All Cash equivalent transfer value (CETV) articles – Page 5
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OpinionFCA’s response to transfer scandal too little, too late
Recent revelations that the City watchdog has concerns about the majority of the £80bn market for providing pension transfer advice in the UK have triggered shock and anger across the industry. Quite rightly too.
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News
MP requests 6-month extension for British Steel ombudsman claims
On the go: Labour MP Nick Smith is writing to the Pensions Ombudsman to request a six-month extension for former British Steel Pension Scheme members to submit claims, so that the issues involved can be considered in-depth.
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News
British Steel trustees cleared by Pensions Ombudsman
The Pensions Ombudsman has rejected a number of complaints against the trustees of the old British Steel Pension Scheme, after concluding that communications to members were not misleading and did not amount to scaremongering.
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News
Trustees receive positive sign from ombudsman on scam checks
Trustees and administrators must maintain the utmost vigilance against scammers, industry experts warn, despite a Pensions Ombudsman determination on a £367,601 loss to fraudsters favouring the ceding pension scheme.
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News
Top civil servants with pensions worth more than £1m
On the go: The UK’s permanent secretaries – 23 individuals who head up government departments – had an average defined benefit pension worth £1.1m in 2018-19, according to new research from the TaxPayers’ Alliance.
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News
Bulk annuity market to reach £540bn in next decade
On the go: The bulk annuity market is expected to quadruple in the next decade compared with the current one, which saw £135bn paid to insurers, according to estimates from Mercer.
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News
Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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News
Royal London issues guidance for trustees when appointing IFAs
On the go: There is no right answer to whether trustees should be appointing financial advisers to help members make retirement decisions. However, doing nothing is not a risk-free option, a new policy paper from Royal London and Eversheds Sutherland has stated.
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Features
Trustees back partial transfers for big pension pots
Data crunch: The number of schemes offering partial defined benefit transfers is increasing, with the option being targeted at members with large transfer values, new data show.
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News
DB transfer values hit all-time high
On the go: Defined benefit pension transfer values soared to an all-time high on August 21, according to the latest analysis from consultancy XPS Pensions.
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News
Fall in gilt yields drives transfer values to near record
On the go: The continuing fall in gilt yields is driving transfer values towards near record levels, according to XPS Pension Group.
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News
DB members transferring face adviser shortage as regulations bite
On the go: Nearly seven out of 10 advisers are wary of advising on defined benefit transfers, according to Aegon Research.
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News
Transfer values rise sharply during March as demand remains high
On the go: Pension transfer values rose substantially during March, peaking at almost £251,000, according to consultancy XPS Pensions.
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OpinionKeep in mind the member impact of pension changes
There is a danger that we in the industry focus on numbers and theory when discussing the latest pension trends – for those not on the frontline dealing with members it can be all too easy to miss the human impact of decisions made by trustees, sponsors, advisers, providers and government.
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NewsTrustees not responsible for bad IFA transfer work, scheme professionals say
Advisers to pension schemes have hit out at proposals that British Steel Pension Scheme should award discretionary payouts to members who mistakenly left the plan, saying it shifts the blame for bad financial advice on to trustees.
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OpinionBetter communication can ease rush to transfer out of DB
Transfers from defined benefit pension schemes have proved attractive in recent years, but there are serious questions over their suitability for many. Trustees cannot afford to shy away from helping their members, and the Pension Protection Fund wants to help, says Sara Protheroe.
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OpinionTrustees must go the extra mile for their members on transfers
Trustees are often caught between a rock and a hard place when it comes to defined benefit transfers.
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News
Pension freedoms see more than £7bn withdrawn in 2018
On the go: The UK’s fondness for pension freedoms continues unabated, with £1.9bn withdrawn from pension schemes under flexible pension rules in the fourth quarter of 2018, according to the latest HMRC figures published on Friday.
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FeaturesDiageo offers PIE and writes to members after rise in DB transfers
The Diageo Pension Scheme is offering a pension increase exchange exercise to defined benefit pensioners, and has outlined plans to write to deferred and active members explaining transfer options, following a spike in members cashing out.
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OpinionDB transfers: Is your pension fund at risk of paying out too much?
When it comes to defined benefit transfers, it is important to focus on striking a balance between being fair to members transferring out and the majority who are left behind, says Royal London’s Steve Webb.