The pensions industry must work together to establish an efficient and consistent transfer method or risk having a poorer version inflicted upon it by the regulator, Tom McPhail has said.
McPhail, head of pensions research at Hargreaves Lansdown, said while "extracting consensus" among providers was challenging, it was essential all players work together towards a common goal. Speaking at a Tax Incentivised Savings Association (TISA) event on pension transfers, he said: "The DWP has given us the catalyst and the motivation to make this happen now." The non-commercial organisation TeX, of which McPhail is a director, is the "logical organisation to coordinate the consensus", he added. McPhail said: "If we the pensions industry do not adopt a competitive marketplace o...
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