All Cash equivalent transfer value (CETV) articles – Page 4
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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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Calls for govt to change transfer rights to halt scams
Pension regulators should be given the power to override people’s statutory right to transfer should a suspected scam be reported to them, according to a think tank.
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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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DB transfer values rocket to £500k
On the go: The number of defined benefit transfer requests has dropped in the past quarter, but the average value still rocketed to above £500,000.
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More than £30m lost to scams in three years
On the go: Pension savers should reject “unexpected” pension offers made online or over the phone, regulators have urged in their latest ScamSmart campaign, as figures showed more than £30m has been lost to scammers since 2017.
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Ombudsman finds ‘maladministration’ in BSPS transfer
On the go: The trustees of the old British Steel Pension Scheme have been ordered to pay out to a steelworker, after “maladministration” meant he received a pension transfer lower than he could have done.
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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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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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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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Lords looks to mandate guidance on pension transfers
On the go: An amendment to the pension schemes bill could see savers forced to obtain guidance before they are allowed to proceed with a pension transfer.
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Poor data management keeps ombudsman busy
The Pensions Ombudsman has ruled in favour of a former bank employee in a dispute about the transfer of deferred pension liabilities, in a case reinforcing the impact that poor data management can have for schemes and members.
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News
FCA writes to 7,700 steelworkers and bans contingent charging
On the go: The Financial Conduct Authority is to write directly to 7,700 former members of the British Steel Pension Scheme to invite them to revisit the advice they received, while going ahead with a ban on contingent charging for defined benefit transfers.
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News
DB transfer market shows signs of recovery
On the go: The defined benefit transfer market is showing signs of recovery and is expected to grow further in the coming months, after a sharp decline in inquiries due to the Covid-19 crisis.
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NewsBritish Airways resumes pension transfer activities
British Airways is to resume its pension transfer activities following a short suspension due to the impact of the coronavirus crisis, Pensions Expert can reveal.
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Schemes to issue pension transfer warning to savers
On the go: Pension scheme trustees are to warn members about the risks of transferring out of their defined benefit scheme amid the Covid-19 crisis.
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PodcastsPodcast: Trustees cautioned to be vigilant about relaxed rules
Podcast: Trustees should not take advantage of easements introduced by the Pensions Regulator, which has relaxed its enforcement rules and reporting guidelines, warns John Reeve, director at Cosan Consulting. He and Kate Smith, head of pensions at Aegon, discuss the recent changes to the pensions industry brought by the Covid-19 pandemic, alongside other issues.
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Covid-19 leads to transfer values chaos
On the go: Market volatility resulting from the Covid-19 pandemic has led to wild swings in the value of defined benefit pensions, causing headaches for members considering a transfer.
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Altmann calls for six-month pension transfer hiatus
On the go: Former pensions minister Ros Altmann is calling for pension transfers to be put on hold for six months, as fund values could be significantly inaccurate due to the current market turmoil.
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OpinionSchemes at risk from dwindling IFA transfer market
It pays for schemes to beat the rush when looking for an independent financial adviser to handle projects such as liability management exercises, says Buck’s Mark van den Berghen, adding that in the current regulatory environment due diligence on IFAs is paramount.