pension transfers

Schemes already face a legislative requirement to carry out transfers promptly and efficiently, so they should voluntarily get on board with the industry-developed solution, says Tom McPhail

This week's top stories include Amber Rudd remaining as work and pensions secretary, and the regulator carrying out seven criminal investigations into potential scams.

Pension transfers have passed the £60bn mark as more than a third of a million people access their defined benefit (DB) pots, a Freedom of Information (FOI) request has revealed.

Hargreaves Lansdown and Liberty SIPP have again been named as the slowest two providers to move pensions through Origo's Transfer Service.

British Steel financial adviser and former managing director of Active Wealth UK Darren Reynolds advised a group of people from the Trinity Mirror pension scheme to transfer out of their defined benefit (DB) pensions.

The vast majority of JLT Employee Benefits' clients have moved to the new equalised basis since the consultancy enabled pension schemes to calculate transfer values to allow for guaranteed minimum pension (GMP) equalisation.

The year-long gap between advisers falling off the FCA register and being included on the new directory could raise significant challenges for advised defined benefit (DB) pension transfers for a 12-month period.

Trustees should not suspend DB to DC pension transfer activity following the recent GMP equalisation ruling, say this week's Pensions Buzz respondents.

A ruling by The Pensions Ombudsman (TPO) could mean past victims get redress if it finds trustees failed to alert members to pension transfer risks or did not perform mandatory checks.

In this week's Pensions Buzz, we want to know if you think whether the regulator significantly boosting its staff for more visible and forceful action against flagging schemes will be enough, and whether it is focusing too much on the protection of DB...