Public sector pension funds are under pressure to compile their pension boards ahead of the August 1 deadline, but some report being “stretched” by the wait for guidance on the reform.
The Financial Conduct Authority has issued a consultation on transfers out of defined benefit schemes, but experts say a disparity between definitions of money purchase benefits could lead to confusion.
The National Association of Pension Funds has written to the government to demand clarification on the movement of non-default members between funds, to ease trustee uncertainty around charge cap regulations.
Compliance notices issued to auto-enrolling schemes will rise, the Pensions Regulator has said, as the watchdog detailed its new three-year strategy within a revised lower budget.
Any other business: Hillary Clinton found herself in hot water recently over use of a private email account during her tenure as US secretary of state. The breach of White House data protocols ignited criticism.
A code of practice to help schemes battle pension scams has been welcomed by the industry, but experts remain divided over the legal burden faced by trustees processing transfer requests.
Budget 2015: The reduction of the lifetime allowance to £1m will hit defined contribution savers hardest say experts, who anticipate a rise in members exiting pension saving.
Budget 2015: Chancellor George Osborne’s ‘cost-neutral’ Budget announcement today still managed to herald further changes to the pensions landscape, including plans for a secondary annuities market and a hefty 20 per cent cut to the lifetime allowance.
Any other business: In three weeks, the requirement for pension providers to form independent governance committees to monitor the effective running of contract-based schemes will come into force.
NAPF Investment Conference 2015: The chief executive of the Financial Conduct Authority has warned about the importance of delivering the pensions reforms to overcome “one of the defining challenges of our age”.