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Exchange are also known as The Pension Regulator. Their job is to prevent problems from occurring when consumers have to deal with work-related pension schemes. They hope to achieve a mixture of assisting pension scheme members in the hope that they have positive outcomes as well as protecting the PPF. It has been entrusted with a great deal of power by the government to oversee pensions in the UK and offers general information, advice and support for anyone either involved in a pension scheme or is planning to take part in one.
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Exchange will work with pension scheme trustees, managers and employers to ensure that your pension is protected. They will not handle questions about an individual’s pension benefits but they do point you in the direction of the Pensions Advisory Service which will give you free information and advice on all types of pensions. The site offers links to useful tips on issues such as the amount you can expect to receive from a state pension and making complaints.
The site reminds employers that they are responsible for choosing an adequate work-based pension scheme for their workers. It emphasises that the company needs to enjoy a good relationship with scheme trustees and the scheme provider. Companies are required to be able to answer questions on pensions schemes that their employees may have. It outlines the responsibilities faced by an employer including making regular contributions on behalf of their employees as well as making deductions from their pay.
Exchange does not sell pensions, it only offers advice to employers and their employees on every aspect of pensions. The site also has dozens of links to other useful places which should solve any confusion and difficulties that arise.