Professional December 2017/January 2018

Pensions insight

The government agree that the legislation they bring forward needs to be future-proofed to prevent the ‘evolution of scams’ that will avoid the ban. In response to concerns raised throughout consultation, government also intends to extend the ban on cold-calling to include emails or text messages about pensions. The ban will not extend to cover traditional and/or social media. The Information Commissioner’s Office (ICO) currently regulates firms that make unsolicited direct marketing calls and has a number of enforcement powers to tackle breaches to the rules which include issuing penalties of up to £500,000. Some respondents said these powers should be extended to enable the ICO to impose criminal sanctions; however, as law enforcement agencies including the Financial Conduct Authority (FCA) already have such powers to tackle the worst offences involving fraudulent activity, this wasn’t a step that the government felt was necessary. Limiting the statutory right to transfer The government will continue to work

with industry, consumer groups and other stakeholders during the year to finalise the detail of this proposal which looks to limit the statutory right to: ● transfers in to personal pension schemes operated by firms authorised by the FCA ● transfers in to authorised master trust schemes ● transfers where a genuine employment link to the receiving occupational pension scheme could be evidenced. Discussion continues as to how the detail of this will need to look in order to minimise the risk of blocking transfers to legitimate schemes.

see government also introduce legislation which aims to ensure that only active companies can register a pension scheme, and which will introduce additional changes to the scheme registration process. Further engagement will be needed with industry, consumer groups and other stakeholders to consider feedback on options to professionalise small self- administered schemes. Consumer awareness is critical As the details are still being worked through we see that beyond the government response TPR continues to warn trustees, advisers and scheme members, about the dangers and the danger-signs of scams with new videos, guidance and tools. If you haven’t already taken a look, now might be a good time to peruse TPR’s five step guide Thinking of doing something with your pension pot? (http:// Once read, don’t keep those useful tips to yourself – spread the word to colleagues, clients, family, friends and neighbours. n

...tightening of rules to stop

scammers opening fraudulent pension schemes strategy...

Making it harder to open fraudulent schemes

The tightening of rules to stop scammers opening fraudulent pension schemes will

We’re encouraging everyone in the pensions industry to stop and reflect on whether they are doing enough when it comes to pensions engagement. We’re holding a Good Communications Guide workshop to improve pensions engagement. You can register at

Communications is something we all talk about, something we all have a view on, and something which is challenging to get right. That’s why Pension Quality Mark and Landscape have developed the Good Communications Guide with industry experts: Baroness Ros Altmann, Gregg McClymont, Ruston Smith, Helen Ball, Sir Steve Webb, and Leslie Williams. It’s full of insights, ideas, examples and tools to help employers and pension schemes to tackle the communications challenges they face every day.

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Issue 36 | December 2017/January 2018

| Professional in Payroll, Pensions and Reward |

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