The Financial Conduct Authority (FCA) has confirmed reducing transfer times remains a key priority as it continues to back the Star Initiative and encourage all firms in the pensions sector to take part.
The Star Initiative has entered the implementation phase allowing members to agree an approach to deliver Star reporting and provide an opportunity to discuss change requests and challenges.
The government-backed Star Initiative has reached 50 signatories, surpassing its initial target of 30. Holly Roach looks at the project’s progress.
Schemes already face a legislative requirement to carry out transfers promptly and efficiently, so they should voluntarily get on board with the industry-developed solution, says Tom McPhail
It would be inappropriate to name and shame schemes which do not sign up to the Star Initiative, a majority of Pensions Buzz respondents said in backlash to comments made by the pensions minister.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.