Pensions clearing system gathers momentum

In reply to the Turner Pensions Commission, the proposed system would run along similar lines to the banks' clearing system, with employers able to channel payments through their existing schemes, while also being able to redirect payments to the employee's new fund. According to the ABI, work is currently underway to assess the merits and feasibility of such a system. The ABI says: “Work will include liaison with the pensions industry and government over the practicalities of such a scheme and what, if any, legislation would be necessary in order to implement it.” In its report to th...