All Defined contribution articles – Page 72
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News
Govt consults on auto-enrolment tests for DB and hybrid schemes
On the go: The Department for Work and Pensions is questioning whether the current alternative tests used by defined benefit and hybrid schemes for auto-enrolment suitability are fit for purpose.
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News
DWP launches working group to tackle small pots problem
On the go: The Department for Work and Pensions has launched a working group in collaboration with industry to propose solutions to the challenges posed by small pots.
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Nest and DWP to analyse Covid-19 impact on self-employed savers
On the go: The government-backed master trust is to examine the financial impact of Covid-19 on self-employed people, with the pandemic delaying its practical tests expected this year.
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News
Covid-19 sees schools pull out of Teachers’ Pension Scheme
On the go: Covid-19 has prompted a number of private schools opt out of the Teachers’ Pension Scheme as they look to avoid a significant hike in contributions.
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TPR’s new guidance on mandatory AE reporting causes confusion
Updated guidance from the Pensions Regulator will see the 90-day limit for reporting late payments becoming mandatory from April 2021. However, the wording of the guidance has caused some confusion, with schemes being asked to make the adjustment for January 1.
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News
Mercer launches DB master trust as demand for consolidation increases
Mercer has launched a new defined benefit master trust promising sponsors enhanced governance and economies of scale, amid an accelerating trend towards consolidation and outsourced solutions, with pensions minister Guy Opperman stating that “bigger is better”.
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News
Calls for govt to rethink auto-enrolment contributions
On the go: Wealth manager Quilter is urging the government to allow low earners who opt out of auto-enrolment to still receive their employer pension contributions.
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News
Scottish Widows snares top hire from Legal & General
Veteran professional David Butcher has just taken on a new dual role as a member of the master trust board and independent governance committee at Scottish Widows, moving from Legal & General’s master trust board.
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Smaller schemes to prove value for members or face consolidation
Defined contribution schemes with assets below £100m will have to prove their value for members, or face being advised to wind up or consolidate, according to new rules proposed by the Department for Work and Pensions.
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News
LCP: ‘Pot-follows-member’ could solve small pots problem
On the go: The government has been urged to look again at a ‘pot-follows-member’ solution to the small pots problem plaguing auto-enrolment and master trusts.
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News
Half of pension transfers trigger scam warnings
On the go: More than half of pension transfers carried out post-lockdown have flagged scam warnings, research from XPS Pensions has shown.
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News
Timms: Change in law needed to combat scams
On the go: Work and Pensions Committee chair Stephen Timms has warned changes in the law will be needed in order to tackle the growing issue of pension scams.
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News
Pensions freedom age to increase from 55 to 57
On the go: The government has confirmed it will increase the age at which people can access their pension from 55 to 57 in 2028.
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News
Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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OpinionBridging the advice gap, one nudge at a time
OpenMoney’s co-founder Anthony Morrow calls on to the pensions industry to change the perception of financial advice, as negative associations with the profession make it more difficult to close the advice gap.
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News
Master trusts to face cost challenges in years ahead
The fallout from the Covid-19 pandemic is only the latest in a long line of structural challenges the master trust industry must face in coming years, according to a new report from the Pensions Policy Institute.
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OpinionTPR sets dangerous precedent with AE breathing space
The pandemic has prompted some jaw-dropping actions from both government and regulators.
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News
One in 20 workers missing out on pension contributions
On the go: One in 20 employees are being short-changed by their employer and are not receiving the pension they are due, research has found.
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News
Nest achieves tobacco-free goal ahead of schedule
On the go: Nest, the government-backed master trust, announced on Thursday that its investment portfolio is free of investments in tobacco companies.
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OpinionSchemes must prepare for a tsunami of admin requests
As a result of the Covid-19 crisis, a tsunami of redundancy, early retirement and divorce requests is facing trustees and administrators, who need to work together to manage additional workloads, points out Cosan’s Consulting Mark Webster.