UK - Schemes are calling on OPRA to open its books and disclose all bogus pensions liberators.
Last month the regulator exposed Northwest Marketing Ltd Executive Pension Scheme and Northwest Marketing Ltd Pension Scheme.
But, as previously revealed, this was 16 months after it first became aware of their activities.
OPRA is known to have between another eight to 10 bogus liberators currently on its books.
The £4.2bn Unilever Pension Fund UK head of pensions Chris Lewin believes OPRA should give schemes a list of companies which it suspects are bogus liberators.
If a scheme was then asked to make a transfer to one of these firms, it would be able to report it to OPRA.
“This would give OPRA the final decision on whether or not to approve transfers. This means that it would not be putting its neck on the line by stating ‘do not transfer to x, y or z’.”
Diageo Pension Scheme director of UK pensions Steve Mingle said it was “not good enough” to expect scheme administrators to be able to spot bogus liberators when a transfer request was put forward.
“It’s quite clear that a lot of schemes have thought they were doing things in the right way only to find that one of its transferees was going to a liberating outfit.
“Anything that can be done that can help ensure this doesn’t happen must be encouraged.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.