All Advice and guidance articles – Page 7
-
News
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.
-
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.
-
News
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.
-
News
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.
-
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The Pensions Regulator’s draft guidance on its new criminal powers, published on Thursday, failed to allay fears about the new sanctions, since it will be able to prosecute anyone in connection with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.
-
News
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.
-
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.
-
News
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.
-
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.
-
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.
-
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.
-
News
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.
-
News
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.
-
News
UK charities paid £686m in management fees in 2020
On the go: UK charities spent £686m on investment management fees and advice during 2020, according to analysis from Tribe Impact Capital.
-
NewsSchemes to decide on dashboard data verification levels
Pension schemes and providers will be able to set up their own standards for individual data verification, which could lead to missing information on dashboards if pension funds opt for a risk-averse position.
-
News
2021 could see ‘gold rush’ in DB transfers after 50% drop in 2020
After member interest in transferring out of defined benefit schemes dropped by 50 per cent during the first lockdown, transfer values have recovered and 2021 could even see a “gold rush” in activity.
-
News
Pension actuaries urged to improve commutation advice quality
On the go: Pension scheme actuaries are being called to improve the quality of the advice they are giving trustees on commutation rates, after a review of their work by the Institute and Faculty of Actuaries.
-
News
Advisers could help trustees with GMP past transfers
On the go: Advisers have been urged to proactively check whether their clients could be entitled to a top-up payment on their defined benefit transfer, which could help trustees in tracking down members affected by the latest guaranteed minimum pensions ruling.
-
News
Rolls-Royce warns regulators about spike in transfer numbers
On the go: The Financial Conduct Authority has issued a data request to financial advisers involved in defined benefit transfers from the Rolls-Royce pension scheme, after the company warned regulators about high activity in this area.
-
PodcastsPodcast: Arguments for DC consolidation stronger than for DB
Podcast: The pace of defined contribution consolidation could accelerate on the other side of the coronavirus pandemic, but mergers are a less obvious boon for define benefit, say Squire Patton Boggs partner Kirsty Bartlett and Hadassah Shulman, senior associate at Taylor Wessing.