Thirteen recommendations for the Money and Pensions Service (Maps) have been laid out in an independent report to address the “urgent” financial wellbeing implications of the coronavirus pandemic on Britons.
The least financially secure pension savers may be increasing their personal debt levels or foregoing household essentials after paying pension contributions, The Investing and Saving Alliance (TISA) says.
Trustees need to be given the choice to directly refuse pension transfers if the industry is to properly plug the proliferation of scams, the Work and Pensions Committee (WPC) has been told.
The data behind the pensions dashboard must be secure, transparent, and comprehensive enough to gain the trust of savers, the industry has said.
The Tax Incentivised Savings Association (TISA) will not be pursuing plans to provide a defined benefit (DB) transfer guidance service, it has confirmed to PP.