23rd April 2019 Anna Copestake comments in Pensions Age, welcoming greater consistency in the Pensions Ombudsman’s recent decisions, particularly those on pensions transfers
The Pensions Ombudsman (TPO) deals with complaints and disputes that concern the administration and/or management of both occupational and personal pension schemes.
A number of high-profile cases have heightened the importance of protecting members from incorrect transfer values and scammers when it comes to transferring their pension.
Mismanagement of pensions administration processes and communications also stand as a key feature in a significant number of cases brought to TPO.
Anna Copestake commented: “The Pensions Ombudsman’s decisions are, on the whole, more predictable and consistent than they used to be. It’s easier for trustees, administrators and their advisers to have a feel for which way the Ombudsman’s decision is likely to go. If the answer feels pretty obvious, then generally speaking we tend to see a sensible finding of fact, which is to be welcomed, because findings of fact can’t be appealed.”
With pension transfers high on the industry’s and pensions savers’ radars, it is not surprising that transfers were ranked as the most common topic of completed and new investigations in the Ombudsman’s annual report for 2017 to 18.
Anna continued: “The Ombudsman’s determinations in cases involving suspected pension scams, culminating in the Royal London case, helped put real pressure on government and industry to look seriously at what can be done to protect savers. It brought the issue more into the forefront and genuinely added to the debate.”
Read Anna’s comments in Pensions Age here.
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