Pensions Scandal: Transfer to a personal plan gave flexibility and control
Wednesday 26 October 1994
Since then, his fund has grown by about 20 per cent.
Mr Stow was given the name of a financial adviser by George Davis of Next, when he decided to change his job.
He was attracted by the flexibility offered by a personal pension and by the control over his investments that he would receive.
'I decided that I wanted to review my pension when I left my job,' he says, 'although I knew that occupational schemes were a good thing. I was very sceptical about personal pensions. I went to a financial adviser who gave me a lot of information and a very detailed letter about the options available to me.'
His pension fund is invested in a variety of different funds with a substantial portion in cash.
He says that his financial adviser gave him details about the investment strategy that his pension scheme should adopt.
'If you are in a company scheme, there is a lot less flexibility,' Mr Stow says. 'I want to retire in my mid-fifties. You cannot do that if you are in an occupational scheme.'
'I also like the way that you can monitor the performance of your pension.'
Mr Stow was 47 years old when he decided to transfer his pension.
- 1 'Cheeky' Nando's under fire for apparently coming onto a customer on Twitter
- 2 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 3 Playboy model April Summers speaks out about being a victim of revenge porn
- 4 There is something wrong but very right about this Bible illustration
- 5 iPhone 'effective power' text: how to be safe from iOS bug that lets people crash your phone
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...