The number of annuity-related complaints handled by the Financial Ombudsman Service (FOS) between April and June has dropped to lower levels than before pension freedoms were introduced, while all other pension complaints were on the rise.
In the four quarters prior to the announcement of the pension reforms by then-Chancellor George Osborne in April 2014, the average number of new annuity cases was 150 per quarter. Between April and June...
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
Mediation has been under-utilised historically as a means of dispute resolution in this area. Mark Blyth and Geoff Egerton think this is going to change.