DC Pensions Update | November 2019
- 02 mins 25 secs
In this update, Olga Hay breaks down the changing trend in victims of pensions fraud, The Pensions Regulator's view on its auto-enrolment initiative and the average amount lost on pension fraud last year.
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Hello and welcome to DC Pensions News update In this bulletin. More highly educated people are becoming victims or fraudulent pensions cames on. We look at what the pensions regulator is going to do about it. But first, victims of pensions camps lost on average, £82,000 to Foster's last year on that's equivalent to about 22 years worth of savings. These figures were revealed in the recent F c A and T P R research. It's not surprising, considering that nearly 2/3 of people would trust someone offering pension advise out of the blue on one in four people would take 24 hours or less to decide on the pension offer. Interestingly, according to the study, more highly educated people are falling victims off Collins count tactics on the pensions Regulator has vowed to put a stop to that following its updated guidance. It will now require trustees to carry out extra checks on advisers when transferring, and members defined benefit pension pot to a defined contribution scheme. Trustees are required to contact financial advice firms to ensure staff providing advice to members are compliant under the new advisor rules. However, under the new SMC our terms that which will come in force from December this year on Lee senior managers and selected all the roles will need to be approved whilst others, such as those in customer facing roles, will be subject to certification carried out by their firm. On will not appear on the F C A register going forward staying with a watchdog. It has called its auto involvement pension schemes a success after the recent figures showed that 10 million more people in the UK are now saving with record amounts going into pensions. The scheme was set up in 2012 to make sure that all working people have a private pension to add to their state pension. And on that note, that's all for today. Bye for now.