All Advice and guidance articles – Page 7
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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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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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NewsRegulators ask industry for help on improving pension saving
On the go: The Financial Conduct Authority and the Pensions Regulator have teamed up to investigate how people make decisions about their pensions at key points throughout their working lives, in order to better support savers through future regulation.
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NewsDC schemes to send two-page ‘simpler statements’ in 2022
The Department for Work and Pensions is consulting on regulations that would see schemes required to send simpler annual benefit statements to their members from April next year.
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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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NewsFCA tells providers to book Pension Wise sessions for savers
On the go: Providers will have to offer to book Pension Wise appointments for clients looking to access their defined contribution pensions, under rules proposed by the Financial Conduct Authority.
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NewsTraditional trustee board model unfit for ‘purpose’
On the go: The traditional trustee board model has been branded “unfit for purpose”, as recent events have shown the importance of reacting quickly to changing circumstances.
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Guidance brings ‘welcome clarity’ for trustees over financial advice
On the go: New guidance from the Financial Conduct Authority and the Pensions Regulator has clarified what constitutes unregulated financial advice, allowing schemes to offer cash equivalent transfer value quotations and annuity estimates, but banning drawdown illustrations.
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NewsIndustry facing trustee exodus due to TPR’s new powers
Concerns about the reach and remit of the new powers afforded to the Pensions Regulator have not been addressed by its guidance or draft policy, and are even forcing some trustees to quit, Aon has said.
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TPO publishes guidance for trustees on IFA appointments
On the go: The Pensions Ombudsman has published guidance for trustees when appointing financial advisers for their members, and how they can protect themselves from complaints.
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FCA rules could hit DB transfer market winners hard
On the go: More than a third (37.5 per cent) of the defined benefit transfer market was advised by just three firms in 2020, as St James’s Place, Royal London and AJ Bell increased their market share “dramatically”, according to a report from LCP.
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NewsTPR’s criminal powers draft policy fails to repeal industry concerns
The Pensions Regulator’s draft guidance on its new criminal powers, published on Thursday, failed to allay fears about the new sanctions, since it will be able to prosecute anyone in connection with an offence and will no longer be bound by limitation periods.
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LGPS authorities expected to justify new pension powers
On the go: Local Government Pension Scheme administering authorities will be expected to justify the use of their new powers around reviewing employer contributions, spreading exit payments, and setting up deferred debt arrangements.
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OpinionWhy purpose, personalisation and pace must shape modern pensions
PA Consulting pensions expert Mike Teall details the steps needed to bring pensions into the 21st century, with the pensions dashboard being the catalyser for change.
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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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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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NewsFinancial wellness: DC sponsors want more from their providers
Data crunch: Sponsors and fiduciaries of UK defined contribution schemes want their providers to offer more than a core pension product.
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PodcastsPodcast: Tackling climate change will require a ‘step change’ in governance
Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.
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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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Calls for actuaries to offer strategic advice as schemes target endgame
An industry group is proposing a radical change in the actuarial role, suggesting these professionals should step away from a technical specialist position to offer strategic advice, while moving away from triennial valuations.