7 days

7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

Guy Opperman leaves role as Pensions Minister

On 20 September 2022, Guy Opperman announced his departure as Pensions Minister. He was the UK’s longest serving Pensions Minister, having served in the post from 14 June 2017 to 8 September 2022. At the time of writing, no new Minister has been appointed.

FCA publishes new webpage on pension transfer redress calculations

On 15 September, the FCA published a webpage for consumers providing information on redress for unsuitable DB pension transfer advice. The page includes information on how firms calculate redress, how to complain if consumers are not satisfied with the response received from the firm, and the FCA’s consultation on changes to redress calculations (see 7 Days).

PLSA publishes blog on helping savers plan their finances

On 14 September 2022, the PLSA published a blog on what the pensions industry can do to help savers plan their finances in the current climate.  In particular, the PLSA recommends that, where schemes do not currently provide members with any “in-scheme” support on retirement choices, trustees should signpost retirees to a trusted third party provider. The PLSA confirms it will continue working with the Government, regulators and the industry on “developing a framework that supports all retirees – irrespective of their circumstances and scheme type”.