UK - The Ombudsman was right to accuse the government of maladministration regarding the pension leaflets issue, and it should now focus on finding an acceptable solution to those impacted, the Public Administration Select Committee (PASC) has claimed.
In a report titled The Ombudsman in question: The Ombudsman’s report on pensions and its constitutional implications, the PASC said the pension leaflets handed out by government were incomplete and inaccurate, and failed to encourage pension scheme members to seek independent financial advice.
“It was entirely reasonable for people to put trust in government information on the safety of their occupational pensions, said Tony Wright, chairman of the committee.
The pension leaflets neglected to warn of a substantial risk; people have lost significant sums of money. This was clearly maladministration and the Ombudsman was right to say so.
The government should stop quibbling over this and act to find an acceptable solution for the thousands affected.”
The report suggested the government had become far too ready to question the Ombudsman’s findings of maladministration. It went on to suggest the government could not abandon people who had lost significant sums of money, and said it should work with others who share responsibility to find a solution.
By Damian Clarkson
PP has compiled a list of what to watch out for over the coming months.
The Pensions Regulator (TPR) spent just under £60,000 on a rebrand, including the design of a new logo and implementation of a refreshed colour scheme, Professional Pensions can reveal.
In this week's Pensions Buzz, we want to know whether or not you believe default decumulation pathways are a good way to tackle members' confusion at retirement.
The increase in minimum auto-enrolment (AE) contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.