All pension transfers articles – Page 6
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NewsDWP’s stronger nudge is not ‘fit for purpose’
On the go: The “stronger nudge” towards guidance recently proposed by the Department for Work and Pensions is inadequate on its own and will impact members too late in the process to have a real effect, according to industry experts.
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NewsOmbudsman slaps fine on ‘reckless’ trustee for multiple breaches
The Pensions Ombudsman has upheld a complaint against the trustee of a small pension scheme for multiple breaches of trust and instances of malpractice, while demanding they reimburse the scheme to the tune of hundreds of thousands of pounds.
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NewsSavers given opportunity to lock in minimum pension age at 55
The government has given savers a way to avoid the minimum pension age increase in 2028, as new rules will allow individuals to keep their protected pension age if they transfer their pension.
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NewsIndustry experts predict limited roll-out of CDC schemes
The government's consultation on regulations governing collective defined contribution schemes was received as a welcome step forward in the industry, but experts have cautioned that initial demand is likely to be low due to the restrictive conditions and high costs imposed on the market.
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NewsDB transfer activity increases in June
On the go: Defined benefit transfer activity increased throughout June for the third month in a row, according to research from XPS Pensions Group.
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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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NewsDeloitte’s new fund eyes sustainable options, BlackRock adds ESG exclusions
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, with Deloitte introducing a new default pension fund that puts the focus on sustainability, and BlackRock announcing ESG exclusions across five strategies within its authorised contractual scheme fund range.
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PodcastsPodcast: Treasury ‘ignored advice’ in public sector pension reforms
Podcast: A report from the Public Accounts Committee about the public sector pensions reform has showed that Treasury ignored advice that could have prevented the McCloud case, argues Ian Neale, co-founder of Aries Insight. He is joined by Sackers partner Claire Carey, in an episode also covering industry consultation fatigue and the new Task Force on Climate-related Financial Disclosures reporting requirements.
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NewsLPPA streamlines admin systems via switch to Civica’s UPM platform
The Local Pensions Partnership Administration is set to switch to a new pensions administration platform, in a move designed to streamline its arrangements and also help tackle future fraud.
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NewsFears raised of ‘a second major pensions transfer scandal’
Suspicious transfersTrustees fear the industry may be on the cusp of a 'second major pensions transfer scandal'Enterkeywords.sh_embed {position: relative;height: auto;width:100%;z-index: 0;overflow: hidden;background-color: #222;color: white;font-family: 'Lato', 'Helvetica Neue', Helvetica, Arial, sans-serif;}.sh_embed * {-webkit-box-sizing: border-box;-moz-box-sizing: border-box;box-sizing: border-box;}.sh_embed .sh-embed-bg {position: absolute;width: 110%;height: 110%;top: -5%;left: -5%;z-index: -1;background-color: rgba(0,0,0,.8);}.sh_embed #embed_article {display: none;}.sh_embed .sh-embed-img {display: block;zoom: ...
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NewsRailways scheme appoints L&G as flexible retirement solution provider
On the go: The £32bn Railways Pension Scheme has appointed Legal & General to provide members with access to a drawdown arrangement within its WorkSave Pension Mastertrust.
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NewsDB pension scam warnings hit 5-month high
On the go: Defined benefit pension scam warnings increased in May to their highest level in five months, according to research from XPS Pensions.
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NewsThird of high-risk DB transfers would pass new scam test
On the go: One in three high-risk defined benefit transfers would not be flagged under new scam rules proposed by the government, according to research from XPS Pensions Group.
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NewsACA calls for more time to comply with pension scams rules
On the go: The Association of Consulting Actuaries has said administrators and trustees will need more time to comply with new pension scam rules being introduced by the government.
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NewsNest launches bulk transfers service for employers
On the go: Nest will be offering a “robust and efficient” bulk transfers service for UK employers, which will allow members’ abandoned pots to be automatically transferred to new ones
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NewsDB transfers hit by pandemic and rule changes
On the go: Cash equivalent transfer values have been significantly impacted by both the coronavirus pandemic and shake-up of defined benefit transfer advice rules, according to Barnett Waddingham.
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PodcastsPodcast: Police officers let down by poor McCloud communication
Podcast: Police officers, who have complained about the ramifications of the government’s McCloud remedy, face a difficult battle to get their plight rectified, in another case where inadequate policy and communications has created damaging uncertainty for members. Quietroom development lead Joe Craig and Taylor Wessing senior associate Hadassah Shulman discuss this case, as well as simpler annual statements and the government’s anti-scam proposals.
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OpinionThe winding road to a straight answer
Stephen Lowe, group communications director at Just Group, would like to get some straight answers to the Work and Pensions Committee’s inquiry on why guidance is still not the norm when savers make use of pension freedoms.
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NewsOmbudsman gives providers a month to update transfer processes
The Pensions Ombudsman expects pension providers to update their transfer processes, due diligence checks and member communications within one month of the new scams regulatory guidance being issued.
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NewsGovt’s new anti-scam measures cause industry concern
Industry reaction to the government’s new consultation on pension scams and transfers have been far from unanimous, with many welcoming the intention but warning of the potential for thousands of legitimate transfers to be needlessly blocked and delayed.