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Showing posts from October, 2019

Pension Legislation and Brexit

One of the key Brexit casualties is the Pensions Bill, the Department for Work and Pensions was hoping to introduce this year. The Pensions Bill was meant to introduce a number of changes, however they can still push ahead with many of their regulatory changes despite Brexit: November 2019 sees the introduction of new ‘wake-up’ packs. From then providers will send a one-page summary together with a page of retirement risk warnings to clients at age 50, with more detailed packs, alongside the one-pager, following every five years thereafter until the pension pot is fully crystallised. The thorny subject of defined benefit transfers continues to attract attention from regulators and politicians. A joint FCA/TPR template to encourage schemes to provide transfer information on a consistent basis is due imminently. While this is helpful, it won’t be compulsory so it is likely good schemes will adopt it while laggards are much less likely to do so. Any improvement will be incremental, bu