UK - City watchdogs have rapped some of the UK's largest occupational pension schemes for failing to help with the mis-selling review.
The Financial Services Authority says it needs schemes to supply information to help firms assess compensation claims.
But FSA public relations manager Jackie Blyth said that while most occupational pension schemes had been very good in supplying information more needed to be done.
She said: “A handful of big pension schemes have not been cooperating and we need them to focus their minds.”
The FSA has held top-level talks with OPRA and the NAPF to emphasise the importance of supplying information.
Blyth insisted, though, the FSA did not intend to “name and shame” schemes which fail to cooperate – something that OPRA intends to start later this month against schemes which are not complying with Pensions Act regulations.
NAPF public relations manager Andy Fleming said: “We have written to our members reminding them of the importance of cooperating fully and promptly. We are working closely with the FSA to help ensure the review is completed successfully and on time.”
However Coats Viyella group pensions manager Reinet Quinn said the FSA needed to understand the day to day pressures occupational pensions schemes faced.
She said: “It is all well and good for someone in an ivory tower to say: ‘Do it and do it now,’ but there has to be a realistic assessment of what else occupational pension schemes have on their workload.”
Quinn added that the Coats Viyella scheme was doing everything it could to help the FSA.
FSA pensions review director Philip Robinson said: “The FSA will be writing to the major occupational schemes to explain why their help is needed and ways they can help. There is also a factsheet available for employers and trustees of occupational schemes, which explains how they can assist in putting things right for consumers in the personal pensions mis-selling review.”
The pensions mis-selling review – which runs until June next year – is aimed at people who were mis-sold pensions between 1988 and 1994. Mis-selling occurred when consumers who would have been financially better off in their occupational pension scheme were advised to leave or not join at all.
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