All articles by Amy Austin – Page 8
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Lords back exclusion of financial transactions from dashboards
On the go: Peers in the House of Lords have shown their support for the exclusion of all financial transactions, such as the transfer of assets, from the pensions dashboard in order to protect savers from scams.
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Peers push for restriction on commercial dashboards
On the go: Labour peers are pushing for an amendment to the pension schemes bill that will see a 12-month restriction placed on providers looking to operate their own pensions dashboards.
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Auto-enrolment reaps rewards as contributions hit £20bn
On the go: Auto-enrolment continues to boost pension savings with total contributions rising by £5bn in 2019, but savings are expected to slump this year due to Covid-19.
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Regulator to focus on protecting savers amid Covid-19
On the go: The Pensions Regulator has said it will prioritise protecting savers during the coronavirus pandemic, as well as supporting schemes to continue to deliver benefits.
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Lords looks to mandate guidance on pension transfers
On the go: An amendment to the pension schemes bill could see savers forced to obtain guidance before they are allowed to proceed with a pension transfer.
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Regulator finds lack of consistency in IGCs
On the go: The Financial Conduct Authority is concerned about a lack of consistency in the way independent governance committees operate, which means that members of some workplace pension schemes may not be receiving value for money.
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ABI revives call for flat rate pension tax relief
On the go: The Association of British Insurers has urged the government to simplify the pension tax relief system, arguing it worsens existing inequalities in its current form.
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Workplace pension saving on the increase
On the go: Auto-enrolment is proving to be a success as a record number of individuals saved into a workplace pension last year, according to the latest data.
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Maps prioritises dashboards delivery
On the go: The Money and Pensions Service is increasing its focus on pensions dashboards as a way to deliver for customers, according to its new business plan.
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DWP directs savers to unofficial pension tracing website
On the go: The Department for Work and Pensions has been wrongly directing savers searching for their lost pension pots to a website linked to an independent financial adviser company rather than the government’s official service.
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FCA writes to 7,700 steelworkers and bans contingent charging
On the go: The Financial Conduct Authority is to write directly to 7,700 former members of the British Steel Pension Scheme to invite them to revisit the advice they received, while going ahead with a ban on contingent charging for defined benefit transfers.
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Scottish Widows calls for AE-funded hardship fund
On the go: Scottish Widows is calling for the introduction of a single lifetime savings pot that would be funded through an extension of automatic enrolment, but with higher contribution levels.
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DB transfer market shows signs of recovery
On the go: The defined benefit transfer market is showing signs of recovery and is expected to grow further in the coming months, after a sharp decline in inquiries due to the Covid-19 crisis.
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Pension bodies join forces to address Covid-19 concerns
On the go: Seven UK regulators and authorities have teamed up to create a guide to address savers’ most common pension concerns throughout the coronavirus crisis.
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Regulator warns on alternative funds for DC self-select
On the go: The Pensions Regulator has warned trustees of defined contribution schemes to check they are not “unintentionally breaching” pension legislation when moving member contributions due to gating in alternative asset funds.
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True scale of pension scams unknown, says PPI
On the go: The “true scale” of pension scams remains unknown, as only a minority are reported and data is not collected in comparable ways across the industry, the Pensions Policy Institute has warned.
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Regulator warns trustees to prioritise pension switches
On the go: The Pensions Regulator has urged trustees to prioritise pension switches and ensure they are completed in good time, in an attempt to ensure savers do not miss out during the Covid-19 pandemic.
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Govt could scrap pensions triple lock to reduce virus debt
On the go: The pensions triple lock could be scrapped in the near future as the government looks to recoup the hundreds of billions of pounds it has spent on Covid-19 support.
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Aviva launches online scam reporting service
On the go: Aviva has launched an online scam reporting service in response to the influx of fraudulent activity by those exploiting the coronavirus crisis and people’s vulnerability at this time.
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Moving house causing savers to lose £19.4bn in pensions
On the go: There are about 1.6m pension pots worth £19.4bn that are going unclaimed due to savers failing to contact their pension provider when they move house, according to the Association of British Insurers.