Law and Regulation

The Work and Pensions Committee has demanded the government bans member-borne consultancy charges on workplace pensions "without delay".

Workplace pensions governance should be overseen by a single regulatory body, the latest Work and Pensions Committee report says.

Her Majesty's Revenue & Customs (HMRC) has issued a warning to consumers vulnerable to "unscrupulous" firms offering to help them access their pension savings early.

The Department for Work and Pensions has been criticised over its plan to ban short service refunds before putting in place an automatic transfer system.

Members could lose out from an automatic transfer system for small pots if their pension is moved into a scheme with higher charges, the industry has warned.

Buyers will have to inform trustees of their intentions for target companies' defined benefit schemes when bidding to take over a business from next month.

The industry has given the DWP plenty of food for thought on amending disclosure regulations. Taha Lokhandwala reports

The Department for Work and Pensions has confirmed it will create an ‘automatic transfer' system for small pots of less than £10,000, allowing workers to take their pensions with them from job to job.

Better-off pensioners should pay tax at a similar rate to younger people on comparative incomes, according to the Fabian Society.

A quarter of respondents thought the Department of Work and Pensions proposals to allow defined benefit schemes to self-certify for auto-enrolment would be unworkable, while a third disagreed.