A wide-ranging government green paper is exploring a number of possible changes to improve the sustainability of defined benefit schemes, but although experts welcomed the variety of issues discussed, some noted a lack of urgency.
The consultation stage of the Financial Conduct Authority’s market review of the asset management industry closed last week, with experts welcoming the boost to transparency but remaining reticent over proposals for an all-in fee structure.
HM Treasury’s consultation on reducing the money purchase annual allowance will close on Wednesday, drawing fierce criticism that the policy lacks data to back up its introduction and could unfairly hurt savers.
The Supreme Court has ruled that regulations requiring unmarried Local Government Pension Scheme members to nominate a cohabiting partner in order for them to receive a survivor’s pension contravenes the European Convention on Human Rights.
The Treasury has tripled the pensions advice allowance to £1,500, allowing people to take part of their defined contribution pots early to put towards retirement advice, but some experts say limiting withdrawals to £500 per tax year is still too restrictive.
The Department for Work and Pensions has called on employers to facilitate working at an older age so over-50s benefit from the same opportunities as their younger counterparts.
The UK’s pension system is failing “invisible women” who do not meet the auto-enrolment earnings threshold and are punished for leaving work to care for children, Labour peer Patricia Hollis has warned.
As the pension schemes bill on tougher mastertrust regulation is passing through parliament, some have called for making member involvement in mastertrust governance mandatory, but is it feasible?
Any other business: The need for greater diversity across the pensions and asset management industry is evident, so what progress has been made so far to improve the situation?
Government and regulators have been urged to strengthen the powers of trustee boards in opposing suspicious transfer requests, as an alert from the Financial Conduct Authority warned that some advisers are not carrying out proper due diligence on receiving scheme investments.