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Articles by Simon Laight
PO determination reaffirms decision-making principles for pension schemes
The decision followed a complaint that a pension provider had failed to properly consider a deceased member’s wishes by distributing his lump sum death benefit to his estranged daughters rather than his 10 living brothers and sisters. The deceased member in question was unmarried and had no financial dependents, and he noted in his will that he had no contact or financial ties with his three daughters.
FCA reforms may offer SIPP market clarity, consistency and consumer confidence
The regulator’s proposals, which are open for consultation (149-pages / 1.64MB PDF) until next week, also aim to alleviate uneven regulatory protections for pension scheme money and assets, resulting from how SIPPs are structured, according to experts at Pinsent Masons.
Pensions Ombudsman finds Hartley maladministered fund
The Pensions Ombudsman concluded the conduct of Hartley Pensions, which fell into administration and was hit with enforcement action by the Financial Conduct Authority, amounted to maladministration after it was found to have withdrawn money from the client’s account to pay itself and a financial advisor the client had no relationship with.
Pension Ombudsman rejects SSAS member claim over maladministration and investment loss
A member trustee of a SSAS had brought a complaint of maladministration, negligence and investment loss against the independent trustee and administrator of a scheme, buthis claim was dismissed (pdf, 16pp/2.1mb)after the ombudsman ruled that while the administrator had acknowledged some failings, they had not led to any investment loss.
UK inheritance tax changes could prompt members to rethink pension plans
Pension experts Rebecca Howard and Simon Laight of Pinsent Masons were commenting following the government’s response to a consultation on bringing most unused pension funds and death benefits within the value of a person’s estate for inheritance tax purposes from 6 April 2027. The proposals, which were announced as part of last year’s Autumn Budget, were outlined in a technical consultation on the processes required to implement such changes, which ran from 30 October 2024 to 22 January 2025.
PODCAST: UK reforms financial regulation and pensions
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Pensions Commission ‘can help build a UK pensions system for future generations’
Tom Barton and Simon Laight, pensions law experts at Pinsent Masons, were commenting after the UK government announced the revival of the Pensions Commission, nearly two decades after its original formation. The decision comes amid stark warnings that future generations of pensioners are on course to be significantly poorer than today’s retirees.
AI adoption in UK pensions market brings both benefits and risks
Pension funds in the UK are increasingly looking to AI-empowered tools to help improve engagement with members, boost administrative efficiency and drive down operational costs, according to a recent survey by the Pensions and Lifetime Savings Association (PLSA).
Pensions Ombudsman confirms no unreasonable delay where scheme unaware of deadline to transfer
The PO commented that, where deadlines are important, members should request transfers in a timely fashion and explain any time sensitivity at the outset. The dispute involved Mr H, who complained that his scheme’s administrator delayed the transfer of his pension to his receiving scheme. Due to this delay, he was unable to take advantage of his unused personal tax allowance for the 2019-20 tax year. Mr H was a member of a personal pension scheme, with a guaranteed annuity rate.
Pensions Ombudsman highlights importance of administrators adhering to commitments
In the decision, the PO criticised an administrator for failing to provide a member with pension savings statements (PSS) when its website indicated they would be sent automatically. This determination highlights the importance of administrators adhering to commitments made to members, even where those commitments are not required by legislation.
Pensions Ombudsman provides useful commentary on unreasonable delay when making a transfer
In this decision (10 pages/648 KB), the PO confirmed that a short delay in processing a transfer request as a result of a change in administrator is not necessarily unreasonable. The dispute revolved around a pension plan in which Mr N held both defined benefit (DB) and defined contribution (DC) benefits. In March 2021, Mr N requested that his DC benefits be transferred to a self-invested personal pension scheme. Shortly after this, on 6 April 2021, Mr N retired from employment.
Pensions Ombudsman confirms employer and scheme automatic enrolment responsibilities
In this case, a member owned an asset management company which contracted itself out to local councils. In September 2021, the member commenced work with an employer, to whom his company was sub-contracted. On 29 October 2021, the pension provider contacted the member in relation to his automatic enrolment into a pension plan. The member responded to say that he did not want to be automatically enrolled and informed the employer of this.
UK Budget: inherited pensions facing inheritance tax
Simon Laight of Pinsent Masons was commenting after UK chancellor Rachel Reeves announced in her Budget speech on Wednesday that the government will bring unused pension funds and death benefits payable from a pension into a person’s estate for inheritance tax purposes from 6 April 2027.
Pensions Ombudsman offers guidance on member information requirements
The PO decision provides helpful commentary given the restrictions on providing financial advice to members and the risk for a trustee or pension provider of overstepping the advice and guidance boundary. In this case (12 pages / 870 KB), Mr S was a member of his employer’s defined contribution pension scheme (‘the old scheme’). The old scheme closed to new contributions in February 2013 and Mr S became a deferred member.
