Trustees could be guilty of maladministration if they fail to advise members buying an annuity about the open market option, The Pensions Advisory Service warns.
TPAS chief executive Malcolm McLean said insurance companies and trustees had an obligation to inform members about OMO and could face legal action if they failed to do so. "They need to spell it out...
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.