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UK FCA: Less than Half of DB Pension Transfers Studied Receive Suitable Advice

Concerns linger regarding the suitability of advice regarding defined benefit (DB) transfers, according to the UK’s Financial Conduct Authority (FCA). Less than half of all consumers transferring defined benefit pension plans received appropriate counsel ... read more

Less than 50% of DB transfer advice deemed suitable

The Financial Conduct Authority's (FCA) review of defined benefit (DB) transfer cases found the recommendation was to transfer were suitable in fewer than half of cases ... which identified 90% of pensions accumulation advice and 91% of retirement income ... read more

Savers with gold-plated pensions short-changed by poor advice

Tens of thousands of people could have made the wrong decision to transfer out of defined benefit ... since new pension freedoms were introduced in April 2015. Yet the FCA now believes less than half received “suitable” advice before doing so. read more

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Greater protection for savers using pension freedoms floated by watchdog over fears some could make poor decisions or face high fees

Over half ... defined benefit' pensions which provide a guaranteed income after retirement. However, those still saving into such schemes can transfer to DC schemes, provided they get financial advice if their pot is worth £30,000-plus. The FCA also ... read more

"Last Man Standing" Pension Schemes - Pension Protection Fund Levies

The Triennium Policy Statement and 2015/16 Pension Protection Levy Determination. The PPF provides compensation to members of defined benefit pension schemes where ... on the risk-based PPF levy as they are less likely to enter the PPF given the additional ... read more

Pensions and Debt Time Bomb In UK: £1 Trillion Crisis Looms

But with half of those that transfer ... their increased DB obligations and so DC investors will see their own investments grow more slowly. In the UK it is estimated that more than one-in-five people are not saving for their pensions. read more

Deutsche Bank AG (DB)

Deutsche Bank AG filed ... to the FCA. These fines have been paid in full, save for U.S.$150 million that is payable to the DOJ, subject to court approval (currently scheduled for March 28, 2017), following the sentencing of DB Group Services (UK) Ltd ... read more

Financial Regulatory Developments Focus - December 2015 #3

JD Supra does not sell, rent or otherwise provide your details to third parties, other than to the authors of the content on ... sale, liquidation or transfer of substantial assets, JD Supra may, in its sole discretion, transfer, sell or assign information ... read more

Rising state pension age leaves 1.1m women worse off: IFS

according to a new report from the Institute for Fiscal Studies. This means that affected households are receiving about £74 a week less in state pensions and other state benefits. For women aged 60 to 62, who are now under the state pension age ... read more

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