All Defined contribution articles – Page 63
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NewsIndustry warns against Treasury ‘tax raid’
Experts from across the pensions industry have warned against a rumoured “tax raid” in the autumn budget.
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NewsIncreasing numbers of NHS staff opt out of pension scheme
On the go: The number of NHS staff opting out of the health service’s pension scheme rose by 22 per cent last year.
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NewsIndustry focus shifts toward the ‘S’ in ESG
Three quarters of Pensions and Lifetime Savings Association members intend to review their social policy in the coming year, according to its response to the government’s consultation focusing on social risks and opportunities for occupational pension schemes.
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NewsCAB International scheme hires Aon as administrator
On the go: The £60m defined benefit section of the CAB International Pension Scheme has hired Aon to provide administration services.
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NewsRailways scheme appoints L&G as flexible retirement solution provider
On the go: The £32bn Railways Pension Scheme has appointed Legal & General to provide members with access to a drawdown arrangement within its WorkSave Pension Mastertrust.
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NewsMore advice needed on ‘fiendishly complicated’ pension freedoms
Pension freedoms have presented members with “fiendishly complicated” choices and providers are being stymied by the blurred line between guidance and advice, a hearing of the Work and Pensions Committee has heard.
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NewsUniversities back alternative proposals to reform USS
Employers representing 95 per cent of the Universities Superannuation Scheme membership have backed measures proposed by Universities UK, including enhanced employer covenant provision, in a bid to end the impasse over the scheme’s 2020 valuation.
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NewsOmbudsman reports failing AE employer to the regulator
On the go: The Pensions Ombudsman has upheld a complaint against accounting company Berics over £678 in unpaid auto-enrolment contributions, reporting the employer to the Pensions Regulator.
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NewsMajority of savers not aware of net-zero pension goals
On the go: The majority of savers (87 per cent) do not understand the importance of having their pension investments aligned with net-zero goals, according to new data from Legal & General Investment Management.
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OpinionSchemes should prepare for new TPR contribution notice regime
Trustees and sponsors should consider how they would justify actions when faced with an intervention by the Pensions Regulator, which is consulting on new conditions to issue contribution notices, writes Chris Edwards-Earl, senior associate at Stephenson Harwood.
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NewsTreasury slammed for McCloud errors, but members will foot the bill
The Public Accounts Committee has issued a scathing report highlighting HM Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.
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PodcastsPodcast: Trustees should focus more on scheme admin in anti-scam fight
Podcast: The Pensions Ombudsman has declared schemes should have their transfer and due diligence procedures updated within a month of new anti-scams guidance. Compliance will require a huge amount of administrative time and resources, and trustees should give scheme administration more focus. LCP partner Francesca Bailey and Pensions Management Institute president Lesley Alexander talk scams, dashboards and corporate activity.
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NewsIndustry body partners with Smart Pension to offer AE to architects
On the go: The Royal Institute of British Architects has partnered with Smart Pension to create an auto-enrolment solution for RIBA’s architect practices, while moving its own defined contribution scheme to the master trust.
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NewsIndustry bodies warn of 'consultation fatigue'
A number of industry bodies are concerned about “fatigue” from a deluge of consultations, Pensions Expert can reveal, warning that the sheer number of responses required, coupled with the short time-frames in which to prepare them, risks overwhelming their ability to respond properly.
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NewsGE facing industrial action over pension cut proposals
On the go: General Electric’s UK division is facing the prospect of industrial action over reforms to its pension schemes, which, critics have said, will leave workers thousands of pounds worse off.
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NewsNest launches bulk transfers service for employers
On the go: Nest will be offering a “robust and efficient” bulk transfers service for UK employers, which will allow members’ abandoned pots to be automatically transferred to new ones
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NewsCushon acquires Northern Ireland master trust
On the go: Pension provider Cushon has acquired the Workers Pension Trust, a master trust in Northern Ireland, after raising £26m in a funding round.
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News
Muslims missing out on pensions worth £13bn due to sharia concerns
One-third of Muslims in the UK do not have a pension due to the lack of sharia-compliant pension options, missing out on an estimated £12.8bn in savings for retirement, which has prompted calls for trustees to introduce Islamic funds in defined contribution schemes.
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NewsTPR: Trustees must ‘improve their understanding’ of liquidity risks
On the go: Trustees need to improve their understanding of liquidity risks and do more to monitor and mitigate against them, the Pensions Regulator has said.
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NewsWyeth Group scheme secures £190m buy-in with Aviva
On the go: The circa £446.9m Wyeth Group Pension and Life Assurance Scheme, which includes both defined benefit and defined contribution sections, has completed a £190m annuity buy-in transaction with Aviva.