UK - Complaints from pension scheme members rocketed by more than 50% over the past year, OPAS figures reveal.
The pensions advisory service received 61,271 inquiries and complaints for the year to the end of March.
Written casework – consisting of both inquiries and complaints – went up by 14% with complaint cases 53% higher than the previous year.
Chief executive Malcolm McLean said: “The increase in complaint cases is clearly a sign of the times – reflecting in part at least the grievance that many pension savers feel and the constant drip of bad new stories that seem to afflict pensions at the moment.”
OPRA spokesman Nick Edmans said: “Pensions have been very much in the media in the last year or so and funding issues and scheme closures have created anxiety among the general public, so it is not surprising OPAS has been getting a lot of calls, in particular complaints.
“It is a reflection of the value of the service OPAS provides.”
Telephone calls to the OPAS helpline increased by 17% but the number of calls relating to stakeholder pensions fell substantially to 7380, compared to 27,770 the year before.
McLean said: “I am disappointed and a little concerned about the reduction in stakeholder enquiries made to our helpline.
“While I would have anticipated some drop in demand in the second year after the new product launch, the fall-off of interest is more than expected.”
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