£2bn in 'unsuitable' pensions schemes

The firm says clients in these plans have little control over where their money is invested, when they can take their benefits, and what happens to their money when they die. Clerical has launched its Individual Buy-Out Plan (IBOP), an individual pension which can take transfers from existing occupational schemes. Mike Brown, Clerical Medical head of pensions, says: “Clients in occupational schemes that are winding up may have little control over their benefits, for instance, where their money is invested, when they can take their benefits or what happens to their money when they die. “A...