Pension reciprocation, or pension unlocking, agreements operated by Ark Business Consulting are illegal, judges in the High Court ruled today.
This means members who used the company's services to access their pension pots before the age of 55 - the minimum age permissible to draw a pension - are likely to lose a proportion of their savings....
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".