All freedom and choice articles – Page 2
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NewsFTSE 350 DB scheme payments up £45bn after pension freedoms
On the go: The introduction of pension freedoms in 2015 has contributed an estimated £45bn of additional benefit payments made by FTSE 350 defined benefit schemes, research from Barnett Waddingham has revealed.
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NewsDWP issues ‘stronger nudge’ to pensions guidance consultation
On the go: The Department for Work and Pensions has opened a consultation into regulations requiring trustees and scheme managers to “nudge” individuals to obtain pensions guidance.
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NewsPoor choices under pension freedoms cost savers £2bn
Savers taking advantage of pension freedoms to cash out before retirement have suffered £2bn in lost returns, spurring calls for better financial education, according to analysis by LCP.
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NewsPASA unveils counter-fraud guidance
On the go: The Pensions Administration Standards Association has unveiled its latest counter-fraud guidance, taking aim at scammers and looking to provide pension schemes with the tools used to counter an increase in criminal acts following the introduction of pension freedoms.
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NewsMore advice needed on ‘fiendishly complicated’ pension freedoms
Pension freedoms have presented members with “fiendishly complicated” choices and providers are being stymied by the blurred line between guidance and advice, a hearing of the Work and Pensions Committee has heard.
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NewsACA urges steps to fill guidance ‘black hole’
On the go: The Association of Consulting Actuaries has argued that fixing the “disjointed” and “fragmented” system that is UK pensions provision is vital if the full potential of pension freedoms is to be unlocked.
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NewsPLSA calls for new legislation to support members at retirement
On the go: The Pensions and Lifetime Savings Association has called on the government to introduce legislation underpinning a new set of product, communication and governance standards to build on pension freedoms and provide greater support for savers at retirement.
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Calls for government to review minimum pension age hike
On the go: Wealth manager Quilter has called on the government to reverse proposals to raise the normal minimum pension age to 57, saying the move is complex and will do little for people’s retirements.
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NewsMPs call on government to mandate anti-scam intelligence sharing
MPs on the Work and Pensions Committee have called on the government to beef up anti-scam intelligence sharing via legislation, amid warnings tech giants are profiting from pension scam adverts.
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MPs to examine savers’ options when accessing pensions
On the go: The Work and Pensions Committee will examine the options available to savers when they come to access their pensions, which is the second part of its inquiry into pension freedoms.
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FeaturesPathways are just the first step on a long-term retirement journey
Pathways arejust the first stepon a long-termretirementjourneyRoundtable: As pension providers start offering investment pathways to their non-advised customers in an attempt to make it easier for individuals to engage with their pension, is this intervention enough to guarantee a secure retirement for savers?Enterkeywords.sh_embed {position: relative;height: auto;width:100%;z-index: 0;overflow: hidden;background-color: #222;color: white;font-family: ...
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FCA releases DB transfer advice assessment tool
On the go: The City watchdog has released an assessment tool to help financial advisers understand whether the defined benefit pension transfer advice they have given was suitable.
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Govt to tighten guidance rules for accessing pensions
On the go: The Department for Work and Pensions plans to require providers of workplace pensions to signpost guidance whenever savers look to access or transfer their pots.
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Sustainability and adequacy still dragging UK's pension system
Data crunch: The UK has fallen one place to 15th in the Mercer CFA Global Pensions Index, despite seeing a marginal improvement in its score, while Covid-19 increases pressure on retirement systems worldwide.
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Statutory pension transfer rights pause becomes bill amendment
A new amendment restricting the statutory right to a transfer is to be tabled to the pension schemes bill, in an attempt to combat pension scammers.
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OpinionGuidance needs stronger nudges to prevent future disaster
We are fond of a good nudge in this country.
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Pensions freedom age to increase from 55 to 57
On the go: The government has confirmed it will increase the age at which people can access their pension from 55 to 57 in 2028.
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Industry leaders’ plea to ministers over FCA advice trap
Leaders of pensions industry representative groups have written a joint complaint to government ministers over new guidance from the Financial Conduct Authority, which they warn could see helpful trustees deemed to be giving regulated financial advice.
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PLSA framework to help savers navigate ‘confusing’ freedoms
On the go: The Pensions and Lifetime Savings Association has proposed a new regulatory regime that will require schemes to support savers when making decisions about how to access their pensions.
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MPs launch probe into access of pension savings
The work and pensions committee has announced it will focus on scams in the first stage of its three-part inquiry into the impact of pension freedoms and level of protection for pension savers.