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Regulator writes to 12 pension schemes over DB transfers

Calculating SavingsThe Pensions Regulator has written to trustees of 12 defined benefit pension schemes this year about pension transfer activity.

According to a Freedom of Information Act request published on its website, TPR says the communication included a joint letter from the FCA, TPR and The Pension Advisory Service for members requesting transfer values advising them to carefully consider the risks and options.

TPR confirms 12 letters were sent to 12 different schemes.

TPR was asked how many DB scheme trustees it wrote to to warn about financial advisers targeting members to encourage them to transfer their DB pension in 2016, 2017 and 2018.

The watchdog did not hold data for 2016 or 2017.

The FOI response says: “Unfortunately, though we may have contacted trustees regarding similar activity during 2016/2017, we do not hold this information as we did not start recording this until 2018.”

TPR ‘urged’ British Steel trustees talk to members about advice

A Freedom of Information Act request published by TPR in May revealed around 100,000 people transferred out of their defined benefit pension between 1 April 2017 and 31 March 2018.

DB schemes reported around 72,700 transfers out during that period with the total value of those transfers being £14.3bn.

However, TPR estimated the actual number of transfers in the 12-month timeframe would be more in the region of 100,000 because not all schemes reporting that transfers took place said exactly how many occurred.

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  1. Julian Stevens 31st July 2018 at 3:16 pm

    The article doesn’t actually state just what information the PR is after, though I imagine that high on the agenda should be just where members’ CETV’s have gone, e.g. have the receiving schemes all been properly authorised with an appropriate reference number (if not, why didn’t the trustees check before releasing the money?) and on whose advice have the transfers been made? Then they can go after the adviser to find out where the money’s been invested.

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