UK - Aspen Annuities has written to the UK's top 1000 pension schemes because it fears they may not be getting the best deal for their members.
The firm says annuities have changed rapidly but many schemes have not kept up with the market and are giving members a very limited choice.
Director Billy Burrows said: “We were surprised to find many schemes taking an unsophisticated approach to purchasing annuities at a time when the market is becoming increasingly more complex.”
Burrows added that it was no longer acceptable for schemes to offer annuities from just one company – as the company offering the best rates for men may not be the best for women, for example.
He said scheme members could get a much better pension simply because of their occupation or where they lived – points that many trustees fail to recognise.
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.