All Defined contribution articles – Page 35
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NewsLDI: Could trustees be sued?
Market moves: A law firm speculates that trustees could be subject to legal action as a result of gilt market instability, the Association of Consulting Actuaries urges defined benefit schemes to review their hedging strategies, and a former pensions minister asks if liquidity pressures will undermine the government’s push for scheme infrastructure investment.
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NewsSavers accessing pension pots for the first time rises 18%
On the go: The number of pension pots accessed for the first time in 2021-22 jumped by 18 per cent, according to new figures from the Financial Conduct Authority.
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NewsGovernment’s new illiquid rules to apply to all DC schemes
The Department for Work and Pensions has confirmed it will push ahead with a requirement that trustees must include a policy on illiquid investments in their defined contribution schemes’ chair’s statement, despite stern criticism from the industry.
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NewsProviders causing difficulties for savers accessing pensions
On the go: A survey of 2,153 members of consumer group Which? who accessed one or more of their pension pots in the past 24 months found that inflexible pension providers are creating difficulties for savers.
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NewsCost of living crisis fuels enquiries on amending contributions
On the go: One in five of the pension schemes surveyed by the Pensions and Lifetime Savings Association have received enquiries from savers about reducing or stopping their pension contributions.
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NewsProfessional trustee appointments jump 10%
On the go: The number of UK pension schemes to have appointed a professional trustee rose by a 10th in the year to July 2022, new research has found.
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NewsNew ‘pensions minister’ grilled on AE expansion and tax reform
Alex Burghart, the new parliamentary undersecretary of state at the Department for Work and Pensions, has suggested he is keen to see auto-enrolment expanded to cover emergency savings pots.
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News18,000 teachers subject to ‘challenging’ McCloud choice
Some 18,000 teachers have been made retrospectively eligible for Local Government Pension Scheme benefits by the implementation of the McCloud remedy, presenting an “administratively challenging” task for both the Teachers’ Pension Scheme and LGPS-administering authorities, according to the Local Government Pensions Committee.
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NewsAE contributions not reaching those most in need
While many employers offer auto-enrolment contributions above the minimum rate, the workers that benefit are seldom those most in need, according to new research from Nest Insight.
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NewsMPs call for AE reforms to be introduced by spring 2023
The Work and Pensions Committee has called on the government to introduce auto-enrolment reforms next spring, while setting up new policy goals to ensure a “new consensus on adequate retirement income” is achieved.
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NewsTPR updates climate risks guidance
On the go: The Pensions Regulator has updated its guidance on climate-related risk requirements to include mention of the “portfolio alignment metric”, which affected schemes have had to provide since October 1.
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NewsPPI touts new inflation measure over RPI
On the go: The Pensions Policy Institute has said that the household costs indices, which is currently being developed by the Office for National Statistics, could better reflect changes in pension income than current methodologies.
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NewsMore than a third of schemes ignore own trustee diversity data
More than one-third of the pension schemes that collect trustee diversity data have no intention of using it, the Pensions Regulator has found, as it publishes an action plan to boost boards’ diversity and inclusion.
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NewsRisk in retirement: Where are we now?
Join the Financial Times and Pensions Expert for an exclusive two-hour briefing, in association with Societe Generale, to discuss increasing pension portfolio risks and exploring what more can and needs to be done to secure safer outcomes in retirement.
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NewsTPR finds contribution errors in auto-enrolment inspections
On the go: The Pensions Regulator’s automatic enrolment inspections found a “number of errors” in compliance with auto-enrolment, including miscalculation of pension contributions and miscommunication with staff.
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NewsDC charge cap performance fees scrapped to spur investment
Chancellor of the exchequer Kwasi Kwarteng has announced that performance fees will be removed from the charge cap applied to defined contribution schemes, in a bid to spur pension scheme investment in science and technology.
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PodcastsPodcast: Webb - Opperman achieved but ‘got sidetracked easily’
Podcast: LCP partner Sir Steve Webb gives his view on Guy Opperman’s time as pensions minister, and discusses under-saving in defined contribution and a local council investment scandal.
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NewsEmployer DC contributions to exceed DB ‘in 5 years’
On the go: The expected decline of sponsor contributions towards defined benefit pension schemes should see businesses’ defined contribution payments outstrip these within five years, according to new research.
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NewsMajority of low earners cannot afford auto-enrolment contributions
Nearly seven in 10 (69 per cent) of low earners are unable to afford pension contributions due to the cost of living crisis, according to new research from Legal & General Investment Management.