Pension Governance Overview Flashcards
True or False:
The Pension Ombudsman is interested in both occupational and personal pensions.
False.
Only Occupational Schemes.
Financial Ombudsman Service deals with personal pension disputes
What is the PFF (Pension protection fund)?
The Pension Protection Fund (PPF) is a statutory corporation, protects members of eligible defined benefit (DB) pension schemes across the United Kingdom.
If an employer collapses and its DB pension scheme cannot pay members what they were promised, the PPF will pay compensation for their lost pensions
Who is the regulator of Occupational Pension Schemes?
The pensions regulator (TPR)
Who can you speak to about concerns/ grievance with an occupational pension scheme?
IDPR.
Who is the regulator of Personal Pension Schemes?
The Financial Conduct Authority works together with The Pensions Regulator (TPR) to regulate how these investments and pension funds are managed.
What is the Financial Ombudsmen Service (FOS)?
The Financial Ombudsman Service is an independent public body set up by Parliament to sort out complaints around personal pensions between financial businesses and their customers in a fair and impartial way.
What is the Financial Services Compensation Scheme (FSCS)?
Provides financial support in the event of the failure of an authorised firm.
What is ‘Pension Wise’?
