The Department for Work & Pensions (DWP) is planning to cap early exit charges for occupational pensions to ensure people over the age of 55 are not "unfairly penalised" for accessing their savings ahead of their pension age.
The DWP said people currently face average early exit charges of around 5% of their pension pot for cashing in their savings but the cap would be set at 1% for existing occupational pensions and 0% for...
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.