Is the reputation of the advice sector about to take another big knock and financial blow to boot?
The Financial Times has been running a series of reports into whether DB transfers and the subsequent solutions are being missold. At the very least some of the marketing material leaves a lot to be desired.
Lots of questions are being asked about whether this represents a repeat of misselling scandals past. It does need to be asked whether the trade websites need to be doing more to bring clarity to the situation. It is a struggle to hear any strong leadership on the issue from trade and professional bodies.
The Work and Pensions select committee chair Frank Field has called for pension freedoms to be restricted. (paywall)
Vanguard says it moved to swinging pricing to accommodate UK platform’s needs.
Providers and trustees defend their unwillingness to allow partial transfers from DB schemes including costs, admin and the difficulty of communicating the complex process to members.
Hymans Robertson suggests that master trusts’ default funds are taking too much risk in the run up to retirement and not enough risk in early years. Not exactly the ideal combination.
Aberdeen Standard Life has seen £10bn of outflows since the merger. That' will put a bit of pressure on.
Royal London’s Steve Webb suggests the Government may be considering ending employer’s national insurance exemption on pension contributions generating as much as £15.7bn. It would not be a popular move among employers.
The Telegraph quotes fund managers arguing that firms are prioritising share dividends over future investment.