AJ Bell has launched a retirement income solution to help financial advisers manage clients taking income in retirement.
A company director is to be prosecuted by The Pensions Regulator (TPR) for failing to provide information and documents requested as part of an ongoing investigation.
Michael Woolley was asked to provide information about investments made by company Southbank Capital Limited, of which he is both a director and a shareholder.
The investments related to money and/or assets originating from 16 pension schemes for which PIM Trustees Limited is the trustee.
Mr Woolley is the sole director and a shareholder of the professional trustee firm.
He was accused of failing to comply with a notice issued under section 72 of the Pensions Act 2004 that required the information and documents to be provided by 12 February 2019.
Mr Woolley has been summonsed to appear at Brighton Magistrates’ Court on 13 November to face a charge of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of that Act.
The case continues.
DB transfer values rose to record highs in August 2019, while the number of members requesting a transfer value continues to increase, according to XPS Transfer Watch.
XPS Pensions Group’s ‘Transfer Value Index’ jumped sharply to an all-time high of £258,200 on 21 August 2019; up from £247,400 at the end of July 2019.
The increase was said to have been “largely driven by a significant fall in gilt yields during August, partially offset by a small fall in inflation expectations”.
XPS Pensions Group reported an increase in the number of transfer quotes being requested across some of its schemes, with some members choosing to pay for an updated calculation with transfer values at their peak.
Mark Barlow, partner, XPS Pensions Group, said: “The impacts of recent volatile markets have seen transfer values increase steadily over the last two months, with an all time high in August.
“The continuing fall in gilt yields has pushed transfer values to new record highs, around 10% higher than they were this time last year.
“Although there is a lot of uncertainty around the future of the financial markets, an increase in transfer values will mean we are likely to see a lot of members investigating their options.
“Trustees and sponsors should ensure that members considering long term irreversible decisions are being provided with sufficient education and support to enable them to make the right decision for their circumstances and financial futures.
“We would also recommend schemes consider how the substantial changes in market conditions have affected the funding strategy and whether, in light of this, the transfer value basis remains appropriate.”