Royal Mail has launched a consultation on its new collective defined contribution scheme, detailing the structure of the new pension fund, which the postal company is aiming to launch in 2022.

This week – UCU announces strike ballot over USS dispute, National Audit Office reveals DWP has underpaid 134,000 pensioners, insurers urged to protect trustees against GMP claims, and task force bids to boost schemes’ voting powers.

On the go: The Department for Work and Pensions is proposing to lower the guaranteed minimum pension fixed rate revaluation for early leavers by 0.25 percentage points.

On the go: The Pensions Regulator has warned smaller defined contribution pension schemes they will need to demonstrate their value to members or wind up, as more stringent rules come into force next month. 

Regulators are unclear about how the take-up levels of pensions guidance should look like as a result of the “stronger nudge”, since parts of the proposal have yet to be tested, the Work and Pensions Committee has heard.

The Department for Work and Pensions has underpaid 134,000 pensioners — 90 per cent of which are understood to be women — by more than £1bn, according to a report from the National Audit Office.

The Taskforce on Pension Scheme Voting Implementation has called on the Department for Work and Pensions and the Financial Conduct Authority to create templates and requirements aimed at boosting asset owners’ ability to vote, especially in pooled funds.

The lack of statutory protection afforded to trustees means the insurance industry will have to shield these professionals against claims related to guaranteed minimum pension equalisation in cases where benefits are secured with annuity providers, legal experts have warned, while uncertainty about trustees’ obligations remains.

The Pensions Regulator and the Financial Conduct Authority will be forcing defined contribution schemes to disclose more data around their investment performance, scheme oversight, and costs and charges, as they unveil a discussion paper looking at creating an “holistic framework” for assessing value for money in this sector.