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Pensions Hub

Online Safety Bill receives Royal Assent

Online Safety Bill receives Royal Assent

The Online Safety Bill received Royal Assent on October 26, 2023. The Online Safety Act 2023 should help to protect pension savers from scammers as it imposes a legal duty on the largest social media platforms and search engines to prevent fraudsters posting advertisements. The new duties are to be policed by Ofcom.

United Kingdom | Publication | November 13, 2023
FCA publishes new webpage on supporting vulnerable consumers when providing pension transfer advice

FCA publishes new webpage on supporting vulnerable consumers when providing pension transfer advice

On August 30, 2023, the FCA published a new webpage with information for firms on how to support vulnerable consumers when providing pension transfer advice.

United Kingdom | Publication | September 14, 2023
DWP publishes review of Conditions for Transfers Regulations 2021

DWP publishes review of Conditions for Transfers Regulations 2021

On June 21, 2023, the DWP published a review of the Conditions for Transfers Regulations 2021, 18 months after they came into force.

United Kingdom | Publication | June 29, 2023
FCA updates Defined Benefit Advice Assessment Tool

FCA updates Defined Benefit Advice Assessment Tool

On June 19, 2023, the FCA published a new webpage on its Defined Benefit Advice Assessment Tool (DBAAT), incorporating rule changes that have come into force since October 1, 2020, and its non-Handbook guidance on advising on pension transfers.

United Kingdom | Publication | June 29, 2023
Pension scams: Pensions Regulator updates WPC on preventative pledge

Pension scams: Pensions Regulator updates WPC on preventative pledge

The Work and Pensions Committee has published a letter from the Regulator providing an update on the effectiveness of its pledge to combat pension scams campaign, launched in November 2020.

United Kingdom | Publication | May 24, 2023
FCA clarifies UK authorised firms’ responsibilities relating to acceptance of pension transfer referrals from overseas advisers

FCA clarifies UK authorised firms’ responsibilities relating to acceptance of pension transfer referrals from overseas advisers

The FCA is concerned about overseas firms targeting the UK pension benefits of DB scheme members living overseas. It reminds UK firms engaging with overseas firms, or offering advice to scheme members based outside the UK in relation to a possible transfer of their DB benefits, to have regard to their regulatory responsibilities.

United Kingdom | Publication | May 11, 2023
New FCA webpage on reporting concerning pension transfer requests

New FCA webpage on reporting concerning pension transfer requests

On February 16, 2023, the FCA launched a new webpage encouraging pension schemes and trustees to report to the FCA if, having carried out checks, they have serious concerns about a pension transfer.

United Kingdom | Publication | March 30, 2023
Pension Scams Industry Group publishes Interim Practitioner Guide

Pension Scams Industry Group publishes Interim Practitioner Guide

On March 20, 2023, the Pensions Scams Industry Group published an interim practitioner guide for those dealing with statutory and discretionary transfers, and apply the system of amber and red flags.

United Kingdom | Publication | March 30, 2023
Mrs G (PO-26616): pension liberation - Ombudsman orders reinstatement of member's benefits after failure to carry out proper due diligence

Mrs G (PO-26616): pension liberation - Ombudsman orders reinstatement of member's benefits after failure to carry out proper due diligence

The Pensions Ombudsman has upheld a complaint by a deferred member of the Teachers' Pension Scheme who argued that the administrator had failed to carry out sufficient due diligence when processing her transfer request in 2015.

United Kingdom | Publication | February 27, 2023


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Lesley Browning
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lesley.browning@nortonrosefulbright.com
T: +44 20 7444 2448 / +44 77 1030 3311
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Shane O'Reilly
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Email
shane.o'reilly@nortonrosefulbright.com
T: +44 (20) 74443895

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