Last week wasn’t just about politics. One of the last tweets Guy Opperman issued in his first term as Pensions Minister was in support of pot to pot transfers , following Pension Bee’s now notorious letter of complaint.
Pleased that we have addressed the issue with transfer regulations and scams – the joint @dwp + @TPRgovuk statement today: https://t.co/7IkjmYAVJE
— Guy Opperman (@GuyOpperman) July 5, 2022
But many pension professionals think that the DWP has not addressed the issue and are outraged that the Minister appeared to be siding with Pension Bee’s arguments against the advice of many law firms that insisted that Pension Bee was incentivising transfers giving the trustees of Peoples Pension and Cushon (among others) – no choice than to throw flags at consumers, requiring them to seek guidance from MoneyHelper over what they were doing.
Tomorrow (July 12th) at 10.30 am. Pension Bee’s CEO, Romi Savova – will be answering my questions and yours about the letter to the Minister at a Pension PlayPen Coffee Morning.
To join – login or register at www.pensionplaypen.com and click “events”.
Five reasons to join at 10.30am – Tuesday 12th.
These issues are crucial and will become more so as more of us rely on our pension pots rather than DB pensions and as dashboards open for business.
How do we make transfers easy without making it easy for scammers?
Does the DWP need to amend its regulations or can trustees use “intent” and “discretion”?
Are transfer times generally slipping and if so – why?
Can individuals choose to ignore “safeguarding” and where do we draw the line ?
Why do we need to combine pension pots in the first place?
The meeting will be an hour long, half will be devoted to me asking questions of Romi and half to you doing the same. We need to have this debate and who better to lead it than the CEO of Britain’s first and foremost pension’s fintech.
I wasn’t able to join. Understand restrictions Chatham rules etc etc but could you blog on the essence of the conversation but on a no names. no pack drill basis please?
We’ll be posting the whole session, questions and all – shortly