no record of a pension entitlement
August 1, 2014 Occasional Contributors Accounting Systems and Controls, Business and Legal Issues, Corporate Administration, Corporate Governance, Finance and Accounting, Financial Compliance / Planning / Management, Income Tax Planning / Tax Schedules / Remittances, Payroll and Personnel Management, Records Management and Retention
It’s one of those pension administration nightmares – someone of pensionable age shows up at your door claiming he was an employee 20 years ago and asks for his pension. There is some evidence of employment, but no record of a pension entitlement. As a fiduciary you cannot pay out benefits unless someone is clearly entitled, so you ask the person for some proof of the pension entitlement. At this point the person may give up; but your sense of relief is overshadowed by concerns that your record keeping did not allow you to be as certain as you might have been in disposing of the claim. On the other hand, if he doesn’t give up, it will likely be an even more costly, time-consuming and frustrating exercise.
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