MPs fear FCA proposals on overdraft rules could end free banking January 15, 2019 The head of the UK’s financial watchdog told MPs this morning that he is “very alert” to the possibility that proposed rules to tackle charges for unplanned overdrafts could raise the cost of planned consumer borrowing. MPs raised concerns that changes to overdraft rules could negatively impact the availability of free banking as banks would [...]
Government commits to maintaining ‘triple lock’ state pension uprating for UK expats in Europe in the event of no-deal Brexit January 8, 2019 The government has allayed concerns it may stop increasing the state pension in line with inflation for hundreds of thousands of expats retiring to countries in the EU. Currently, UK expats who have retired to the bloc receive the so called triple lock uprating, meaning their state pension rises in line with the highest of [...]
FTSE 350 defined benefit pension scheme deficit soars at close of 2018 amid falling stocks January 7, 2019 Defined benefit pension scheme deficit among FTSE 350 firms surged to £41bn by the end of 2018, up from £32bn the previous year, driven by falling asset prices. The figure, a 28 per cent increase, came at the end of a volatile year which saw pension schemes in surplus for five months from May to [...]
Government-backed financial guidance body launches, combining three previous advisory services January 3, 2019 The Money Advice Service, the Pensions Advisory Service and Pensions Wise have been pulled together to form one central financial advice service. The Single Guidance Finance Body (SFGB), funded by levies on the financial services industry and pension schemes, launched for the new year comprising the staff of the three previous bodies. Although not a government [...]
Pensions data is stuck in the ‘dark ages’, says former pensions minister Ros Altmann January 2, 2019 The pensions industry is “light years behind where it should be” in the way it handles data, endangering the success of modernisation drives such as the government’s pensions dashboard project, according to a former pensions minister. Many small firms still handle employee data manually from spreadsheets, and half of customer auto-enrolment data uploaded by these [...]
Police raid Essex properties in £18m pension fraud probe December 19, 2018 Police have made six arrests as part of an investigation into a suspected pension scheme fraud that has conned victims out of £18m. The arrests come after a criminal investigation led by the Pensions Regulator (TPR) into a scam in which roughly 370 people were persuaded to transfer money into eight pension schemes. The regulator [...]
Dealing with the auto-enrolment challenge December 19, 2018 This year saw automatic pension contributions rise to five per cent, and an increase to eight per cent is scheduled for April 2019. While auto-enrolment has certainly been a positive step in encouraging people to save some money towards their pension, there are notable challenges that the initiative poses. The main concern is that there [...]
The Pensions Regulator names Charles Counsell as new chief executive December 18, 2018 The Pensions Regulator (TPR) has appointed the head of the Money Advice Service as its new chief executive. Charles Counsell, who was formerly executive director of automatic enrolment at TPR, will replace outgoing chief executive Lesley Titcomb in April. Counsell said: “The work that TPR does is ever more important in a world where millions [...]
Time for a brave new online pension world December 12, 2018 Imagine a free, user-friendly, online service that offers you information about all of your pension savings at your fingertips, available in your own home and on your mobile. That’s why the government has championed the pensions dashboard, harnessing digital to make planning for retirement easier in the digital age. As we all know, most parts [...]
CMA orders shake-up of pension advice market due to lack of competition December 12, 2018 Pension scheme members are at risk of getting a bad deal due to a lack of competition in the pension advice market, according to the Competition and Markets Authority (CMA). The CMA said today that pension trustees, who oversee companies’ pension schemes, are not given sufficient information to help them choose advisers. The report found [...]
