TPR

Pension scams are not just about the money lost, but the lives devastated, says Nicola Parish, so the industry must unite to defeat this scourge.

Trustees must know the signs of sponsor distress and be prepared to act quickly as the “first line of defence” for savers, The Pensions Regulator (TPR) has warned.

Former BHS owner Dominic Chappell potentially faces his fourth personal bankruptcy in order to pay £9.5m of contributions he owes to the failed retailer’s pension schemes.

The Pensions Regulator (TPR) has launched a pledge initiative to encourage trustees to commit to a step up in processes to protect member interests and combat pension scams.

Pension professionals have called on The Pensions Regulator (TPR) to adopt a more pragmatic approach to regulation as the impact of Covid-19 hits defined benefit (DB) schemes and sponsors.

Most defined benefit (DB) schemes (70%) would not meet The Pensions Regulator’s (TPR) ‘fast track’ requirements, according to analysis by Hymans Robertson.

New legislation is needed to push pension trustees and asset managers to consider ESG factors within their legal duty to beneficiaries, as well as ensuring trustees are up to standard, ShareAction says.

The Department for Work and Pensions’ (DWP) consultation on improving defined contribution (DC) outcomes has garnered support from the industry, but many have warned of potential unintended consequences.

Peter Stanley and Clifford Sims set out why and when trustees are expected to listen to advice.

Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.