pension transfers

Pensions minister Steve Webb has floated plans to allow providers to bulk transfer members from legacy schemes to more cost efficient models.

An eight day turnaround for pension transfers should become the industry standard, the TISA Exchange (TeX) organisation has said.

Labour will continue to push through developments on an automatic pension transfer system if it wins the next general election, it has been confirmed.

Retirement Planner's round-up of the top pensions stories this week.

Technology and industry collaboration is now essential to ensure advisers can meet client expectations for fast and efficient service, says Paul Pettitt

Axa is introducing faster pension transfers as part of a number of service upgrades to its Secure Advantage range.

Pensions minister Steve Webb has confirmed the Department for Work and Pensions (DWP) will this autumn propose reforms to the system of transferring small pension pots.

Practicing financial advisers will not have to sit further examinations if the FSA increases the qualification standards for pension transfers.

The FSA noted a jump in advised sales of personal pensions in 2010/11 compared with the previous year, and said this could reflect pension switching, a practice it pointed out some firms had failed to carry out appropriately in the past.

National IFA Positive Solutions has overhauled its pension switching guidelines for its 1,300 partner advisers following FSA guidance and recent regulatory action against at least 22 firms.