All Department for Work and Pensions (DWP) articles – Page 16
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Government proceeds with new general levy structure
On the go: The Department for Work and Pensions has confirmed that a new general levy structure, with four different rates, will come into force in April 2021.
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DWP delays fiduciary management consultation response
On the go: The Department for Work and Pensions’ response to the consultation on trustee oversight of investment consultants and fiduciary managers has been delayed until 2022.
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Budget 2021: Govt announces investment pension rules reform
On the go: The government will be launching a consultation aimed at supporting the UK economy with pension assets post-Covid, the chancellor announced on Wednesday
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Climate change takes priority in government’s legislation
On the go: The minister for pensions and financial inclusion has laid out a plan for the upcoming secondary legislation following the Pension Schemes Act, giving priority to new climate change rules.
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TPR 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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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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Calls for TPR to include ESG module in trustee toolkit
On the go: The Pensions Regulator has been urged to include an an environmental, social and governance training module in its trustee toolkit.
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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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Industry calls on HMRC to help solve GMP tax issues
On the go: Although welcoming the new guidance from the Pensions Administration Standards Association on guaranteed minimum pensions equalisation tax issues, industry voices are calling for more collaboration from HM Revenue & Customs as several problems remain unsolved.
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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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TPR urges DC schemes to pay more attention to climate change
On the go: The Pensions Regulator has warned the defined contribution market must pay more attention to both the risks and opportunities of climate change in investment strategies.
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Master 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.
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New solution allows schemes to have voting rights on pooled funds
On the go: The Asset Management Exchange and asset manager DWS have created an investment solution that allows pension schemes to express their stewardship preferences in pooled funds.
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DWP proceeds with ‘revolutionary’ climate change agenda
The Department for Work and Pensions has proposed broadening the scope of climate risk analysis to cover not just the environmental impact of pension schemes’ portfolios, but also sponsor covenants and actuarial valuations.
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Opperman calls for HMRC to participate in scams task force
On the go: The minister for pensions and financial inclusion, Guy Opperman, has said he would like to see HM Revenue & Customs have a more active participation in combating pension scams.
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PodcastsPodcast: New powers in Pension Schemes Act could cause bankruptcies
Podcast: New criminal provisions in the Pension Schemes Act are so broadly drafted that they could strangle legitimate business activity, potentially resulting in unnecessary bankruptcies. So says Arc Pensions Law partner Jane Kola, who, along with Society of Pension Professionals president James Riley, warn about the potentially dire consequences and call for more clarity from the regulator. More cheerfully, this inauguration day episode also covers the future of actuaries, small pots, and Donald Trump’s pension.
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Flat fees ban is a ‘sticking plaster’ on small pots wound
The Department for Work and Pensions’ proposed ban on flat fees on pots under £100 should be seen as a temporary stopgap, not a permanent solution to the small pots problem, industry figures have warned.
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NewsDWP to ban flat fees for small pots
The Department for Work and Pensions is to ban the charging of flat fees on pension pots under £100 in an attempt to stop their erosion by charges and administration costs.
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Small pots report recommends member exchange trials
The pensions industry should begin work to facilitate mass exchanges of sub-scale defined contribution accounts, according to a government-commissioned working group looking to address the problem of small pots.