Beware of the Insurance Company 'Glossy

Abstract

"Insurance companies and other institutions have commenced their campaign to try to tempt members of occupational pension schemes to pullout of those schemes and 'do their own thing' in the form of a personal pension plan. The glossy brochures are now appearing thick and fast, and ministers and church officers are among those who are being targeted by these organisations as they try to climb aboard the personal pension bandwagon. These brochures will paint very rosy pictures of the incredible sums which can be built up in a personal pension fund over the period of one's working life which can then be used to purchase a pension equal to several times the amount of a minister's present stipend. lt is important that ministers take a very careful and cautious attitude and not be pressurised into making a hasty decision which may later be regretted"