Latest articles from Sonia Rach

FCA plans £71mn redress scheme for former British Steel members

News on the go

On the go: The Financial Conduct Authority has set out plans to deliver £71.2mn in compensation to former members of the British Steel Pension Scheme who received unsuitable advice to transfer out of their pension.

Pension receipts to reach £1.7bn amid rise in cost of living

News on the go

On the go: The Office for Budget Responsibility has revised its forecast of tax paid when people access their pension funds, expecting it to reach £1.7bn in 2021-22.

BSPS members’ compensation falls short by £18mn, NAO finds

Pound coins (teaser)

Compensation for members of the British Steel Pension Scheme has fallen short by £18mn, according to a report by the National Audit Office, which warned that the risk of large numbers of savers looking to transfer out of a defined benefit pension still remains.

Anti-scam rules result in 500 safeguarding interviews to date

News on the go

On the go: Nearly 500 people have so far completed a pensions safeguarding guidance interview since new anti-scam rules were introduced at the end of November 2021. 

Regulators need advice and guidance take-up targets

News on the go

On the go: Conservative MP Nigel Mills has argued that the government needs to set a target or benchmark on what the level of take-up of advice and guidance needs to be for pension savers.

AE reform unlikely to get through in time for Queen’s Speech

News on the go

On the go: Pensions minister Guy Opperman has said the auto-enrolment reform bill will not get through in time for the Queen’s Speech in May.

Pension rules extended to October for returning NHS staff

News on the go

On the go: The government has extended its relaxation of pension rules by seven months for NHS staff returning to work so they are not hit by reduced pension payments. 

FCA says dashboards will increase advice ‘value for money’

News on the go

On the go: The Financial Conduct Authority has said the pensions dashboards will increase competition in the advice profession and offer consumers better value for money.

GPs can file late applications to cover tax bills after pressure

News on the go

On the go: NHS staff have been given the option to make a late application to have their scheme cover annual allowance tax bills after the industry warned that many GPs would not have completed paperwork in time.

Aviva apologises after sending pension transfer email in error

News on the go

On the go: Aviva has apologised to financial advisers and their clients after it sent an email in error about an “impending pension transfer”.