• Highlighting the free, impartial pensions guidance from Pension Wise, including phone appointments and online information • Encouraging members to take regulated advice to understand their retirement options • Identifying increased risks in how a member has decided to access their pension funds, and give appropriate warnings of the risks and implications of their chosen option • Sending all DB members requesting a cash equivalent transfer value (CETV) a template letter signed by TPR, the Financial Conduct Authority (FCA) and the Money and Pensions Service, which runs The Pensions Advisory Service • Monitoring CETV requests and informing FCA of unusual or concerning patterns, such as spikes or the same adviser across multitude of requests TPR is also aware of a range of pension scams which are having devastating effects for victims, who have lost, on average, £82,000 of their savings. TPR encourages trustees to follow the Pension Scams Industry Group code of good practice to help protect members and guard them against scammers.
The guidance includes steps on how to carry out due diligence and assess transfer requests. Letter templates for use when communicating with members through the transfer process are also available.
Savers should also be informed about the ScamSmart website, which will help them to protect themselves from falling victim to any pension scams.
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Webinar – Easing the pension pressures during COVID-19 1 May 2020
The Financial Teams to host a webinar that will hear from David Fairs of the TPR and former pensions Minister Sir Steve Webb.
FT.com: Pensions Funding Storm is being held on Friday May 1 at 3pm and will hear from David Fairs, TPR executive director of regulatory policy, Sir Steve Webb, former pensions minister and partner with actuarial firm Lane Clark & Peacock and Judith Fish, Professional Trustee, as they take part in this free webinar to discuss the emergency measures introduced by TPR to ease COVID-19 pressures.
Register in advance via FT.com pension event
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The Pensions Regulator produces an Annual Funding Statement and guidance for trustees and employers 4 May 2020
The Pensions Regulator (TPR) has published a new Annual Funding Statement (AFS) and guidance, designed to assist employers and trustees through the current challenging times that everyone is facing due to COVID-19.
The AFS guides trustees and employers through how to approach valuations and scheme funding over the next year. March and April 2020 will have been particularly challenging, but the overarching message is that everyone needs to work together in order to protect the retirements of savers. TPR’s AFS is for trustees and sponsoring employers of occupational Defined Benefit (DB) pension schemes and is particularly relevant to schemes with valuation dates between 22 September 2019 and 21 September 2020. It also applies to schemes which need to evaluate their funding and risk strategies, as a result of significant ongoing changes.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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