All Advice and guidance articles – Page 8
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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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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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News
Half of pension transfers trigger scam warnings
On the go: More than half of pension transfers carried out post-lockdown have flagged scam warnings, research from XPS Pensions has shown.
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News
Timms: Change in law needed to combat scams
On the go: Work and Pensions Committee chair Stephen Timms has warned changes in the law will be needed in order to tackle the growing issue of pension scams.
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News
Mere 4% of advisers appointed by DB schemes
On the go: Trustees of defined benefit schemes have been encouraged to work with a wider range of financial advisers as it emerged only 4 per cent have been appointed by a scheme.
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News
Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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OpinionBridging the advice gap, one nudge at a time
OpenMoney’s co-founder Anthony Morrow calls on to the pensions industry to change the perception of financial advice, as negative associations with the profession make it more difficult to close the advice gap.
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News
Industry leaders’ plea to ministers over FCA advice trap
Leaders of pensions industry representative groups have written a joint complaint to government ministers over new guidance from the Financial Conduct Authority, which they warn could see helpful trustees deemed to be giving regulated financial advice.
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News
Financial illiteracy and poor support plague concerned savers
Apathy from pension providers and regulators is allowing millions of savers to sleepwalk into retirement traps, according to the findings of a series of reports into poor levels of financial education and literacy.
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OpinionDB to DC transfers: time for trustees to do more?
For many people, giving up a guaranteed income for life will not be in their best financial interests, and yet record numbers are transferring their benefits out of DB schemes and into DC. Is it time for trustees to do more to help members? Kirsty Pake of Sackers investigates.