Pensions Ombudsman calls for greater protection
People who pay money into pension schemes will have more protection if administrators who look after the day-today running of schemes are registered, according to Pensions Ombudsman Paul Kenny.
In a report published last week, the Pensions Board recommended that pension scheme administrators should be registered and supervised. Kenny welcomed the proposal and said it would lead to better standards in pensions.
‘‘Any Tom, Dick or Harry can hang up his slate and call himself a pension administrator,” said Kenny. ‘‘As of now, there are no sanctions against pension scheme administrators. If he fails to do his job properly, legally speaking, it is the...
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