All Defined contribution articles – Page 31
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NewsFCA extends DB transfer redress consultation deadline
On the go: The Financial Conduct Authority has extended the deadline for responses to its consultation looking at how it could change the way it calculates redress for those who were wrongly advised to transfer out of a defined benefit scheme.
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NewsUK retirement security declines for fifth successive year
On the go: Falls in the UK’s quality of life, financial health and wellbeing have driven the nation’s retirement security ranking down to 19th in Natixis Investment Managers’ global retirement index, representing its fifth successive decline.
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NewsAten Global fined by ombudsman for employee pension distress
On the go: Renewable energy business Aten Global has been fined £1,000 by the Pensions Ombudsman and ordered to pay missing pension contributions to an employee.
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NewsOpperman: 12mn people are under-saving for retirement
Pensions minister Guy Opperman has told MPs that around 12mn people are under-saving for their retirement, accounting for 38 per cent of the nation’s working age population.
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NewsPASA guidance tackles ‘concerns’ over administration transfers
On the go: The Pensions Administration Standards Association has released guidance to tackle “increasing” concerns about the transfer of administration services, citing delays, unreasonable charges and deteriorating performance during the notice period.
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NewsRise of DC poses risks and challenges for future pensioners
Increasing reliance on defined contribution savings means the requirements of future pensioners will be markedly different from those of previous generations, placing a greater emphasis on the need for communication and support, as well as on the role of annuities, a report from the Pensions Policy Institute has revealed.
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PodcastsPodcast: Pension tax changes needed to save NHS from ‘rock bottom’
Podcast: Staff shortages and ever-growing waiting lists have left the NHS at “rock bottom”, but the government “has its head in the sand”. Changes to the pensions taxation regime are essential to fix the problem, argues Vishal Sharma, pensions committee chair at the British Medical Association. He is joined by Mark Bondi, council member at the Society of Pension Professionals and senior technical consultant at Capita, to discuss the NHS, the High Court’s retail price index decision, and pension priorities for new prime minister Liz Truss.
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NewsGrime artist Big Zuu encourages pension talk
On the go: Grime artist and TV cook Big Zuu has produced a song and accompanying video calling on people to ‘Pay your pension some attention’, as part of a wider campaign.
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NewsNest Insight emergency savings trial shows ‘very encouraging’ results
On the go: A trial of an opt-out emergency savings scheme has seen “very encouraging” early findings, boasting a 53 per cent participation rate, according to Nest Insight.
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NewsAutomatic savings trialled for those ‘excluded from pensions’
On the go: An automatic savings alternative for those ineligible for auto-enrolment has been trialled by Cushon and the University of Lincoln, leaving almost half (42 per cent) of members feeling more positive about their financial situation.
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NewsTriple lock, NHS and merging regulators on Liz Truss’s agenda
The new prime minister faces a host of economic problems, ranging from the cost of living crisis to the staffing crisis in the NHS as she enters Number 10, industry experts have said, with all eyes on the government’s forthcoming “fiscal event”.
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NewsOpperman has ‘zero sympathy’ for concerns over dashboards’ timeline
Pensions minister Guy Opperman has rebuffed concerns over the timescale of the Pensions Dashboards Programme, adding that the project would have moved at even greater speed if he had his way.
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OpinionTrustees should pay attention to TPR’s corporate plan
Independent Trustee Services associate director Jennifer Adams details the regulator’s priorities set out in its corporate plan and how trustees should use this to guide their work in the coming months.
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NewsOpperman attacks industry efforts on midlife MOTs
Pensions minister Guy Opperman has hit out at the pensions industry’s apparent lack of involvement in the development of so-called “midlife MOTs”, and argued in favour of the service being offered to savers in their thirties.
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NewsOpperman moots abolishing member-nominated trustees
Pensions minister Guy Opperman has raised the possibility of scrapping member-nominated trustees, demanding a surge in professional trustees as part of his plans for consolidation in the defined contribution space.
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NewsScheme administrators concerned about dashboard data security
On the go: Data security on the pensions dashboards is the primary concern among pension scheme administrators, according to a survey from financial solutions company Bravura.
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NewsPensions dashboards standards need ‘extensive user testing’
Respondents to the pensions dashboards standards consultation have warned that user testing and experience will be required before a full assessment can be provided.
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NewsStrikes ‘likely’ over TfL pension changes as funding deal reached
Changes to the TfL Pension Fund will be required as part of a financial support package agreed between the government, Transport for London and the mayor of London, with a plan to be presented in September. But unions have rejected the deal, and warned that more strikes are “likely”.
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NewsInflation may hinder asset-liability matching, warns IFoA
On the go: Soaring inflation may prevent actuaries from being able to match schemes’ underlying liabilities with appropriate assets, with costs set to increase, the Institute and Faculty of Actuaries has warned.
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NewsNearly half of lowest-income retirees are single women
On the go: Nearly half of retired households in the lowest-income group are made up of women living alone, official figures have shown.