All Association of British Insurers articles – Page 3
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NewsSmall pots mass consolidation poised for 2025-26
Mass-scale consolidation is set to be implemented in 2025-26, the Small Pots Cross-Industry Co-ordination Group has said, but industry experts have voiced concerns over the enormity of the task.
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NewsIndustry bodies to set dashboards data matching standards
On the go: The Pensions Administration Standards Association will be working with the Pensions and Lifetime Saving Association and the Association of British Insurers to set up the standards for the pension dashboards data matching.
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NewsFinancial bodies call for new online scam rules
On the go: Seventeen groups have joined forces to warn about online scams and lobby the government to include methods to tackle this issue in its upcoming online safety bill.
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Association of British Insurers completes £26m buy-in
On the go: The Association of British Insurers Pension & Assurance Scheme has completed a £26m buy-in with Aviva.
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Industry bodies launch small pots working group
On the go: The small pension pots working group had its first meeting on Wednesday, with a team of experts appointed to propose solutions to the current issues caused to auto-enrolment savers and schemes.
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Calls for TPR to include ESG module in trustee toolkit
On the go: The Pensions Regulator has been urged to include an an environmental, social and governance training module in its trustee toolkit.
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Clarity on dashboards, but delays taint Pension Schemes Act
The government fought off opposition amendments to the Pension Schemes Act in the House of Lords on Tuesday, keeping its dashboards options open — but experts have warned that many of the act’s more substantive changes could be delayed until 2022.
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L&G launches service to track lost pension pots
On the go: Legal & General has introduced a service to help people track down lost or forgotten pension pots, as well as consolidate them.
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Statutory pension transfer rights pause becomes bill amendment
A new amendment restricting the statutory right to a transfer is to be tabled to the pension schemes bill, in an attempt to combat pension scammers.
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NewsBoE governor reignites row between superfunds, insurers and regulators
In an intervention which laid bare a deep divide both in the industry and between regulators, Bank of England governor Andrew Bailey has reignited a long-running feud between traditional insurers and advocates of new superfund models, while casting doubt on the Pensions Regulator’s ability to oversee consolidators.
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ABI revives call for flat rate pension tax relief
On the go: The Association of British Insurers has urged the government to simplify the pension tax relief system, arguing it worsens existing inequalities in its current form.
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Moving house causing savers to lose £19.4bn in pensions
On the go: There are about 1.6m pension pots worth £19.4bn that are going unclaimed due to savers failing to contact their pension provider when they move house, according to the Association of British Insurers.
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OpinionKeeping conferences alive during lockdown
The Pensions Management Institute vice-president Tim Phillips discusses the importance of conferences for the pension industry – put on hold due to the current Covid-19 crisis – and how new technologies need to be developed so cross industry-collaboration and professional networking can continue to flourish.
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IGCs face ‘huge challenges’ with extended oversight remits
The new rules coming into force for independent governance committees – taking oversight of the provider’s policy on environmental, social and governance factors, and guaranteeing the value for money of new investment pathway solutions – have been branded a “huge challenge” by industry experts.
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Insurers brace themselves for DB superfund disruption
Insurers are bracing themselves for disruption by superfunds, but their desire and capability to establish their own defined benefit consolidation vehicles remains unclear.
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NewsDWP eyes scheme dashboard compulsion within 4 years
Occupational pension schemes may be expected to provide member data to pensions dashboard services or face regulatory punishments within the next four years, according to a feasibility study by the Department of Work and Pensions.
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FeaturesIndustry must innovate to build on pension comms progress
Many see the dashboard as a critical component in pensions communication. While the government’s promise to commit £5m to the pensions dashboard project is encouraging, there is so much more that needs to be done by providers, consultants and employers if the initiative is to have any real impact.
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OpinionDelayed dashboard the answer to UK’s small pots problem
The government risks the UK’s existing problem with small pension pots worsening if it does not produce a feasibility report on the pensions dashboard soon, writes Aegon’s Kate Smith.
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NewsOpperman aims for bumper summer pensions bill
The minister for pensions and financial inclusion, Guy Opperman, has stated his intention to deliver a “very substantial” bill addressing multiple areas of pensions regulation in the summer of 2019.
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UK lost pension pots could be worth £20bn
On the go: An estimated 1.6m pension pots worth almost £20bn are lost and could remain unclaimed without government intervention, according to research conducted on behalf of the Association of British Insurers.