Displaying items by tag: XPS Pensions Group

XPS Pensions Group has uncovered a surge in the number of ‘red flags’ being reported on pension transfers, indicating warning signs of scam activity, from 13% in June 2018 to 34% in June 2019.

Pensions group XPS, owner of the Xafinity SIPP and SSAS business, has launched XPS Transfer Watch, a service to track pension transfers by value and activity.

A survey has found that 99% of the 70,000 Defined Benefit scheme members who quit each year are transferring their money to a SIPP.

XPS Pensions Group has bought RL Corporate Pension Services Limited from The Royal London Mutual Insurance Society. 

XPS Administration has called on pension schemes to get ready for the introduction of the Pensions Dashboard now.

Pension transfer values as measured by the XPS Pensions Group Transfer Value Index increased “substantially” during March, the firm has said.

Pension transfer values, as measured by the XPS Pensions Group Transfer Value Index, fluctuated moderately during January 2019, but with no overall change over the month. 

XPS Pensions Group has made a new senior appointment at its London office.

Xafinity SIPP and SSAS Services, part of the XPS Pensions Group, has reported an increased level of activity in commercial property transactions in 2018.

XPS Pensions Group, the influential pension consulting and administration firm, has voiced its support for the government’s proposal to introduce Collective Defined Contribution pension schemes.

In November, the DWP detailed its plans for the new type of occupational pension scheme which will be subject to a 0.75% charge cap with the aim of keeping costs down. Royal Mail is already looking at introducing a CDC.
The government gave the green light last year for CDCs and plans to legislate for them in due course although critics have already warned it could take years for CDCs to arrive and they may risk fluctuating income for members in retirement because of their structure.
 
XPS says in its submission to the government on the proposal to introduce CDCs that they could provide “better outcomes” for employees than traditional DC schemes.



However, it said they may take choice away from members and present additional risks so it is “critical they are well designed and managed.”

XPS Pensions Group says there are three key areas the DWP and Pensions Regulator will need to consider to ensure the development of a successful CDC framework. These include:
 
1.      Sustainability and resilience of CDC schemes for the future
2.      How to ensure fairness of outcomes between generations
3.      Member understanding and expectation

Consultation on CDCs ended last week.
 
Jacqui Woodward, senior consultant at XPS Pensions Group said: “In our view it will be possible to develop an appropriate disclosure framework that adequately communicates CDC benefits to members. 

“However, we would caution against underestimating the risks of CDC schemes in the rush to get them established.  It is worth taking time to make sure that the new types of scheme can offer a genuine and safe alternative to members and we look forward to providing our input to further consultations on the detailed design of CDC arrangements.”