Pension Schemes Bill due to be debated
90% relate to Covid-19
The government should consider handing to a minister the specific responsibility for tackling the growing number of scams across the finance sector, AJ Bell says.
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).
Transfers most complained about
£5m lost to fraud between February and June
Amendments to the Pension Schemes Bill passed by peers in the House of Lords last night will see a wide-ranging suite of reforms for the pensions industry draw another step closer.
Support for DB schemes
Joint strategy with TPR
The Money and Pensions Service (Maps) has a “critical role to play” in the UK’s economic recovery from coronavirus, it says in a ten-year corporate plan released today.
LV= is exploring the sale of its remaining life and pensions operations, Sky News has reported.
The Pension Scams Industry Group (PSIG) has called on the Financial Conduct Authority (FCA) to consider further interventions to protect pension scheme members from scams.
The Fire Brigades Union (FBU) has filed court proceedings over the government’s withholding of improved pension benefits for its employers, citing it a ‘dirty trick’.
Advisers leaving market
DC schemes feeling the pinch
The new All-Party Parliamentary Group (APPG) on Pension Scams has had its inaugural meeting in parliament to outline its priorities for boosting public awareness around scam risks.
Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”
The Money and Pensions Service (Maps) has named 12 sector leaders as challenge group chairs to spearhead its newly launched strategy for financial wellbeing.
Taxes will have to increase after the March Budget if the government plans to honour the spending plans in outlined last year, the Institute for Fiscal Studies (IFS) has warned.