In this week's Pensions Buzz, we want to know whether the guidance available to schemes covering GMPs/dashboards/cyber security actually plays a part in guiding your decision making.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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| UPDATED: 14:42, Thu, Mar 11, 2021
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Pension scheme owners have been written to by the DWP, with it being revealed today that Guy Opperman, the Parliamentary Under-Secretary for the DWP, said around 90 different schemes must begin sharing data with the industry s voluntary group, the Pension Scams Industry Group (PSIG). The DWP argued greater data sharing, used in parallel with the improved pension transfer rules in the Pension Schemes Act, will ensure savers are better protected from unscrupulous scammers.
Minister calls for schemes scam support
The Pensions Minister has today called on pension schemes to join him in the fight against the scammers targeting people’s hard-earned retirement savings.
From:
In a letter to around 90 different schemes, Guy Opperman said they must begin sharing scam data with the industry’s voluntary group, the Pension Scams Industry Group (
PSIG), to create a clearer picture of the scale of the issue.
Greater data sharing, used in parallel with the improved pension transfer rules in the Pension Schemes Act, will ensure savers are better protected from unscrupulous scammers.
Minister for Pensions Guy Opperman said:
British investors in the German property scheme face huge losses
Financial “experts” have been blamed for tipping wildly risky property investment schemes to their clients, after hundreds of millions of pounds was lost to the collapsed German Property Group.
Dozens of introducers were able to cream off 20pc commission payments by suggesting their customers use such schemes. Many presented themselves as experts despite their businesses being unregulated. Others were approved financial advisers who sold highly risky schemes to clients on the side. Ordinary people who followed their suggestions now have huge black holes in their finances.
About 2,000 British investors have come forward and joined the German Property Group Creditors Association, which was formed by British investors who want their money back. Investors have already collated a list of 60 different introducers in Britain, who they claim lured them into the investments.