All Pension transfers articles – Page 8
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Altmann lambasts ‘shocking’ FCA DB transfer findings
On the go: Former pensions minister Ros Altmann has criticised the Financial Conduct Authority for being slow to ban contingent charging on defined benefit transfer advice, and allowing advice companies to operate without relevant insurance.
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DB transfers falling as advice provision declines
On the go: The number of people transferring out of defined benefit pension schemes fell in the 18 months to the end of March 2020, according to new data from the Financial Conduct Authority.
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FCA releases DB transfer advice assessment tool
On the go: The City watchdog has released an assessment tool to help financial advisers understand whether the defined benefit pension transfer advice they have given was suitable.
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Plumbing business freed of DB scheme liability
On the go: UK-based heating and plumbing distribution business Wolseley is set to be freed of its defined benefit scheme liability following its acquisition by a private investment company.
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Small pots report recommends member exchange trials
The pensions industry should begin work to facilitate mass exchanges of sub-scale defined contribution accounts, according to a government-commissioned working group looking to address the problem of small pots.
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Unsuspecting schemes to pay DB transfer top-ups
On the go: Schemes that thought they might be unaffected by a recent court ruling could still owe savers more than £500 each in top-up payments on their defined benefit transfers, analysis has found.
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2021 could see ‘gold rush’ in DB transfers after 50% drop in 2020
After member interest in transferring out of defined benefit schemes dropped by 50 per cent during the first lockdown, transfer values have recovered and 2021 could even see a “gold rush” in activity.
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Pension actuaries urged to improve commutation advice quality
On the go: Pension scheme actuaries are being called to improve the quality of the advice they are giving trustees on commutation rates, after a review of their work by the Institute and Faculty of Actuaries.
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Mad December dash to include GMP top-ups in 2020 accounts
On the go: Around one in six companies face the unwelcome prospect of having to include the cost of guaranteed minimum pensions adjustments in their 2020 annual accounts, according to analysis by LCP.
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PodcastsPodcast: Industry needs to work together to sort out GMPs
Podcast: As schemes might struggle to find information about members who are due top-ups to past transfers due to guaranteed minimum pensions equalisation, the industry is being called on to work together and help close those data gaps. Lynda Whitney, partner at Aon, and David Brooks, technical director at Broadstone, discuss what lies ahead for trustees and administrators as they try to digest the latest High Court ruling in this area.
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Advisers could help trustees with GMP past transfers
On the go: Advisers have been urged to proactively check whether their clients could be entitled to a top-up payment on their defined benefit transfer, which could help trustees in tracking down members affected by the latest guaranteed minimum pensions ruling.
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GMP ruling implementation will be ‘Herculean’ task for schemes
A ruling on guaranteed minimum pension equalisation will see trustees having to revisit 30 years of pension transfers, which will be a “Herculean” task for administration teams amid missing data and poorly kept records.
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DB scheme trustees to revisit thousands of past transfers
On the go: Trustees of defined benefit schemes will have to revisit pension transfers from the past 30 years if the individual had contracting-out benefits, and provide a top-up if necessary.
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MPs to pressure Opperman into commitment on scam ‘red flags’
Five members of parliament, including Work and Pensions Committee chair Stephen Timms, have tabled an amendment to the pension schemes bill designed to pressure pensions minister Guy Opperman into clarifying the government’s position on pension scams.
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Regulator urges sign-up to new anti-scam pledge
On the go: The Pensions Regulator has urged pension providers, trustees and administrators to sign up to a new pledge to protect members from the growing threat of scams.
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Govt to tighten guidance rules for accessing pensions
On the go: The Department for Work and Pensions plans to require providers of workplace pensions to signpost guidance whenever savers look to access or transfer their pots.
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Rolls-Royce warns regulators about spike in transfer numbers
On the go: The Financial Conduct Authority has issued a data request to financial advisers involved in defined benefit transfers from the Rolls-Royce pension scheme, after the company warned regulators about high activity in this area.
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Timms warns transfer rules ‘must be changed’
On the go: Stephen Timms, chair of the Work and Pensions Committee, has warned that transfer rules are not working and must be changed if the industry is to put a stop to pension scams.
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Statutory pension transfer rights pause becomes bill amendment
A new amendment restricting the statutory right to a transfer is to be tabled to the pension schemes bill, in an attempt to combat pension scammers.
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Half of pension transfers trigger scam warnings
On the go: More than half of pension transfers carried out post-lockdown have flagged scam warnings, research from XPS Pensions has shown.