All Defined contribution articles – Page 29
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NewsTribunal upholds £400 TPR fixed penalty notice
On the go: A tribunal has enforced a £400 fixed penalty notice issued by the Pensions Regulator against an employer that failed to comply with an unpaid contributions notice.
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PodcastsPodcast: Trustees struggling to guide members on inflation benefits
Podcast: A report from XPS Pensions suggests that members could reap £10,000 additional benefits by delaying retirement because of the way increases and inflation are calculated, but trustees are struggling to help them because of the “red tape” around advice. LCP partner Laura Amin is joined by Hymans Robertson partner Patrick Bloomfield to discuss benefits’ inflation calculation and advice, concerns about defined benefit funding, and the women’s state pension age investigation.
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NewsConsumer pension fears at 10-year high
On the go: As people grapple with the cost of living crisis, Google searches for “pension help” have reached a 10-year high.
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NewsProviders take action to prevent reduced pension contributions
Providers have started to take action as more individuals move to reduce pension contributions as a result of the cost of living crisis.
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NewsNine in 10 DB transfers receive scam warning in July
On the go: Around 94 per cent of defined benefit transfers registered as having one or more scam warning signs, according to XPS Pensions Group.
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NewsPASA issues call to action on dashboards data matching
On the go: The Pensions Administration Standards Association has urged schemes to act now on data matching in preparation for dashboards, deciding how to digitally compare and match “find requests” from users against their records.
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NewsLCP urges caution before consolidating pension pots
On the go: Deciding whether to consolidate pension pots “is not a no-brainer”, consultancy LCP has warned, as it set out the advantages and disadvantages of consolidation in a new report.
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NewsExperts question timing of pensions awareness season
Commentators have queried the timing of the pensions awareness season starting later this year, which will take place during a mounting cost of living crisis ravaged by high inflation, surging energy bills and flagging consumer confidence.
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NewsPPI: More data needed on ethnic groups’ retirement outcomes
On the go: While it is known that people from Pakistani, Bangladeshi, black, and other minority ethnic groups suffer poorer retirement outcomes than the white majority of savers, the data collected does not allow us to properly examine why that is the case, according to the Pensions Policy Institute.
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NewsPrivate markets managers ‘failing to provide climate data’
On the go: Private markets managers “seem generally unprepared to support clients” with the data they need to meet their Task Force on Climate-related Financial Disclosures requirements, Hymans Robertson has said.
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NewsHigh inflation means pensioners will need extra £90,000
On the go: Pensioners will need an additional £90,000 to maintain a comfortable lifestyle due to rising inflation, according to research.
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NewsIncorrect personal data prevents Nest member from opting out
A healthcare company has been told by the Pensions Ombudsman to repay an employee’s pension contributions, after he was unable to opt out due to the employer providing an incorrect date of birth and national insurance number to Nest.
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NewsUnion slams Crown guarantee for Atomic Weapons scheme
The government’s decision to grant a “Crown guarantee” for the Atomic Weapons Establishment Defined Benefit Pension Scheme has been criticised by one trade union for being too late to help its members.
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NewsNumber of savers opting out of pension schemes jumps by 29%
On the go: The number of people opting out of their workplace pension scheme has risen by 29 per cent between March and July this year, according to analysis by pensions provider Penfold.
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NewsAre record energy profits creating an ethical quandary for trustees?
By Tom Higgins | August 12, 2022
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NewsMaPS unclear on origin for half of amber flag scam warnings
On the go: Nearly half (44 per cent) of scam guidance sessions in the past three months have been triggered despite the Money and Pensions Service not knowing why the amber flag was raised to begin with, according to data obtained via freedom of information act request by Quilter.
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NewsUniversity of Dundee staff set for second pensions strike
On the go: Members of the Unite trade union who work at the University of Dundee have agreed to carry out "continuous strike action" for a second time from August 25 over pensions.
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PodcastsPodcast: Schemes struggle to educate members amid cost of living crisis
Podcast: Members should be able to consider dipping into their pensions early to combat the cost of living crisis, but schemes may struggle to educate them about the best means of doing so without giving them advice. Society of Pensions Professionals president Steve Hitchiner is joined by AgeWage chief executive Henry Tapper, founder of the Pension Playpen, to discuss recession fears, consumer protection for dashboards, and expanding long-term asset funds.
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NewsCalls for stewardship code to engage members as well as managers
On the go: The Financial Reporting Council’s stewardship code must “look both ways” and engage members as well as asset managers in developing guidance and standards, according to fintech company Tumelo.
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NewsCornish housing association pilots ‘living pension’
On the go: A Cornish housing association is piloting a ‘living pension’ scheme for its employees, building on research that suggests some savers’ pension contributions will need to rise to more than double their current rate.