All Pension transfers articles – Page 10
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News
Pensions for cash at age 35? Covid-19 scams lure distressed savers
On the go: Anxious savers are trying to cash in their pensions more than 20 years before they are allowed to do so, as they fall victim to online scammers exploiting financial distress amid the coronavirus pandemic.
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News
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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News
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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News
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
Over the past couple of years, the market for independent financial advisers has been shrinking.
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News
Cracknell: Industry fails to explain ‘how’ savers can make changes
Michelle Cracknell on her new role at Just Group after a five-year stint leading the Pensions Advisory Service.
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Features
Hundreds of thousands of micro pots suffer remorseless attrition
Data crunch: Eight years after the auto-enrolment revolution, millions of workers’ pensions are left languishing in master trusts when they move jobs.
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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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News
Pot-follows-member agreements: Feasible or fantasy?
Now Pensions wants to agree bilateral deals with other master trusts to consolidate small pots resulting from auto-enrolment, but experts say some hurdles remain.
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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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NewsDalriada working with replaced trustee to recoup £14m
Professional trustees charged with rescuing three pension schemes that flouted investment rules say selling out of prohibited assets may thwart their efforts to recoup more than £14m owed to members.
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News
Regulator updates pension transfer guidance for trustees
On the go: Defined benefit trustees will need to contact financial advice firms to check if the adviser listed on members’ transfer documents is employed with them, new guidance from the Pensions Regulator stipulates.
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News
FCA scam warning: 22 years of pension savings gone in 24 hours
On the go: Victims of pension scams lost an average of £82,000 to fraudsters last year, equivalent to 22 years’ worth of savings evaporating within 24 hours, according to the Pensions Regulator and the Financial Conduct Authority.