A new pensions guidance body charged with making sure that consumers can get all their pensions questions answered in one place. This will incorporate the functions currently provided by TPAS and Pension Wise, and some pensions guidance provided by MAS. A new slimmed down money guidance body, charged with equipping consumers to make more effective financial decisions by: Identifying gaps in the financial guidance market Commissioning targeted debt advice, money guidance and financial capability projects or services to fill any gaps identified Providing funding to third parties to deliver these projects or services. A partnership agreement will sit between the pensions guidance body and the money guidance body to ensure that consumers who need broader financial guidance on both pensions and money issues can be directed to the right places. The links between the two bodies will be strengthened by cross membership of boards so that the business strategies can be aligned.
The government wants to make sure that the new delivery model improves consumer experience, so welcomes views on how to set up and evaluate the services provided so that they are of most value to the consumer.
Consultation questions are included in Section 2 of the Public financial guidance review: proposal for consultation
The government will publish a final response in autumn 2016.
PLSA forms Defined Benefit Taskforce 23 March 2016
The Pensions and Lifetime Savings Association (PLSA) has launched a Taskforce to tackle the problems faced by Defined Benefit (DB) pension schemes
The Taskforce is made up of a group of industry experts and academics who are seeking views and evidence from schemes of all sizes, as well as sponsors, regulators, government and intermediaries to allow them to get to the heart of the issues affecting defined benefit (DB) schemes. The Taskforce intends to report its initial findings in the summer and then at the PLSA Annual Conference in October 2016 to announce recommendations to Government to help ensure DB pensions are sustainable for the long term.
Joanne Segars, Chief Executive, Pensions and Lifetime Savings Association, said:
“The difficulties facing defined benefit schemes are much talked about and they often seem too complex or enormous to address – but those problems aren’t going away any time soon. The issue cannot be ignored because there are around 16 million1 people in DB schemes and the health of those schemes can also have a material effect on employers, government and the wider economy.”
Read more from the full press release .
Thousands of people have lost their life savings after falling for a pension scam – TPR warns don’t be next 29 March 2016
The Pensions Regulator (TPR) recently launched a refreshed and hard hitting campaign to warn against the dangers of falling for pension scams.
The scorpion campaign has been revamped to be clearer for savers, who are being warned: 'Don’t be next, predators are after your pension' as thousands of people continue to be scammed out of their retirement.
The new short film produced by TPR, the campaign comes to life as an emperor scorpion - the now familiar sign of the campaign - crawls over scam material, aimed at providing a stark warning to pension savers. The campaign uses true stories of those who have lost their life savings to expose the continuing threat of pension scams.
CIPP Policy News Journal
25/04/2016, Page 387 of 453
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