header-logo header-logo

18 May 2018 / Nicholas Hill , Gus Baker
Issue: 7793 / Categories: Features , Pensions
printer mail-detail

Pensions: cracks in the system

nlj_7793_hill_0

Nicholas Hill & Gus Baker report on pensions mis-selling, chicken & chips, ‘dubious advisers’, & a new wave of litigation

  • New legislation has changed the ability of people to access their pensions.
  • The evidence suggests that a major mis-selling scandal is erupting.
  • This note considers the legal landscape as pensions and financial services litigation intersect.

Between 2015 and 2017 it is estimated that 220,000 Defined Benefit (DB) pension scheme members transferred over £50bn out of DB schemes. Many of those transfers will have been on the basis of expert, regulated financial advice. Regrettably some scheme members were (according to the Work and Pensions Select Committee) ‘exploited for cynical personal gain by dubious financial advisers in tandem with parasitical so-called “introducers”’.

Practices reported in respect of transfers out of the British Steel Pension Scheme included invitations to ‘curry and chips’ or ‘chicken and chips’ events. One firm was moved to write to the Work and Pensions Select Committee to correct the Committee’s understanding about meetings it held—the firm noted

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Gateley Legal—Caroline Pope & Bob Maynard

Gateley Legal—Caroline Pope & Bob Maynard

Construction team bolstered by hire of senior consultant duo

Switalskis—four appointments

Switalskis—four appointments

Firm expands residential conveyancing team with quadruple appointment

mfg Solicitors—Claire Pope

mfg Solicitors—Claire Pope

Private client team welcomes senior associatein Worcester

NEWS
The controversial Mazur ruling, which caused widespread uncertainty about the role of non-solicitors in litigation work, has been overturned on appeal
Two landmark social media cases in the US could influence social media regulation in the UK, lawyers predict
Barristers have urged the government to set up Nightingale-style specialist courts, with jury trials, to prioritise rape, sexual assault and domestic abuse trials
Victims of violent crimes who suffer life-changing injuries receive less than half the financial support today than those in the 1990s, according to a senior personal injury lawyer
Rising numbers of cases, an increase in litigants in person and an overall lack of investment is piling pressure on the family court, the Law Society has warned
back-to-top-scroll