News in brief - 24 May

- Law firm Sackers has launched its latest guide on buy-ins, buyouts and longevity transactions.

The guidance, to help aid trustees through the transactions, helps to support the scheme preparing it for any issues it may have to consider. It places an emphasis on setting clear objectives; the benefit of strong data; the use of discretionary powers; the extent member options and tax protections can be preserved and the key challenges underpinning the transaction.

- PensionBee and Starling Bank have further integrated meaning the bank’s customers can “seamlessly” combine all their old pensions into a plan.

The two fintech companies launched their two-way API integration last year using open banking technology. The latest roll-out allows for an easy sign up process and the two companies said that more features, such as direct payments into direct payments into a PensionBee plan using the app, will also be available in time.

- Salvus Master Trust has launched an app for its 62,000 members.

The provider, which recently applied for master trust authorisation, said that the app offers a wide range of services including savings modellers, tax tables and a regular news feed. Members will also be able to log into portal for valuations, investment holdings, switching and transfers-in. A recent survey by Buck said they wanted their members to have access to online tools and education.

- More than 600 firms have signed up to the Pensions Advice Taskforce gold standard for managing defined benefit transfers.

The standard, launched in April, centres around a consumer guide designed to help the public better understand what to expect when pursuing their rights around pension freedoms. It has been developed through a cross-sector collaboration including independent financial advisers, insurers, consumer bodies and scheme trustees. The taskforce has been working to deliver better consumer outcomes to address some of the concerns highlighted by the British Steel review.

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