Feature article published in Financial Adviser explaining why the Financial Assistance Scheme is inadequate and outlining hopes for the Parliamentary Ombudsman inquiry to rectify the injustices suffered by victims of pension scheme wind-ups.
Press Release welcoming the update from the Parliamentary Ombudsman that the investigation into Government maladministration of occupational pensions is proceeding well and expecting the final report in July.
Description of DWP announcements on the Financial Assistance Scheme and explanation of the many issues still requiring clarification for victims.
Article published in Pensions Week explaining why the Government proposed Financial Assistance Scheme is wholly inadequate and expressing the hope that the Parliamentary Ombudsman investigation will prove Government maladministration means the need for compensation, rather than assistance for wind-up victims.
Press release welcoming NAPF’s open letter to the Secretary of State for Work and Pensions, supporting Ros’s calculations of inadequacy of the Financial Assistance Scheme and fears for the future of the Pension Protection Fund.
Limerick published in Financial Adviser highlighting FAS double standards on refusing to acknowledge any wrongdoing in calling final salary pensions ‘guarantee’ with no risk warnings, when in truth these pensions were not guaranteed at all and tens of thousands of people have lost their entire pensions!
Personal View column published in Financial Times, explaining why the stakeholder savings initiatives have not worked and are unlikely to do so. The target market is not benefiting and providers are not keen to offer these products.
Article published in the Times explaining why the Financial Assistance Scheme may sound good, but it is not able to deliver meaningful help to the majority of victims of pension wind-ups and calling for proper compensation to be paid.
Note prepared for DWP explaining why assets of occupational schemes in wind-up should not be used to buy annuities, but should be pooled, as will be the case for the PPF, to minimise costs of assistance and maximise potential pensions for victims.
Personal View article published in Financial Times, explaining the problems of stakeholder product reforms, mass market investors being left out, providers concentrating on high net worth clients and lack of economies of scale in savings products. Ros suggests consideration of National Savings as the ideal ‘Sandler’ products.