In the wake of increased publicity surrounding “Pensions Liberation” the Advertising Standards Authority has taken the welcome act of banning a lead generation company from sending unsolicited text messages offering pension liberation to consumers.
BROADSTONE pensions director, John Newman is supportive of this positive action and would welcome more and hopes that this will also encourage the Pensions Regulator to make it harder for these schemes to function by providing further assistance to trustees.
He added: “A really positive act by TPR would be to publish the name of the pension schemes it is investigating and allow Trustees to suspend transfers while these investigations are going on. As it stands, different groups of Trustees are having to spend time and money conducting their own investigations into the same schemes. This makes no sense and uses money that may otherwise go to reducing the liabilities of pension schemes, legally.”