Contact

News & Insights

Pensions Regulator Announces Enhanced Transfer Information Sharing

This is why it is good news to hear that The Pensions Regulator has announced plans to regularly share market intelligence on defined benefit transfers with both the Financial Conduct Authority and The Pensions Advisory Service in order to help all parties involved forge a better understanding of the risks involved in a pension transfer.

According to The Pensions Regulator, the information-sharing will occur in the following ways:

  • The sending of weekly reports to The Financial Conduct Authority and The Pensions Advisory Service.
  • Monthly conference calls between The Financial Conduct Authority, The Pensions Advisory Service and The Pensions Regulator.
  • Quarterly meetings with the Pension Protection Fund to discuss important issues as they arise.

In addition, the regulator has said that it has developed two template letters:

  • One for pension scheme trustees to help them clarify their obligations.
  • One for members to use at the transfer value quote stage – this will include key aspects to consider as well as information about where they can go to receive impartial guidance

Meaningful cooperation

The Pension Regulator says that when it identifies issues with a scheme, it will share the information with The Financial Conduct Authority and The Pension Advisory Service.

Furthermore, the joint protocol agreement states that “where the FCA wants to contact a particular pension scheme directly to get information from the trustees on financial advisory firms advising on transferring out the scheme, it will first seek TPR’s agreement”.*

Blacktower, International Pension Transfers

If you have a defined benefit plan or other scheme and are considering the best way to manage this important asset, including the possibility of a pension transfer into a QROPS or SIPP, we can help.

Blacktower’s international pensions transfer specialists can help you decide whether a transfer is suitable for your circumstances, whatever your country of origin and current country of residence. Contact us today.

* https://www.fca.org.uk/publication/mou/fca-tpr-tpas-joint-protocol.pdf page 6

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Panama Papers and the banks

panama papersAt the moment, politicians across the world – especially, it seems, in the UK – are in the spotlight regarding their tax affairs. Banks, however, will also soon be in the spotlight, as by Friday 15th April they have been told to hand any information regarding their dealings with the law firm at the centre of the Panama Papers over to the UK’s Financial Conduct Authority.

As a result, pressure is growing on the City watchdog to launch a full-blown investigation into these explosive claims.

It has already become clear that nearly all of the major banks are involved to some degree, with a few well known Banks such as HSBC, Deutsche Bank, UBS, Coutts and Rothschild’s standing out more than others.

Read More

Abandoning the ‘Lottery Mentality’

Lottery ticketNearly everyone dreams of winning the lottery and sailing into their sunset years of retirement aboard a superyacht of financial freedom and security. The problem is, however, that simply buying a lottery ticket is very unlikely to result in anything other than the needless spending of your hard-earned money.

In fact, when you buy a Euromillions ticket your chances of winning the jackpot are just 1 in 139,838,160* – you are almost certainly more likely to be struck by lightning or involved in a road accident while on the way to buy your lottery ticket than of winning the jackpot.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.