Law & RegulationRSS

Schemes must play part in war on scams

Source: TPR and FCA joint scam campaign

Pension schemes and providers have been urged to increase member awareness of scam tactics and tighten data security, amid the revelation that average losses from fraudulent and inappropriate inducements eclipsed the size of the average pension pot in the UK.

Scam victims lose £91,000 on average

News On the Go

On the go: The Pensions Regulator and the Financial Conduct Authority have launched a joint media campaign to combat pension scams, amid the revelation that average losses from fraudulent and inappropriate inducements eclipsed the size of the average pension pot in the UK.

Ombudsman’s police ruling highlights trustee duty of care

Source: Getty Images

The Pensions Ombudsman has upheld a police officer’s complaint that Northumbria Police transferred his pension to a new scheme without having conducted adequate checks or provided him with sufficient warning about scams.

Regulator charges third party for supplying false information

The Pensions Regulator is prosecuting an accountant for falsely claiming that the business he was working for had enrolled its staff into an occupational pension. It is the first time that the regulator has charged a third party for this offence.

Select committee launches costs and transparency inquiry

The Work and Pensions Committee is to conduct an inquiry into transparency in the pensions industry, questioning whether individuals are able to understand the cost, performance and value for money of their pension products.

Brewery fined for refusing to share information with TPR

Samuel Smith Brewery and its chairman must pay fines of almost £28,000 for failing to hand over to the Pensions Regulator requested information relating to its defined benefit schemes, Brighton Magistrates Court ruled on Monday. 

Select committee chair loses no confidence vote by local party

Labour MP Frank Field has lost of vote of no confidence in his constituency, as local party members try to oust him as an MP over his support for Brexit.

Communications essential as cold-calling ban takes step forward

The Department for Work and Pensions has taken a further step towards implementing a ban on cold calls related to pensions, but experts have cautioned that the delayed measure will not be sufficient on its own to stamp out scams.

Mandatory tenders welcomed by pensions industry

Mandatory tenders welcomed by pensions industry

UK pension schemes will be required to conduct competitive tender processes before hiring their first fiduciary manager, under recommendations set out by the Competition and Markets Authority on Wednesday.

ABI expresses concerns over dashboard speculation

On the go: The Association of British Insurers has expressed concerns over the “threat to the pensions dashboard”, following speculation yesterday that secretary of state for work and pensions, Esther McVey, wants to kill off the project.

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