Pension clearing system losing steam

Earlier in the year, several individual life offices in conjunction with the ABI were in full support of the creation of a pension clearing system, following its popularity and endorsement 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. Ian Naismith, head of marketing and sales technical at Scottish Widows says although a BACS-style pensions clearing house is indeed back...