All Advice and guidance articles – Page 8
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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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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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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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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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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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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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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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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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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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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.
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Provider nudges increase guidance uptake
On the go: A strong provider nudge drives three times more savers to seek pension guidance, trials arranged by the Money and Pensions Service have found.
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Third of schemes improve outcomes for transferring members
On the go: Almost a third of pension schemes — 30 per cent — have taken action to improve outcomes for their members when transferring out of their defined benefit plan, according to research from XPS Pensions.
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Lockdown sees third of savers taking action on pensions
Data crunch: Seven million people, representing more than a third of savers, have taken action relating to their pensions during the coronavirus lockdown, with almost one in three reviewing their spending habits more often, according to analysis by Aviva.
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DWP directs savers to unofficial pension tracing website
On the go: The Department for Work and Pensions has been wrongly directing savers searching for their lost pension pots to a website linked to an independent financial adviser company rather than the government’s official service.
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PPF creates panel to support trustees with stressed sponsors
On the go: The Pension Protection Fund has established a new panel to support trustees where the scheme’s employer is in stressed or distressed circumstances.