All Defined contribution articles – Page 75
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News
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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News
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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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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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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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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OpinionWhat we can learn from Chile’s pension system
Ahead of the release of a new book on learnings from international pension systems, co-editor Tim Gosling uses the example of Chile to show how an initially flawed defined contribution system can be converted into one that sustainably converts capital into income.
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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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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.
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News
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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News
Pensions compliance with furlough tapering ‘horrendously complicated’
The Pensions Regulator’s updated guidance on auto-enrolment and defined contribution schemes is likely to lead to large numbers of mistakes being made, some experts predict, as employers have to grapple with the bifurcated system resulting from the slow death of furlough.
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News
Maps prioritises dashboards delivery
On the go: The Money and Pensions Service is increasing its focus on pensions dashboards as a way to deliver for customers, according to its new business plan.
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News
Regulator appoints 91 trustees during first quarter
On the go: The Pensions Regulator has appointed 91 trustees to ensure the proper administration of pension schemes between January and March, according to new data.
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DWP directs savers to unofficial pension tracing website
On the go: The Department for Work and Pensions has been wrongly directing savers searching for their lost pension pots to a website linked to an independent financial adviser company rather than the government’s official service.
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News
Auto-enrolment weathers second contribution increase
A step up in the level of minimum contributions to workplace pension schemes in the UK has resulted in a minor uptick in employees choosing to opt out of saving, according to a new study.
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News
Sponsors facing perfect storm as furlough nears its end
Pension schemes and their sponsors face a potential perfect storm of costs as the furlough scheme reaches its endgame, with sponsors in some sectors of the economy facing acute pressure as government support dries up.
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News
FCA writes to 7,700 steelworkers and bans contingent charging
On the go: The Financial Conduct Authority is to write directly to 7,700 former members of the British Steel Pension Scheme to invite them to revisit the advice they received, while going ahead with a ban on contingent charging for defined benefit transfers.
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News
Dormant pots to exceed 20m in 2020 due to Covid-19
On the go: The impact of the coronavirus pandemic on the UK labour market will cause a 32 per cent increase in the number of dormant pension pots in 2020, according to new research.
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Trustees advised to focus on going concern in schemes’ accounts
On the go: Consideration of going concern in the preparation of pension scheme financial statements requires greater focus from trustees due to the coronavirus crisis, accountancy bodies have warned.
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News
Scottish Widows calls for AE-funded hardship fund
On the go: Scottish Widows is calling for the introduction of a single lifetime savings pot that would be funded through an extension of automatic enrolment, but with higher contribution levels.