Latest articles from Sonia Rach

Four in five DB transfer requests raise scam warning

News on the go

On the go: Four in five (83 per cent) defined benefit transfer requests have raised one or more warning flags, according to XPS Pensions Group.

Small pots group revisits pot-follows-member solution

Nattanan Kanchanaprat/Pixabay

The small pots working group has come up with three recommendations to consolidate the large number of small defined contribution pension pots in the UK, one of which includes the pot-follows-member solution, which has been touted before.

Rise in ‘bogus self-employment’ will lead to old age poverty

News on the go

On the go: A rise in “bogus self-employment” means many individuals are missing out on employment benefits such as a pension, according to Jack Jones, policy and campaigns support officer at the Trades Union Congress.

DWP questions industry on Nest’s fund offering

EPA/Andy Rain

The Department for Work and Pensions is gathering views on support available to scheme members when making savings decisions, and is questioning the industry on whether Nest’s current offering is sufficient.

Auto-enrolled could accumulate £1.64mn pot over 70 years

News on the go

On the go: An individual auto-enrolled on the average wage could accumulate a pension pot of £1.64mn over 70 years, according to Hargreaves Lansdown.

Number of NHS workers claiming pension benefits hits record high

News on the go

On the go: The number of NHS workers claiming their pension benefits reached an all-time high in April 2022, which Quilter has said suggests more people are deciding to retire.

FCA admits Brits were not well-protected against pension freedom risks

News on the go

On the go: The Financial Conduct Authority has admitted that policymakers and regulators should have done more to protect consumers from risks that arose with the introduction of pension freedoms.

FCA urges BSPS members to quickly file complaints

Reuters

The Financial Conduct Authority has written to individuals who transferred out of the British Steel Pension Scheme in 2016, urging them to file their complaints as soon as possible.

Free tool launched to help pension transfer clients identify scams

News on the go

On the go: Help & Advice has introduced a scam predictor to allow those considering a pension transfer to check whether they are at risk of being scammed.

HMRC discretion on scam victims’ tax bills not justifiable, says minister

Bloomberg

John Glen, economic secretary to the Treasury, has argued there is “no justifiable basis” for HM Revenue & Customs to use its discretion when assessing the tax treatment of pension liberation victims.