by Grove Pension Solutions | Jul 6, 2020 | Pension News, Pension Transfer, Pension Transfer Bureau
Over the past few months there has been a lot of noise in the press about defined benefit pension transfer advice. The FCA are concerned that consumers are receiving bad advice from advisers when it comes to making decisions on transfers out of their defined benefit...
by Grove Pension Solutions | Jul 6, 2020 | Pension News, Pension Scams, Pension Transfer Bureau
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...
by Grove Pension Solutions | Jul 3, 2020 | Pension News, Pension Transfer, Pension Transfer Bureau
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...
by Grove Pension Solutions | Apr 24, 2020 | Pension Transfer, Pension News
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...
by Grove Pension Solutions | Mar 27, 2020 | Coronavirus, Pension News, Pension Transfer
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...
by Grove Pension Solutions | Mar 10, 2020 | Pension News, Coronavirus, Pension Transfer
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...
by Grove Pension Solutions | Mar 10, 2020 | Pension News, Pension Scams, Pension Transfer
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...
by Grove Pension Solutions | Feb 24, 2020 | Pension News, Pension Scams, Pension Transfer
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...
by Grove Pension Solutions | Jan 27, 2020 | Pension News, Pension Scams, Pension Transfer, Pension Transfer Bureau
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....
by Grove Pension Solutions | Jan 24, 2020 | Pension News, Pension Transfer, Pension Transfer Bureau
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...
by Grove Pension Solutions | Jan 22, 2020 | Pension News, Pension Scams, Pension Transfer
The Pensions Ombudsman rejection of complaints against the trustees of the British Steel Defined Benefit Pension Scheme has led MPs in the South Wales to explore legal action to quash the findings of the Pensions Ombudsman. Pensions Ombudsman: “After extensive...
by Grove Pension Solutions | Dec 27, 2019 | Pension Transfer
The latest round of company interim reports from FTSE 350 companies show that Defined Benefit Pension Schemes continue to be a thorn in their cash flow, that isn’t going away anytime soon. What is a Pension Shortfall? A pension shortfall is where a company...
by Grove Pension Solutions | Oct 25, 2019 | Pension News, Grove News
Q1 – Do you have any comments on the intended commencement dates of our proposals or the draft Handbook text set out in Appendix 1? Yes – they seem too soon for companies involved in this very complex area to make the relevant changes to processes etc,...
by Grove Pension Solutions | Sep 18, 2019 | Pension News
The goals outlined by the FCA in this paper are commendable in attempting to address the considerable risk of the DB transfer market and the undoubted ease with which some unscrupulous firms can operate in this area. Although a lot of what is being proposed is...
by Michael Ormond | Sep 6, 2019 | Grove News
The ICO fined Grove £40,000, which was reduced to £32,000 for prompt payment. The fine was because they said we had sent marketing emails without the correct consent from the consumer. We had received professional advice that our consent was acceptable. We felt the...
by Grove Pension Solutions | May 3, 2018 | Pension Transfer Bureau
O&M have just announced they are closing their DB transfer advice bureau (2nd May 2018), which is a service they provide for introducing IFA’s, according to a report in FT Adviser. O&M Pension Advice is a trading name of Independent Pension Analysis Ltd. The...
by Grove Pension Solutions | Apr 18, 2018 | Pension Transfer Bureau
Grove founder, Michael Ormond, was amongst a number of leading industry voices who were asked in a recent interview by Adviser Today – “what were the most frequently asked questions arising from pension transfer enquiries?” His choice on the matter was “Why is it so...
by Grove Pension Solutions | Mar 29, 2018 | Pension News, Pension Transfer
Grove CEO and Founder, Michael C Ormond comments on the recent consultation document from the FCA on pension transfer advice and it’s potential impact not just for advisers, but for pension holders as well. The FCA’s Consultation Document about pension transfer...
by Grove Pension Solutions | Mar 12, 2018 | Pension Transfer Bureau
In a recent article for SimplyBiz – of which Grove Pension Solutions is a panel member – Grove founder, Michael Ormond talks about the current market and what advisers can expect from a pension transfer bureau. Isn’t the FCA unhappy about pension transfer...
by Grove Pension Solutions | Dec 11, 2017 | Grove News
Grove Pension Solutions Ltd is delighted to have been selected to appear in the 2017 publication of The Parliamentary Review alongside Prime Minister Theresa May. Speaking about Grove’s involvement, Chief Executive and founder, Michael Ormond said: “It’s a real honour...
