Ombudsman finalising decisions on British Steel complaints
Grievances about cash equivalent transfer values and early retirement factors
Pension Transfers
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Lifeboat scheme U-turn over British Steel mis-selling scandal
FSCS offers additional compensation to those ‘let down’ by Active Wealth
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Industry groups combine to build faster pension transfer framework
Consumers to benefit from better communication, common standards and greater transparency
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UK taxman falls woefully short of 25% Qrops charge target
HM Revenue & Customs had expected to net £65m in 2017/18
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Pension bosses banned for 34 years
Cold-calling introducers encouraged clients to transfer £57m – mainly into storage unit investments
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Phoenix Life named and shamed over pension transfers
Insurer Phoenix Life levies the highest pension transfer exit fees and pensions consultancy Xafinity is the slowest to process transfers, a survey has revealed.
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Mattioli Woods cites PI costs for pension transfer exit
UK-based Mattioli Woods has blamed the increasing costs of professional indemnity (PI) insurance for its decision to exit the pension transfer market.
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Pension transfers hit record £10.6bn in first quarter
The belief that UK pension transfers peaked in 2017 has been proven wrong as figures from the UK’s Office for National Statistics (ONS) show £10.6bn flowed out of defined benefit schemes in the first quarter of 2018.
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Pension transfer boom over says Lang Cat
The UK’s pension transfer boom could be over, according to research released by financial services consultancy firm The Lang Cat.
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Advisers giving inadequate information to DB specialists: FCA
Financial advisers who are outsourcing pension transfer work to specialists are providing them with inaccurate information, according to the executive director of the Financial Conduct Authority (FCA).
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‘Disaster’ averted: UK keeps mandatory pension transfer advice
Easing the advice requirements for transfers of guaranteed pensions to overseas schemes “could have been a recipe for disaster”, AJ Bell senior analyst Tom Selby said of the UK Government’s decision not to scrap the requirement to take financial advice.
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How was the British Steel pension scandal allowed to happen?
A damning report from the UK’s Work and Pensions Committee has blasted the actions of some financial advisers who acted like “vultures”, and who “bamboozled” British Steel Pension Scheme (BSPS) members, raising questions about how this could happen in a post-RDR world?