More than half of retirement pots accessed under pension freedom rules have been fully withdrawn, the Financial Conduct Authority confirmed in its interim retirement outcomes review.
Published on 12 July, the report said 53% of pension pots accessed by consumers since the rules came into force in April 2015 were fully encashed, however 90% of those were below the value of £30,000....
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.