All Defined contribution articles – Page 80
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PodcastsPodcast: Regulator should take ‘softly-softly’ approach to DC consolidation
Podcast: The Pensions Regulator should take a “softly-softly” approach to defined contribution consolidation, similar to what happened with master trusts during the authorisation process, where subtle conversations occurred and schemes decided to exit in an orderly manner, according to Adrian Boulding, director of policy at Now Pensions. He and Rosalind Connor, partner at Arc Pensions Law, discuss the response from the watchdog to its consultation of the future of trusteeship and governance, among other topics.
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OpinionPensions in an open finance future?
The possibilities to improve pensions using open finance are many and wide-ranging, but the industry must be honest about the challenges of implementing such a framework, writes the Pensions and Lifetime Savings Association’s George Currie.
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News
Increased trustee workload to unleash wave of DC consolidation
On the go: One in three trust-based defined contribution arrangements expects to transfer members into a master trust over the next five years, with stakeholders citing the drain on time and resources of running an own-trust solution.
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News
Pension schemes to share scams intelligence online
The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control.
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Features
Hundreds of thousands of micro pots suffer remorseless attrition
Data crunch: Eight years after the auto-enrolment revolution, millions of workers’ pensions are left languishing in master trusts when they move jobs.
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News
Govt maintains earnings trigger despite industry criticism
On the go: The government has opted to maintain the earnings trigger for automatic enrolment at £10,000 for 2020-21, despite long-held industry concerns that the current level is limiting pensions coverage among underprivileged demographics.
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OpinionTime to focus on getting 2020 pension vision for self-employed
Scottish Widows’ Peter Glancy examines the available solutions to get self-employed workers saving into a pension, and explains why the government needs to implement reforms in this area.
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News
TPR seeks to extend supervision to select administrators
The Pensions Regulator will attempt to build one-to-one relationships with pensions administrators it considers to be of critical importance, in a voluntary extension of the supervision regime it has already introduced for the largest schemes in the UK.
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News
Only six in 10 pensions to be located by dashboards
On the go: Savers may only be able to locate six out of ten pension pots when pension dashboards are launched unless the industry starts to improve data quality, PensionBee has warned.
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News
TPR to test trustees’ knowledge in bid to improve governance
The Pensions Regulator plans to conduct checks on trustees’ knowledge to assure governance standards in the industry, and has promised to consider appropriate action where they fall below expectations.
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News
Industry questions regulators misalignment on chair statements
Analysis: Industry experts have questioned why regulators have taken different approaches when it comes to the disclosure of funds costs and charges in chair statements.
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News
TPR carries out auto-enrolment checks on large employers
On the go: The Pensions Regulator is carrying out compliance spot checks on some of the UK’s largest employers, who were among the first required to comply with auto-enrolment in 2012.
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PodcastsPodcast: Govt and regulators urged to review chair statements
Podcast: Government and regulators should rethink schemes’ chair statements, as they have become a regulatory compliance tool for the pensions industry, according to Darren Philp, director of policy and communications at Smart Pension, and Judith Fish, professional trustee at Dalriada Trustees. The experts discuss, among other subjects, the recent fine received by the Financial Conduct Authority from the Pensions Regulator due to pension failures.
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News
Govt urged to replace tax relief rules with pension top-up system
On the go: The current tax relief rules should be replaced by a pension top-up system, either through the government or the employer, according to a proposal from Hargreaves Lansdown.
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News
FCA drops cost requirement for all contract-based funds
On the go: The Financial Conduct Authority has ditched a requirement for workplace pension providers to disclose and illustrate the impact of charges on all of their defined contribution funds, after industry concerns were raised in consultation.
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News
Pension funds’ recovery in question as Norton enters administration
On the go: Norton Motorcycles has gone into administration, raising questions about recouping money in three pension funds solely invested in the motorcycle manufacturer.
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News
Pensions Ombudsman to hold hearing against failed trustee
On the go: The Pensions Ombudsman will hold an oral hearing against the trustee and administrator of three pension schemes solely invested in a motorcycle manufacturer, as it has received 30 complaints against these individuals.
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News
TPR fines FCA for pension failures
On the go: The Financial Conduct Authority has been ordered to pay a £2,000 fine by the Pensions Regulator for lack of details in its defined contribution scheme documentation.
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News
Three in five savers want pensions screened for tobacco investments
On the go: Scheme members want more information about which companies their pensions are invested in, with 60 per cent calling for an active screening approach towards tobacco companies, according to new research.
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OpinionPensions tax relief needs reform, but it should start from the top
The debate around pensions tax relief is a polarising one. The 2006 A-day reforms were designed with the intention of simplifying the system. But they never quite achieved that goal and, in reality, never came close.