The Pensions Regulator has, for many years, campaigned to reduce the number of pension transfer scams. Its efforts appear to be having an effect. Cold calling, a typical sign of a scam, is decreasing and the number of UK savers receiving unsolicited approaches about their pensions fell from around 20% in 2017 to 7% in
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UK Pensions: The Pensions Regulator’s growing focus on transfer scams
The Pensions Regulator has, for many years, campaigned to reduce the number of pension transfer scams. Its efforts appear to be having an effect. Cold calling, a typical sign of a scam, is decreasing and the number of UK savers receiving unsolicited approaches about their pensions fell from around 20% in 2017 to 7% in…
UK Pensions: Flurry of pensions-related announcements in Autumn Statement
The Chancellor’s Autumn Statement on November 22, 2023, included a long list of pensions announcements, although only the first three set out below have a firm starting date of April 6, 2024.
UK Pensions: Use of reasonable [en]force[ment] – unnerving for those on the receiving end?
Speaking to banking colleagues recently about what the Pensions Regulator’s stronger powers mean for them reminded me just how much turns on the Regulator’s view of what is reasonable.
There has been a great deal of discussion about the wide range of circumstances in which the Regulator could use its various powers (what the Regulator…
UK Pensions | Rethinking Notifiable Events
Given that April 6, 2022 was the date set out in the new draft notifiable events regulations it seems distinctly odd that there has been complete silence since the consultation closed last October.
I am hoping the silence is down to legislators having a long hard think about whether the drafting is fit for purpose…
UK Pensions: The road to compliance is paved with good intentions… and practical problems
I read with interest the blog post by Nicola Parish, TPR’s Executive Director of Frontline Regulation, on December 8, 2021, where she warned trustees of DB schemes to be vigilant in the current economic climate. Nicola emphasised the need for strong, open relationships with employers and I think she is spot on with that comment. …
UK Pensions: Should the Pensions Regulator provide clearer guidance on when it might use its new enforcement powers?
It was great to attend “in person” the Association of Pension Lawyers annual conference in Brighton last week.
A speaker suggested it would be helpful if the Pensions Regulator were to provide clearer guidance on when it might use its new enforcement powers, in particular by giving more specific examples and thresholds.
I can see…
UK Pensions: SIPs for small schemes: law-making through the back door?
Last week’s interim consultation response from the Pensions Regulator addressed a common concern about the “Funding and Investment” section of the draft single Code of Practice: it confirmed that it would drop its proposal for a 20% cap on unregulated investments.
This is a point that we are aware had been troubling some larger pension…
UK Pensions: DB Funding Statement 2020: NRF survey gives the Pensions Regulator a thumbs-up
DB Funding Statement 2020: NRF survey gives the Pensions Regulator a thumbs-up
Sophy Lelliott, a trainee in our pensions team writes: the UK Pensions Regulator published its annual funding statement later than usual on 30 April 2020. The Statement is aimed at trustees and sponsoring employers of defined benefit (DB) schemes with valuation…
UK Pensions: Regulator’s warning that member transfer requests during the pandemic may be a poor decision
UK Pensions: Regulator’s warning that member transfer requests during the pandemic may be a poor decision
Adding to its already impressive haul of Covid-19 related publications to date, on 29 April 2020, the Pensions Regulator published further trustee guidance Communicating with members when they request a transfer or to access benefits.
Pension scheme members seeking…