Displaying items by tag: pensions

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

Some victims of pension scams have lost more than £1m in savings each to fraudsters, new statistics have revealed.

The launch of the pensions dashboard could spark an increase in demand for advice as savers look to consolidate their pots, according to platform provider Zurich.

The CISI’s Financial Planning and wealth management members have responded positively to Government plans to introduce a pensions dashboard, but are worried about the costs.

Martin Tilley, former director of technical services at SIPP provider Dentons Pension Management, has moved to Hurley Partners where he has been appointed pension director.

A new report into the BSPS debacle has heavily criticised regulators including the FCA and TPR.

Since 2015, the Insolvency Service has applied to the courts to wind-up 24 companies that have carried out a form of pension misuse.

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.”

Major stock market moves on one day could prompt nearly 60% of income drawdown investors to revamp their portfolios, with 21% moving their money into cash, according to a new study.

Selectapension has wound up its subsidiary arm that executed defined benefit advice.