number of complaints to the UK pension market's ombudsman, Julian Farrand, rose by 9% in 1999 to 3,269 from 3,027, while early indications over July and August 2000 show a further increase. The ombudsman, who deals exclusively with occupational pension schemes, claims that firms are not dealing with customer complaints quickly enough, with lawyers in particular employing delaying tactics. The report reveals that policies that have been wound up are the major area of dispute, with consumers frequently encountering major delays while money in the pension is distributed.
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Article Abstract:
Expenditure on pensions as a percentage of gross domestic product has dropped to 4.1% from 4.2% since the Labour government came to power. The figures were collated from House of Commons library figures. The chancellor Gordon Brown is widely expected to announce a GB[pound] 5 a week rise in the pre-Budget statement to end pensioners' anger over the GB[pound] 0.75 increase earlier this year.
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