Have You Pledged to Combat Pension Scams?

pension scams

Have You Pledged to Combat Pension Scams? Pension schemes have lost a total of £31 million to scammers since 2017. On a more personal level, victims of these scams lose an average of £82,000 when targeted, an amount that could take 22 years to build up in a pension pot. To combat these scams The…

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Savers warned over pension transfer risks

pension transfer risk

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have produced a factsheet for savers who have a defined benefit (DB) pension. The plain English factsheet, published today (Friday 5 June): tells savers they do not need to rush a decision about their pension and should get advice first reminds DB pension holders that…

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How to avoid pension scams

Member protecting his pension from scams

Part I – Administrators Helping protect your members from scams In the current conditions, the risk of scams is something that administrators need to be aware of. Savers might increasingly look to transfer their pension, prompted by the instability of their employer or the financial markets. This means they could be increasingly targeted by scammers…

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Flexible Pensions to go ahead in 2015

In his March 2014 Budget, the Chancellor announced that there would be significant changes to allow individuals to have greater access to their pension funds from 2015. The proposed changes have been consulted on during the summer and the Treasury have now published the outcome, together with draft pensions legislation, enabling the new flexible regime…

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Pensions SORP ED out for comment as FRS 102 deadline approaches

Issued by the Pension Research Accountants Group (PRAG), the ED of the Statement of Recommended Practice Financial Reports of Pension Schemes (SORP) has been significantly updated to reflect changes in accounting standards, regulations and the pension industry since the previous SORP on pension scheme financial reporting in 2007. The main changes proposed in the ED…

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Key Points from the UK Budget 2014

The Chancellor’s March 2014 was clearly aimed at winning the votes of savers, pensioners and those paying for expensive childcare with increases in ISA limits, a £5,000 zero rate band on savings income, more flexible pension drawdown rules and an increase in the proposed childcare tax relief to £2,000. There was also good news for…

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Who is going on the Assurance journey?

Who is going on the Assurance journey? There are many different types of person who want assurance and they want assurance over many varying things. Despite these differences they all believe a skilled professional should be giving the independent opinion. People naturally seek assurance. The 3 key categories for assurance are data, processes and controls and reporting. Within…

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