Stephen Timms

Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.

The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.

Corners were cut in the 2015 introduction of pension freedoms which have left pension savers vulnerable and suffering, according to Work and Pensions Committee (WPC) chairman Stephen Timms.

The number of savers using information or guidance services such as Pension Wise is barely higher than three years ago despite efforts to promote the benefits, the Financial Conduct Authority (FCA) says.

This week’s top stories included Capita’s sale of its employee benefits business, while research from the Association of Consulting Actuaries found little support among employers for multiple pensions dashboards.

An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.

A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.

This week’s top stories included the Marks and Spencer Pension Scheme completing two buy-ins, while the Work and Pensions Committee submitted an amendment to the Pension Schemes Bill.

Simpler retirement ‘wake-up packs’ are not encouraging pension savers to take up free guidance, according to the Financial Conduct Authority (FCA).

Work and Pensions Committee chairman Stephen Timms has submitted an amendment to the Pension Schemes Bill aiming to increase the use of pension guidance.