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DWP working group tackles ETV bad practice

The Government is launching a full-scale investigation into enhanced transfer value exercises next month in an effort to stamp out bad practice.

Money Marketing understands the Department for Work and Pensions will set up a working group charged with delivering a new framework for ETVs.

The pensions industry, Government and The Pensions Regulator will all be represented.

This follows warnings from pensions minister Steve Webb that “cash bungs” are being offered to induce members to ditch defined-benefit pensions.

Speaking at the Liberal Democrat party conference in Birmingham last week, Webb said: “Firms have every right to talk to workers about getting their pension rights in a different way but we need to make sure people are making well-informed decisions and not losing out on valuable pension rights.”

Towers Watson senior consultant David Robbins says: “This is an area where the Government needs to proceed with caution. There can be transactions where both parties can gain from an ETV so a blanket ban would not have been a good idea. It is good to see the DWP taking a measured approach.”


FSA accredits six bodies to process SPS applications

The regulator has formally approved the first six accredited bodies, which will be responsible for issuing advisers with their statements of professional standing. The Chartered Insurance Institute, Institute of Financial Planning, ifs School of Finance, Chartered Institute for Securities and Investment, Chartered Institute of Bankers in Scotland and the CFA Society of the UK have […]

Openwork to go ahead with IFA 2Plan network

Openwork has confirmed it has turned its national IFA 2Plan into a network, as revealed by Money Marketing earlier this month. 2Plan Wealth Management will support registered individuals and appointed representatives and will be run by existing chief executive Chris Smallwood. The move means advisers will be able to operate under the 2Plan brand or […]

Fixed gaze

Fixed protection has all the marks of a debacle in waiting

Bell in plea to Treasury to boost ailing drawdown

The Treasury is under pressure to rethink the way it calculates capped drawdown limits as savers face a drop in their retirement income of 26 per cent from last year. Under reforms to the pension drawdown regime which came into effect in April, the maximum retirement income a person can take was reduced from 120 […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. perhaps David Robbins would care to list thee situations where both parties gain. Surely he cannot be suggesting that many will gain.
    So come on list them!

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