IFAs hoping to do more business out of the emphasis on advice through the workplace contained in the new Pensions Bill would be wise to also acknowledge the tough methods the new pensions regulator may resort to in order to ensure schemes under its guidance are run in accordance with the law.
Rights accorded the new pensions regulator unveiled by the DWP in yesterday’s Pensions Bill mean raids could take place on offices and homes of any party relevant to the pensions schemes it is tasked with overseeing. This comes in addition to the requirement to report breeches of the law, which equally applies to trustees, managers, and administrators of occupational or personal pension schemes, as well as employers, advisers and any person “who is otherwise involved”. Inspectors working for the regulator who enter premises – and that includes homes as well as offices when bearing the...
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