Pension schemes - Facilitating financial advice?
Today The Pensions Ombudsman published ‘Panels and Independent Financial Advisers.’
Historically, pension scheme administrators, trustees and employers have expressed concern with regard to the scope of their responsibilities in providing financial advice to members and have hesitated in recommending or facilitating access to particular financial advisers. The Pensions Ombudsman(TPO)’s guidance on this topic sets out its approach to the provision of factual information in respect of independent financial advisers.
Anthony Arter, Pensions Ombudsman said:
“In these complex and challenging times, it is important that scheme members know where to turn for help when they are considering their pension options and/or are planning for their retirement. Obtaining independent financial advice is not always easy for members of pension schemes. Pension schemes have difficult decisions to make when they disseminate complex information. I am often asked for my views where a scheme ponders establishing a panel of independent financial advisers. My office has set out some information to assist schemes and their members, which I hope will be helpful.”
- TPO resolves more complaints despite the challenges of the past yearDate:The Pensions Ombudsman (TPO) today publishes its Annual Report and Accounts for 2020/21. The Report highlights the introduction of a single application process for all pension complaints, ensuring complaints are resolved at the earliest stage.
- Anthony Arter to continue as Pensions Ombudsman for a further yearDate:Today, the Department for Work and Pensions announced that Anthony Arter’s term as Pensions Ombudsman and Pension Protection Fund Ombudsman has been extended for a further year.