Pensions Minister Torsten Bell MP has emphasised the importance of responsible pension communication and warned about speculation across the pensions industry and the media.
In recent years, intense Budget speculation has spurred some pension savers to make panicky decisions in areas such as the pension tax free lump sum.
In a speech at the recent AGM of SIPP and SSAS trade body AMPS, he spoke about the importance of avoiding unnecessary speculation that could cause concern among savers.
He also spoke strongly about the harm caused by pension scammers and stressed the need for continued collaboration between Government, regulators and the industry to protect consumers and tackle fraudulent activity.
AMPS represents the interests of the self-administered pensions sector, providing knowledge, insight and feedback to policymakers and regulators.
The AMPS AGM and Seminar in London on Tuesday 3 November brought together professionals from across the self-administered pensions sector to discuss forthcoming changes to Inheritance Tax, the growing role of Artificial Intelligence in pension scheme administration, the introduction of targeted support, and updates from both the Financial Ombudsman Service and The Pensions Ombudsman.
AMPS is the main trade body that looks after self-invested pensions, such as Self Invested Personal Pensions (SIPPs) and Small Self-Administered Schemes (SSASs).
AMPS has more than 120 member firms representing SIPP providers, SSAS practitioners, pension lawyers, software developers, banks and investment houses. It is run by a committee elected from representatives of member firms by the membership.