Bungs are as rife in pensions as in football

A bung is a secret cash payment from a player’s agent to a football manager when he signs the player from another club. And it seems that the pensions world is also (allegedly) rife with the payment of bungs. This time though, the transferring ‘club’ is making the payment to the ‘player’. This is of course the story about (usually former) employers offering ex-employees cash-in-hand or other inducements to transfer their pension out of the ex-employer’s defined benefit scheme. The problem stems from the defined benefit schemes themselves – or more precisely, the actuaries that calculate d...