All Advice and guidance articles – Page 9
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News
Members ‘blissfully’ unaware of pension minefield ahead
On the go: Pension scheme members nearing retirement are ill-prepared for the problems they face when accessing their pensions, ranging from paying too much tax, to running out of money before the end of their days, or even losing their life savings to scams, according to a new survey of trustees.
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NewsTrustees not responsible for bad IFA transfer work, scheme professionals say
Advisers to pension schemes have hit out at proposals that British Steel Pension Scheme should award discretionary payouts to members who mistakenly left the plan, saying it shifts the blame for bad financial advice on to trustees.
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OpinionBetter communication can ease rush to transfer out of DB
Transfers from defined benefit pension schemes have proved attractive in recent years, but there are serious questions over their suitability for many. Trustees cannot afford to shy away from helping their members, and the Pension Protection Fund wants to help.
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News
Unregulated companies source of 52% of all scams
On the go: More than half of all scams can be linked back to unregulated introducers or advisers, according to research by the Pension Scams Industry Group.
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OpinionTrustees must go the extra mile for their members on transfers
Trustees are often caught between a rock and a hard place when it comes to defined benefit transfers.
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NewsFCA investment pathway proposals welcomed, but concerns remain
The Financial Conduct Authority’s recent proposals on investment pathways have been widely welcomed, but questions remain over the suitability of ready-made drawdown solutions.
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News
Select committee launches inquiry into contingent charging
On the go: The Work and Pensions Committee has launched an inquiry into contingent charges for defined benefit transfer advice.
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News
SFGB opens for business
On the go: The Single Financial Guidance Body launches this week, as three existing providers of government-sponsored financial guidance merge.
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OpinionMaking the right decisions
Editorial: Guidance can help savers make the right decisions, but not enough people are taking it.
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News
Customers satisfied with Pension Wise, but take-up concerns remain
Nine in 10 customers who have had a Pension Wise appointment are satisfied with their experience of the service overall, a recent report has shown, but concerns remain over the take-up of the government-backed guidance service.
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OpinionHelping pension savers make the right decisions
As a regulator, we are sometimes asked how much money should be put aside for a comfortable retirement. We can answer only that 'it depends' – for example on an individual’s needs and expectations, and their other assets.
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OpinionHow to take a proactive approach to decision-making
Proactive decision-making is a function of a pension plan’s governance framework, the knowledge of the individual trustees and the quality of the advice they receive from their advisers.
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OpinionBetter guidance means better retirement decisions
The choices available to savers at retirement have undergone profound changes in recent years. Most agree that giving people access to their own money is a sensible policy, but in doing so we have placed a burden on ordinary people, asking them to make huge decisions that could changes their lives forever.
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News
Treasury Committee scrutinises treatment of vulnerable customers
On the go: The Treasury Select Committee has today launched a new inquiry into vulnerable consumers’ access to financial services.
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OpinionWhat mandatory tendering will mean for your scheme
The Competition and Markets Authority launched an investigation into the investment consultancy and fiduciary management services used by UK pension schemes in September 2017 and identified some issues that impact competition in these markets.
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News
62% of schemes and sponsors say CMA could go further
Sixty-two per cent of trustees and employers believe the Competition and Markets Authority has not gone far enough in its recommendations for the investment consulting and fiduciary management market, according to an XPS Pensions survey.
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NewsFCA to carry out further research on contingent charging
The Financial Conduct Authority has said it needs to carry out more analysis on whether to ban contingent charging, recognising that charging for advice only when a member decides to transfer does not in itself drive poor outcomes for consumers.
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OpinionTrustees must not shirk responsibility on DB transfers
From the blog: The Merchant Navy Officers Pension Fund has, in common with many other defined benefit pension schemes, seen a significant increase in transfers out of the fund since the introduction of pensions freedoms introduced three years ago under the then pensions minister, Steve Webb.
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News
Cost concerns hinder company action on staff financial wellbeing
Forty-nine per cent of employers currently have no defined financial wellbeing strategy in place, a recent survey has found, as experts urged corporate boards to tackle the subject formally.
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Features
Bulk annuities: How should schemes approach the market?
Analysis: 2018 has been a very busy year so far for buy-ins and buyouts, with plenty of competition and attractive insurer pricing.