UK - The Personal Investment Authority (PIA) has taken disciplinary action against life insurer Prudential. The firm has been fined £650,000 for failures in its pensions review procedures.
The offences relate specifically to delays in making payments of redress to supplement pension policy benefits of those who had retired and beneficiaries of those who had died, and to its record keeping.
The PIA said the Pru co-operated fully with it during the course of its investigation and has applied significant effort to progressing its pensions review.
The PIA is currently satisfied that Prudential is taking all steps to complete phase one of the pensions review without any avoidable delay and in particular to deal with the issues which are the subject of these disciplinary proceedings.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.