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I spent several hours one morning this week poring over my old G60 manual to help work out some ‘scheme specific protected tax-free cash’ calculations in respect of some pre-2006 occupational pension scheme benefits for an adviser.

Women are more likely to miss out on entitlement to free guidance despite having the most to gain, according to a new report.

Nearly nine in 10 (88%) women aged 45-54 surveyed by retirement specialist Just Group did not know they were entitled to free, independent and impartial pension guidance.

The 12% who said they were aware was nearly half the 20% of men aged 45-54 who knew about the service.

The Pensions Lifetime Allowance is set to rise by £5,800 to £1,078,000 next year following news today of the latest CPI inflation rate of 0.5%.

Millions of public sector workers may need financial advice to guide them through their pension options as the Government decides how to respond to the McCloud judgment on age discrimination.

The Retirement Cafe has marked its 100th episode, with founder Justin King of MFP Wealth Management helping more people plan for retirement via the medium of podcast.

One in four workers in the UK have changed their pension plans due to the Coronavirus pandemic, according to new research released for Pensions Awareness Day this week.

The Information Commissioner’s Office has issued a fine to CPS Advisory Ltd for making more than 100,000 unauthorised direct marketing calls to people about their pensions.

CPS Advisory, the parent company of Swansea-based The Advisory Network, was fined £130,000 for the breach of new laws on pensions cold calling.

Under the new cold calling laws, companies can only make calls to people about their pensions if they are authorised by the FCA and the recipient has an existing relationship with the caller.

The change to the Privacy and Electronic Communications Regulation (PECR) which covers marketing calls, phone and texts in January 2019, was introduced to prevent people falling victim to scams, most of which are carried out through nuisance calls, and potentially losing their pensions.

Under PECR, businesses can face a fine of up to £500,000 from the Information Commissioner’s Office (ICO).

During its investigation, the ICO found that between 11 January 2019 and 30 April 2019, the company had made 106,987 calls to people without lawful authority.

The ICO found that the company was not a trustee or manager of a pensions scheme, was not authorised by the FCA and the evidence that it provided did not satisfy the ICO that valid consent had been obtained.

The Information Commissioner decided that this represented “a significant intrusion into the privacy of the recipients of such calls.”

Andy Curry, ICO head of investigations, said: “Unwanted pension calls can cause real distress and even significant financial hardship to often vulnerable people, who can end up losing their hard-earned pension pot to scammers.

“This company clearly flouted the law when they should have known better. Businesses making direct marketing calls are responsible for understanding their responsibilities under the legislation, ignorance is no excuse.”

A spokesman for The Pensions Regulator said: “This £130,000 fine should be a strong deterrent to any firm thinking of flouting the law on pension cold calls."


Industry experts have expressed concern about the Government’s confirmation it will legislate to increase the age the Pension Freedoms can be accessed from 55 to 57 from 2028.

The annual Pension Awareness Week roadshows have gone virtual, with the launch of a five-day online event to help people with pensions, money and financial wellbeing.

The Chancellor could introduce a limit to the tax-free lump sums taken from pensions, cut the pension annual allowance, and tax pensions when left to descendants to raise cash in the Autumn Budget.

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