All Defined contribution articles – Page 64
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NewsTPR criticised for year-long delay in collection of ESG statements
A Conservative peer and former pensions minister has hit out at delays in the Pensions Regulator’s efforts to police the content of pension schemes’ statements of investment principles.
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Chancellor ponders lifetime allowance 'stealth tax'
On the go: Chancellor Rishi Sunak was reportedly planning to freeze the lifetime allowance for the rest of the current parliament, according to a report in the Times — a move that could see public sector workers hit hard.
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Govt maintains current AE tests for DB and hybrid schemes
On the go: The Department for Work and Pensions has concluded that the current tests used by defined benefit and hybrid schemes for auto-enrolment suitability are fit for purpose.
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NewsCan UK councils rent their own streets to fund pensions?
Several US public schemes have embraced unusual means of securing funding, including renting property to themselves. Although these tactics cannot be used across the Atlantic, the post-Covid landscape could see a variety of new strategies being deployed in the UK.
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MPs to examine savers’ options when accessing pensions
On the go: The Work and Pensions Committee will examine the options available to savers when they come to access their pensions, which is the second part of its inquiry into pension freedoms.
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Uber ruling may not solve gig worker pensions issue
On the go: The Supreme Court may have opened the door to workplace pension schemes for gig workers by ruling that Uber drivers are workers — but former pensions minister Sir Steve Webb warned the issue may not yet be resolved.
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Calls for DWP to change chair’s statement rules
On the go: The Department for Work and Pensions is to publish a review of the effectiveness of defined contribution chair’s statements in April, which has prompted some specialists to call for a major rethink.
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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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OpinionMaking your pension scheme investments count
While considering that pension schemes are not philanthropists, Impact Investing Institute chief executive Sarah Gordon believes pension funds should invest in businesses that deliver positive impact, as these are more likely to produce genuinely sustainable profit streams.
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NewsFinancial wellness: DC sponsors want more from their providers
Data crunch: Sponsors and fiduciaries of UK defined contribution schemes want their providers to offer more than a core pension product.
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Schemes should not ‘mindlessly chase’ illiquidity premium
On the go: The chief investment officer of the £19bn Local Pensions Partnership has criticised asset managers promising unrealistic returns from illiquid assets, arguing that they no longer provide the same premium they once did.
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TPR pledges guidance after royal assent for Pension Schemes Act
On the go: The Pensions Regulator welcomed the Pension Schemes Act receiving royal assent on Thursday, with chief executive Charles Counsell looking forward to the “strong package of measures” it provides and pledging guidance for how they will be used.
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NewsNormal minimum pension age set to increase to 57 in 2028
HM Treasury outlined plans on Thursday confirming the government’s intention to raise the normal minimum pension age from 55 to 57 in April 2028, while devising a “protection regime” that ensures some scheme members retain their current rights.
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Half of schemes planning to move members into master trusts
On the go: The trend of transferring members of defined contribution schemes to master trusts is expected to continue in 2021, with 50 per cent of employers or trustees planning such moves, or at least signpost these schemes as a retirement option for their members.
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USS extends Capita administration contract
On the go: Capita Pensions has been awarded a five-year contract extension by the Universities Superannuation Scheme to deliver pension system and administration support.
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RPI reform boosts inflation hedging
On the go: The announced reform of the retail price index, to match the consumer price index including housing costs, saw inflation hedging rise by six per cent quarter on quarter at the end of September 2020.
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Scottish Widows pledges to reach carbon zero by 2050
On the go: Scottish Widows is the latest pension company to pledge to become carbon neutral by 2050, while calling for action in the industry.
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PodcastsPodcast: Tackling climate change will require a ‘step change’ in governance
Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.
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Nine out of 10 DC savers expect retirement shortfall
On the go: Almost 90 per cent of defined contribution scheme members expect a shortfall in retirement income based on current provision, while almost a quarter of people think they will never be able to retire, according to the latest edition of Aon’s DC member survey.
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NewsMaster trust competition hots up despite consolidation
Data crunch: The majority of master trusts are targeting defined contribution schemes in a bid to boost their assets under management, leading to heightened competition in a marketplace where there is scepticism about acquiring rivals.