Legal experts have said a High Court ruling allowing schemes to sell section 75 debts owed to them could reduce their running costs by speeding up the exit of sponsoring employers.
The latest revision of the European Commission pensions directive has removed a contentious requirement for trustees to have a "professional" qualification – reigniting debate in the industry on the merits of a minimum standard of training.
Industry figures have said the guidance guarantee and independent advice are important to prevent scheme members being lured into punitive liberation schemes by the prospect of increased retirement flexibilities – a problem brought before parliament this week.
Pension schemes will have to boost transparency and detail under reporting requirements in the revised statement of recommended practice by the Pensions Research Accountants Group, which comes into force next year.
The Plumbing and Mechanical Services Industry Pension Scheme has taken steps to trace scheme members to improve its record-keeping, with the address of almost one in every five currently missing.
DC: The New Investment Journey. It may be a caravan rather than a Lamborghini, but scheme managers across the country are getting ready for a wave of savers cashing in their pension pots come April’s introduction of George Osborne’s retirement flexibilities.
Cambridgeshire County Council Pension Fund has mandated its largest participating employer to detail member contributions, in order to more effectively monitor late payments to the scheme as new reporting requirements come into play.
The creation of national and local advisory boards for the Local Government Pension Scheme is expected to improve engagement and representation for members, but could lead to increased cost for compliance.
The Association of British Insurers has called for a second line of defence for people who do not take up guidance, to ensure they are buying an appropriate product at retirement.
The wider-than-expected definition of default funds in the government’s draft regulation could mean the charge cap applies to multiple funds at a scheme, hiking governance requirements expected of managers.
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