All Defined contribution articles – Page 65
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Volunteer schemes and providers to test pensions dashboards
On the go: The Pensions Dashboards Programme is planning to start extensive testing with individuals, dashboard providers, and volunteer pension providers and schemes, after it publishes a first version of the pensions dashboards data standards this autumn.
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Environment Agency scheme takes aim at private equity ESG failings
When BBC sports presenter Gary Lineker took to Twitter after the Make My Money Matter campaign launch to say he “hadn’t even contemplated that investment into our pensions could be so questionable. Will be asking questions now, though”, he manifested the point and the goal of the campaign: most people have a vision for the future, but very few realise the power of pensions in realising it.
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ONS indicates master trust transfer spike as experts demand opacity
Data crunch: A massive spike in defined contribution transfers could signal frantic consolidation in the master trust sector, as experts call for clearer data from the Office for National Statistics.
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Pensions sector suffers more than one data breach every week
The UK pensions sector suffers more than one data breach every week on average, new figures reveal, with some of the industry’s biggest names failing to protect savers’ sensitive information.
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Scottish Widows looks to overcome long-term market challenges
Scottish Widows has announced plans to enhance its asset allocation strategy in response to lower projected returns and potentially long-lasting volatility as a result of the coronavirus crisis, following a strategic review conducted earlier this year.
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Lords back exclusion of financial transactions from dashboards
On the go: Peers in the House of Lords have shown their support for the exclusion of all financial transactions, such as the transfer of assets, from the pensions dashboard in order to protect savers from scams.
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Lockdown sees third of savers taking action on pensions
Data crunch: Seven million people, representing more than a third of savers, have taken action relating to their pensions during the coronavirus lockdown, with almost one in three reviewing their spending habits more often, according to analysis by Aviva.
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Peers push for restriction on commercial dashboards
On the go: Labour peers are pushing for an amendment to the pension schemes bill that will see a 12-month restriction placed on providers looking to operate their own pensions dashboards.
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Government plans to push ahead with small scheme consolidation
On the go: The government looks set to press ahead with plans to encourage small schemes to consolidate, according to analysis of consultation documents by LCP.
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Auto-enrolment reaps rewards as contributions hit £20bn
On the go: Auto-enrolment continues to boost pension savings with total contributions rising by £5bn in 2019, but savings are expected to slump this year due to Covid-19.
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How can schemes make ESG compliance meaningful?
Analysis: The UK pension industry’s first attempt at compliance with new sustainability reporting rules has left campaigners unimpressed, to say the very least.
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Work and pensions committee urged to open inquiry into scams
On the go: The head of a transparency pressure group has written to the chair of the work and pensions committee to request it opens an inquiry into the scope and extent of pension scams.
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Change in direction for McClymont in surprise job move
In something of a shock move, Gregg McClymont, a former Labour shadow pensions minister, starts a new role at IFM Investors in July as its executive director of public affairs for Europe.
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DWP to introduce flat-fee limits to protect small pots
The Department for Work and Pensions has concluded that a flat-fee structure implemented by some master trusts does not provide “adequate protection”, especially for lower earners, and is proposing an application limit to protect small pots.
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Regulator finds lack of consistency in IGCs
On the go: The Financial Conduct Authority is concerned about a lack of consistency in the way independent governance committees operate, which means that members of some workplace pension schemes may not be receiving value for money.
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OpinionWhat we can learn from Chile’s pension system
Under the Pinochet dictatorship, Chile experienced a rapid and controversial series of economic reforms, which sought to create a purist free-market economy on the Chicago School model.
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ABI revives call for flat rate pension tax relief
On the go: The Association of British Insurers has urged the government to simplify the pension tax relief system, arguing it worsens existing inequalities in its current form.
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MPs urge regulator to reassure struggling employers
On the go: The Work and Pensions Committee has called for clarity from the Pensions Regulator over its Covid-19 enforcement procedures, voicing concerns that some “conscientious employers” will be reluctant to take advantage of easements.
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Workplace pension saving on the increase
On the go: Auto-enrolment is proving to be a success as a record number of individuals saved into a workplace pension last year, according to the latest data.
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Minister questions schemes on dashboard data readiness
UK pension schemes are being asked by the pensions minister to report on the readiness of their data for the dashboards project, but specialists argue the lack of legislation and data standards could make it difficult to obtain accurate responses.