TPR believe that there is no need for advisers to recommend that their employer clients look to unravel automatic enrolment arrangements.
In a press release published by TPR Nicola Parish, Executive Director of Frontline Regulation, said:
“This package of measures, together with those voluntarily taken by the trustee, should ensure that the issues with NOW: Pensions which have persisted for so long are finally resolved. We will continue to monitor progress and will issue further fines if necessary to ensure that the trustee and NOW: Pensions Limited focus on resolving the issues as swiftly as possible. Trustees, sponsors and administrators should be in no doubt that we will act if we are concerned about the way schemes are being run.”
You can read the full press release on TPR’s website .
Back to Contents
NOW: Pensions comments on announcement by The Pensions Regulator 13 February 2018
Following the recent announcement that The Pensions Regulator (TPR) issued NOW: Pensions fines and an Improvement Notice and Third Party Notice, the Interim CEO and Chair of Trustees responded in a press release .
TPR set NOW: Pensions deadlines to resolve legacy administrative issues detailed in an Improvement Notice and a related Third Party Notice.
TPR also levied two penalties on NOW: Pension Trustee Limited for historic issues. A penalty of £50,000 for failing to process some core financial transactions promptly and accurately and a penalty of £20,000 for failing to report late or missing contributions to some members.
NOW: Pensions Limited (NPL) has stated that the penalties will be paid by NPL and will not come out of members’ funds.
The press release is available on NOW: Pensions website.
Back to Contents
Pensions Advisory Service’s dispute resolution moves to Pensions Ombudsman 16 February 2018
From 1 April 2018 customers will be able to access all pension dispute resolution, previously handled by two services, in one place through The Pensions Ombudsman.
The move includes the transfer of The Pensions Advisory Service’s (TPAS) dispute resolution team and volunteer network of over 350 advisers to The Pensions Ombudsman (TPO).
At present customers can approach both TPO and TPAS for help when dealing with a pension complaint. TPAS tends to focus on complaints before the pension scheme’s internal dispute resolution procedure (IDRP) has been completed, while TPO typically deals with complaints that have been through IDRP. The transfer will simplify the customer journey. Customers will be able to access all pension dispute resolution, previously handled by two services, whether pre or post IDRP, in one place. This will lead to a smoother customer journey and improved complaint handling. TPAS will continue to focus on providing pension information and guidance, and will become an integral part of the new Single Financial Guidance Body . TPO and TPAS will update their signposting to the public and pensions industry to reflect the services provided by each organisation. Pension schemes and providers will be given information to enable them to make the necessary changes to their signposting
Read the full press release from TPAS
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 474 of 516
Made with FlippingBook - Online magazine maker