UK Money News
23rd November 2007
Pensions system 'needs reform'
The disparity between married couples and those in civil partnerships in terms of private pension schemes needs to be resolved to provide equal help with money, it has been suggested.
Iris Financial Planners has asserted that the Civil Partnership Act did not cover such pension schemes, meaning that trustees are able to refuse such payouts as survivor benefits.
Particularly those in civil partnerships who are also tired find that they are not afforded the same rights as married couples, the firm asserts.
Jane Mudge, director at the company, remarks: "If a man had entered into a civil partnership with another man, many schemes just won't recognise a same-sex civil partner.
"So there's discrimination there and that really does need sorting out."
According to personal finance specialist gayfinance.com, many occupational pension schemes will not recognise same-sex couples even if they state their intentions clearly when taking out the policy.
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