TPAS concern over pensions-busting increase

In its annual review – to be published later today – the organisation highlights the “small but gradual” trend and warns it is likely to indicate a larger increase in uptake of the plans.

The bulk of these inquiries come on the back of people being cold-called and offered access to their pension cash before retirement.

The report states: “The reality is that we are only taking questions from people inquisitive enough to want to find out more.

“What is unknown is how many people there are who are sufficiently tempted to proceed without considering or enquiring about the consequences.”

TPAS received approximately 900 fewer complaints about providers or schemes than during the 12 months to the end of March, a 15 per cent drop.

Of these, around a quarter were about mistakes in the level of payment received by members, a third related to occupational schemes and 28 per cent were about public sector schemes.

But calls to the TPAS helpline were up 8 per cent to nearly 70,000 over the same period, mostly driven by confusion around auto-enrolment, a trend that chief executive Marta Phillips said she expected to continue.

She added: “We continue to be grateful to our volunteer advisers who are a valuable part of what we have to offer to members of the public.

“I would like to thank them and the staff at TPAS for helping to resolve people’s pension issues.”

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