Pensions Review

Below is a selection of our most recent updates on this subject.

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Pensions Review: Rates Of Return

The FSA has announced adjustments, with effect from 1 February 2003, to the rates of return which should be used for calculating actual and prospective loss and redress for pension transfers and opt outs. These have been made on the basis of actuarial advice received.
Wednesday, February 05, 2003

Pensions Review: Rates Of Return

The FSA has announced adjustments, with effect from 1 November 2002, to the rates of return which should be used for calculating actual and prospective loss and redress for pension transfers and opt outs. These have been made on the basis of actuarial advice received.
Monday, November 18, 2002

FSA Publish Revised Personal Pensions Mis-Selling Factsheet

The FSA has published a revised version of the factsheet 'Personal Pensions mis-selling: the facts'. The factsheet contains information about the review for those who have asked to have their case checked by 31 March 2000; who did not ask to have their case checked by 31 March 2000; or have not been contacted by the firm that sold them the personal pension.
Wednesday, August 28, 2002

Pensions Review: Rates Of Return

The FSA has announced adjustments, with effect from 1 August 2002, to the rates of return which should be used for calculating actual and prospective loss and redress for pension transfers and opt outs. These have been made on the basis of actuarial advice received.
Tuesday, August 06, 2002

FSA Issues Guidance On Accounting For Windfalls When Paying Compensation

The FSA has published a Policy Statement that sets out how it thinks firms should identify and deal with windfall benefits in the light of the Needler judgment. In particular, it advises firms how they should work out and allow for the value of a windfall that has been paid by topping-up the policy.
Tuesday, August 06, 2002

£11.8 Billion Compensation For Pensions And FSAVC Reviews

1.7 million consumers will have had their cases reviewed, and will receive compensation totalling £11.8 billion, under the pensions and FSAVC reviews.
Monday, July 01, 2002

Pensions Review Bulletin No 19

The FSA's latest Pensions Review Bulletin contains information relating to penalties for late submission of returns; waivers and modifications; and risk-based sampling using databases.
Wednesday, March 27, 2002

FSA Consult On The Treatment Of Windfall Benefits

The FSA in a new consultation paper makes proposals on how to identify and deal with windfall events following the Needler judgment. In particular, it includes proposals on how to work out and allow for the value of a windfall that has been paid by topping-up the policy.
Monday, March 04, 2002

Pia Regulatory Update 94: Treatment Of Windfall Benefits

Following the High Court ruling in the test case of Needler Financial Services and Taber the PIA has set out how firms should approach the treatment of windfall benefits in the review of personal pensions and FSAVCs and when handling mortgage endowment complaints. The approach should be to disregard windfall benefits when assessing compensation. This applies to all windfall benefits whether they were received as shares, cash or additional sums added to the policy value.
Wednesday, February 06, 2002

Test Case On Demutualisation Windfalls Will Not Alter Current Position

The deadline for an appeal against the decision in Needler Financial Services -v- Taber was yesterday. It is reported that insufficient funds have been raised to fund for an appeal, the judgment therefore stands. This means that, as before, windfall payments cannot be taken into account when calculating compensation due to individual investors in the pension and FSAVC reviews.
Wednesday, February 06, 2002

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