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Schemes fail TPR Omo test

The Pensions Regulator has forced six defined-contribution pension schemes to rewrite their retirement literature after failing to flag up the open market option adequately to members.

TPR reviewed the literature of 97 DC pension schemes and found 98 per cent were complying with the legal requirement to inform members of the Omo.

A total of six schemes were found to be “non-compliant to a material degree” and were referred to TPR’s casework teams for further

nvestigation as they fell short of rules, such as including specific disclosure in communications to members at least six months before their retirement date.

TPR’s annual report and accounts also reveal that only 23 per cent of scheme members in the study took up the Omo, compared with 40 per cent in the personal pension market.

Hargreaves Lansdown pensions analyst Laith Khalaf says: “If this sample of schemes is representative of the occupational DC market, then there could be tens of thousands of members who are not getting the full facts.”


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An open and shut case

Gregor Watt finds that some financial advisers say they are steering clear of structured products because they believe they are too opaque to understand easily and to explain to their clients


Rise in DA directors facing clawback liability

Protection providers are increasingly asking directors of directly authorised firms to sign agreements accepting personal liability for commission clawback. Advisers have alerted Money Marketing to a growing trend to ask for director’s personal guarantees in certain circumstances. Bupa, Legal & General, LV= and Scottish Provident have all confirmed they request these guarantees from some directly […]


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