All Association of British Insurers articles – Page 4
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News
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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News
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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News
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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News
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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News
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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News
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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News
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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News
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.
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FeaturesHow can we restore trust in pensions?
Analysis: Savers have long remained detached and bemused by their pension arrangements. Indeed, the success of auto-enrolment has partly depended upon consumer inertia.
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News
ABI expresses concerns over dashboard speculation
On the go: The Association of British Insurers has expressed concerns over the “threat to the pensions dashboard”, following speculation yesterday that secretary of state for work and pensions, Esther McVey, wants to kill off the project.
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News
Dormant pots could cost £1bn in admin charges, research finds
Auto-enrolment is set to create 50m dormant pension pots by 2050, which may cost savers up to £1bn in administration charges, according to Hargreaves Lansdown research.
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News
Self-employed should not be auto-enrolled, says trade body
The Association of Independent Professionals and the Self-Employed has said that auto-enrolment should not be extended to the self-employed as a way of providing them with retirement income.