Pension transfers: Industry must get its act together, says McPhail

Jenna Towler
clock

The pensions industry must work together to establish an efficient and consistent transfer method or risk having a poorer version inflicted upon it by the regulator, Tom McPhail has said.

McPhail, head of pensions research at Hargreaves Lansdown, said while "extracting consensus" among providers was challenging, it was essential all players work together towards a common goal. Speaking at a Tax Incentivised Savings Association (TISA) event on pension transfers, he said: "The DWP has given us the catalyst and the motivation to make this happen now." The non-commercial organisation TeX, of which McPhail is a director, is the "logical organisation to coordinate the consensus", he added. McPhail said: "If we the pensions industry do not adopt a competitive marketplace o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension engagement only way to cut 'retirement anxiety'

Pension engagement only way to cut 'retirement anxiety'

Verona Kenny says industry has ‘moral duty’ to push engagement

Jenna Brown
clock 23 April 2025 • 3 min read
L&G becomes first pension provider to complete dashboards ecosystem connection

L&G becomes first pension provider to complete dashboards ecosystem connection

Provider finalised its connection to the ecosystem today

Holly Roach
clock 17 April 2025 • 1 min read
How public sector pensions impact divorce proceedings

How public sector pensions impact divorce proceedings

'The ripple effects of the McCloud Remedy continue to be felt in divorce proceedings'

Vanessa Gardiner
clock 15 April 2025 • 5 min read