MP’s pushed to launch pension scams inquiry
There are increasing calls for the work and pensions select committee to launch an inquiry into pension scams. The introduction of Pension Freedom in 2015 has seen a huge increase in consumers falling victims of pension transfer scams, with many losing their entire...FCA Ban Defined Benefit Pension Transfer Contingency Charging
The FCA has announced a ban of Contingency Charging for Defined Benefit Pension Transfer, which will come into force on 1st October 2020. This long awaited announcement follows on from the FCA’s CP19/25 consultation launched in July 2019. It comes as no surprise for...
Defined Benefit Pension Transfer PI Cover Halts Advisers
The Personal Finance Society say Financial Advisers are leaving the Defined Benefit Pension Transfer market in their droves due to the lack of affordable professional indemnity cover. The Underwriters for DB Pension Transfer PI cover have been spooked by the risk of...
The Impact of Coronavirus on Pensions
The impact of the Coronavirus on the pension industry has been widespread, ruthless and relentless; from the law makers, regulators, trustees, employers, pension funds to scheme members. As the country goes into self isolation and chaos ensues we try to make sense of...
How will the Coronavirus affect my pension transfer value?
If you are 55 or over and have been affected by the coronavirus, lost your job and can’t pay your bills checkout our coronavirus pension guide on how to access and release cash from your pension early. The coronavirus is causing mayhem with the world’s stock...
Flybe employees risk losing their defined benefit pensions
Flybe went into administration on 5 March 2020, putting over 2,200 employees out of work. 1,350 are now at risk of losing their defined benefit pensions. Flybe closed their defined benefit pension scheme in 2017/18 and replaced it with a defined contribution pension...
Norton Motorcycles Pension Transfer Scandal
The Norton Motorcycles administration saga has erupted into a huge pension transfer mis-selling scandal. In 2012 and 2013 over 228 savers were duped into transferring over £14m of their pension funds into 3 Norton owned Pension Schemes; The Commando 2012, The...
Pension Bill introduces new anti scam safeguards for Defined Benefit Pension Transfers
The Pension Scheme Bill 2019/20 is set for its second reading in the House of Lords and is nearing Royal Accent. The new defined benefit pension transfer rules in the Pension Bill have been introduced to protect consumers from being scammed out of their pension pots....
FCA Defined Benefit Pension Transfer Advice Probe
Debbie Gupta, the Director of Life Insurance and Financial Advice Supervision at the FCA wrote a “Dear CEO” letter to every defined benefit pension transfer adviser this week. The letter outlined the FCA’s concerns of the “increasing number of...