All pension transfers articles – Page 2
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NewsGovt writes off £483,000 as Aon completes Maxwell scheme wind-up
Aon has overseen the wind-up of the AGB Pension Scheme, the last of the so-called “Maxwell pension schemes” supported by Aon Trustees Limited, with the aid of a £483,294 write-off by the government.
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NewsCall for British Steel compensation to go through PPF
On the go: Adviser trade body the Personal Investment Management & Financial Advice Association has called for those who were wrongly advised to transfer out of the British Steel Pension Scheme to be transferred into the Pension Protection Fund, so they can once again have a guaranteed income.
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NewsDWP fails to end transfer ‘war’ between PensionBee and providers
Attempts by the Department for Work and Pensions and the Pensions Regulator to clarify the intent behind rules governing pension transfers have failed to settle the matter between PensionBee and providers it accused of wrongdoing, as critics say intent does not trump law.
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NewsTPR and DWP respond to pension transfer rule concerns
On the go: The Pensions Regulator and the Department for Work and Pensions have sought to allay concerns over pension transfer rules and their application to overseas investments and “small-scale incentives”.
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NewsPensionBee reports providers to DWP alleging transfer rules abuse
PensionBee has reported a number of providers to the Department for Work and Pensions, accusing them of exploiting regulatory loopholes to obstruct and delay transfers.
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NewsRise in number of DB schemes appointing advisers to continue
On the go: A growing number of defined benefit pension schemes are offering new benefits to members such as appointing a financial advice company, according to consultancy LCP.
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NewsFour in five DB transfer requests raise scam warning
On the go: Four in five (83 per cent) defined benefit transfer requests have raised one or more warning flags, according to XPS Pensions Group.
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NewsSchemes urged to seek GMP advice on past bulk transfers
On the go: Pension schemes that have paid bulk transfer values have been told to seek specific advice on how the Lloyds 2020 guaranteed minimum pension judgment affects those payments.
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NewsBarnett & Hall Holdings scheme agrees £21mn buy-in
The £31.2mn Barnett & Hall Holdings Pension Scheme has secured a circa £21mn buy-in with Legal & General Assurance Society ahead of a potential future buyout.
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NewsFCA urges BSPS members to quickly file complaints
The Financial Conduct Authority has written to individuals who transferred out of the British Steel Pension Scheme in 2016, urging them to file their complaints as soon as possible.
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NewsPublic scheme bulk transfers resume after McCloud
On the go: Bulk transfers between public service pension schemes have recommenced in England, Scotland and Wales, after they were put on hold due to uncertainty over the impact of the McCloud judgment.
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NewsPrudential empties client’s pension pot in error
On the go: Prudential has come under fire after it accidentally paid out the entirety of a client’s pension pot after only the lump sum amount was requested.
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NewsSome DB schemes will be subject to ‘stronger nudge’ requirements
On the go: Some defined benefit schemes will have to comply with the Department for Work and Pensions’ new “stronger nudge” requirements, due to come into force on June 1, dispelling suggestions that only defined contribution schemes would be affected.
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NewsOmbudsman denies Prudential £50k claim after failed sharing order
A former member of the Ryland Group Pension Scheme will not have to reimburse Prudential after the provider botched the administration of his pension sharing order, the Pensions Ombudsman ruled in March.
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NewsNFU Mutual leads on transfer times while B&CE lags
On the go: NFU Mutual recorded the leading score on Origo’s Transfer Index for the second quarter of 2022.
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NewsFCA relaunches pension transfer advice checker tool
On the go: The Financial Conduct Authority has relaunched its pension transfer advice checker tool, which has been designed so that consumers can see whether they have received unsuitable advice.
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NewsFraudsters jailed for a total of 10 years after £13.7mn pension scam
Alan Barratt and Susan Dalton, part of a scam which tricked more than 200 savers into transferring their pension pots into fraudulent schemes they controlled, have been jailed for a total of 10 years.
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NewsScam warnings on DB transfers near record high
On the go: The number of scam warnings on defined benefit transfers is near a record high, despite a downward trend in transfer activity, XPS Pensions Group has said.
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NewsPLSA issues further clarification on HMRC’s GMP guidance
On the go: The Pensions and Lifetime Savings Association has posted a memo clarifying certain aspects of HM Revenue & Customs’ guidance on the tax treatment of guaranteed minimum pensions equalisation, looking specifically at the treatment of the interest element.
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OpinionTPR: The Green Cross Code man
The Pensions Regulator, together with the Financial Conduct Authority and the Money and Pensions Service, has issued a warning to members of P&O’s defined benefit pension schemes.