UK - A high-profile parliamentary committee has criticised the government for its "unacceptable" handling of the Serps problem.
The public accounts committee hit out following a report by the National Audit Office – Improving service quality: action in response to the inherited Serps problem – which looked at steps the department for work and pensions had taken to resolve the situation.
The report found that the DWP had failed to give six million people enough notice about changes in Serps rules in time for them to make alternative pension arrangements.
Public accounts committee chairman Edward Leigh – who is Conservative MP for Gainsborough – said: “It is unacceptable that the DWP should have put them into this appalling position.”
These problems were inherited from the former Department of Social Security, which failed to inform the public of rule changes which reduced the proportion of a Serps pension that could be inherited by a widow or widower on the death of their spouse by 50%.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.