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Displaying items by tag: Pension
The number of customer complaints made to the Financial Ombudsman Service (FOS) relating to defined benefit transfers rose by 44% in 2018/19.
Transfer valued endured a volatile September, according to the latest data from XPS Pensions Group.
Over 400 trustees and employers of UK pensions schemes attending the XPS Pensions Group’s annual conference last week believe they must “make a difference to climate change”, with 60% of schemes having already moved away from a traditional investment approach.
The trustees of hundreds of pension schemes are to be ordered to urgently review the data they hold as part of a crackdown on poor record-keeping.
WASPI campaigners have lost a legal battle against Government handling of the rise in women's state pension age.
Pension savers lost out on £600m last year according to HMRC personal pension statistics released today.

AJ Bell has launched a retirement income solution to help financial advisers manage clients taking income in retirement. 

XPS Administration, part of XPS Pensions Group, has been awarded silver level accreditation by Investors in People the international standard for people management.
Cashflow planning software firm CashCalc has revealed it is to withdraw its Transfer Value Comparator (TVC) tool from its available suite of tools.

DB transfer values rose to record highs in August 2019, while the number of members requesting a transfer value continues to increase, according to XPS Transfer Watch.


XPS Pensions Group’s ‘Transfer Value Index’ jumped sharply to an all-time high of £258,200 on 21 August 2019; up from £247,400 at the end of July 2019.

The increase was said to have been “largely driven by a significant fall in gilt yields during August, partially offset by a small fall in inflation expectations”. 

XPS Pensions Group reported an increase in the number of transfer quotes being requested across some of its schemes, with some members choosing to pay for an updated calculation with transfer values at their peak. 

 

Mark Barlow, partner, XPS Pensions Group, said: “The impacts of recent volatile markets have seen transfer values increase steadily over the last two months, with an all time high in August.

“The continuing fall in gilt yields has pushed transfer values to new record highs, around 10% higher than they were this time last year.

“Although there is a lot of uncertainty around the future of the financial markets, an increase in transfer values will mean we are likely to see a lot of members investigating their options.
 
“Trustees and sponsors should ensure that members considering long term irreversible decisions are being provided with sufficient education and support to enable them to make the right decision for their circumstances and financial futures.

“We would also recommend schemes consider how the substantial changes in market conditions have affected the funding strategy and whether, in light of this, the transfer value basis remains appropriate.”

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