Pensions Ombudsman decisions shed light on guaranteed annuity rate complexity
In the first case (7 pages / 365 KB), Mr R lodged a complaint against the administrator of his personal pension plan in relation to its administration, which included administration of a GAR. Mr R’s primary grievance was the inability to set up an annuity payable monthly in advance if he wished to benefit from the GAR. Instead, he was required to take an annuity payable annually in arrears for the GAR provisions to apply. Mr R had initially established his pension plan in 1988.
Pensions disputes: Ombudsman will not interfere with reasonable business policies
The case (5 pages / 561 KB) concerned a member of an occupational pension scheme, who contacted his scheme’s administrator to ask that his pension, which was being paid into the joint bank account he held with his wife, be redirected to his wife’s personal bank account to maximise the interest available in respect of that account. The administrator refused on the basis that its policy was to pay a pension to the member’s own bank account unless the member was unable to manage their own affairs.
Pensions Ombudsman decisions offer reassurance around risks of providing online systems
The decisions provide a helpful reminder that members should check details carefully before submitting online forms, as providers will generally be entitled to act on their instructions without further enquiry. If in any doubt about their fund information, they should contact their provider by phone or secure message, rather than rely solely on their provider’s online system.
Pension Ombudsman addresses withdrawal processes and investment fund communications
In one recent case (6 pages / 992 KB), Mr L filed a complaint with the PO against the pension provider due to a delay in processing his benefit crystallisation request. Mr L’s financial advisor submitted a request to the pension provider for a tax-free withdrawal of £375,000. A fixed protection certificate screenshot, showing evidence of Mr L’s lifetime allowance protection, was provided in conjunction with the request.
Pensions disputes: Check member records thoroughly when complaints made
The dispute arose after a man, referred to as ‘Mr Y’ complained (11 pages / 2.08MB PDF) that his pension provider sent him conflicting information about the value of his benefits following his request for a cash equivalent (CETV) illustration. He also complained about a poor investment return after his benefits reached the Guaranteed Minimum Pension (GMP) target, such that he will not receive 5% increases on his pension in payment.
New FCA nudges for better long-term outcomes in non-workplace pensions
The intervention was prompted by FCA findings that suggested that, like in defined contribution workplace pensions, the non-workplace pension sector suffered from low consumer engagement combined with complex and confusing products and charges. The regulator said the issue had caused a lack of competitive pressure to drive better value for consumers.
Pension disputes: Ombudsman dismisses three complaints
The Pensions Ombudsman (PO) has heard a wide range of complaints in recent months by pension scheme members who have exhausted their providers’ own complaints mechanisms. In three recent determinations of particular interest to providers, the PO dismissed complaints brought by members in respect of transfers or attempted transfers of their pension benefits.
Pension disputes: care needed over member communications
Pension providers must choose their words carefully when communicating with scheme members to avoid creating expectations which are not aligned with the scheme rules or provider’s terms and conditions. The Pensions Ombudsman (PO), which hears complaints by pension scheme members who have exhausted the provider’s own complaints mechanisms, recently handed down determinations in two cases brought by members who had expected higher levels of benefits.
Upper Tribunal: 'in specie' SIPP contributions were taxable
Out-Law Analysis | 13 May 2020 | 4:16 pm | 3 min. read Self-invested personal pension (SIPP) providers could face demands for repayment of tax relief granted in respect of non-cash pension contributions following a decision by a UK tax tribunal. Strategic thinking by providers will be needed regardless of whether they are contemplating further challenge or prefer to take mitigating steps based on acceptance of the ruling.
Increasing amounts of cash withdrawn from pension pots under new freedoms
Investors withdrew £15.3 billion from their pension funds in 2016/17, according to data provided by the Financial Conduct Authority (FCA) under a Freedom of Information (FOI) Act request to a wealth management firm. That compared to just £5.6bn in 2012/13 – a rise of 173%.
Annuity providers will be required to provide customers with competitors' deals
The new requirement, which would come into force next September, would apply at the point that the customer is ready to convert their pension pot into a regular income stream by purchasing an annuity. It is intended to address a lack of competition in the market uncovered by the FCA's retirement income market study, which found that 60% of customers were not switching providers when they bought an annuity and up to 80% of these customers could get a better deal on the open market.
UK government cancels plan to create a secondary annuity market
Although "many firms" had said that they were willing to allow their customers to sell annuities, not enough had expressed an interest in purchasing the policies, the government said. "While exploring this further, it has become clear that the steps that the government would need to take to create purchasing demand in the market would undermine other consumer protections," the Treasury said in a statement.
Automatic enrolment, not new flexibilities, the real driver of increased pension saving, says expert
The UK is a nation of spenders, not savers. Recent pension policy announcements have focused on government's desire to 'strengthen incentives to save' - but all the incentives in the world will never be as effective as compulsion. The 'soft' compulsion of automatic enrolment is a step in the right direction, although it will be years before we know how effective this has been in a normal interest rate world.
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