News

Insurers have welcomed the Office of Fair Trading's (OFT) recommendation to introduce independent governance committees for contract schemes.

Office of Fair Trading targets charges, governance and scale

The Office of Fair Trading has targeted charges, governance and small schemes in its recommendations for reforming defined contribution (DC) saving.

Old, high-charging pension arrangements and small trust-based schemes are a threat to £40bn of defined contribution (DC) savings, the Office of Fair Trading has found.

HM Revenue and Customs (HMRC) must tighten up its scheme registration process to prevent pensions liberation, Aries Pensions director Ian Neale warns.

A pensions liberation working committee will be set up "within weeks" to create best practice guidelines for trustees, Pensions Administration Standards Association (PASA) chair Margaret Snowdon says.

Third-party administrators (TPAs) have blocked 158 transfer requests due to increasing vigilance around pension liberation fraud, according to a Go Pensions survey.

Audits of financial service firms continue to fall below the average standard, according to the Financial Reporting Council (FRC).

The European Court has rejected the BT Pension Scheme's attempt to have its partial exemption from paying the Pension Protection Fund (PPF) levy restored.

Pensions minister Steve Webb has pledged to conduct a review of pensions decumulation.