Auto-enrolment is set to create 50m dormant pension pots by 2050, which may cost savers up to £1bn in administration charges, according to Hargreaves Lansdown research.
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Auto-enrolment is set to create 50m dormant pension pots by 2050, which may cost savers up to £1bn in administration charges, according to Hargreaves Lansdown research.
The Financial Conduct Authority has proposed that pension providers are required to develop three ready-made investment pathways to help confused drawdown customers, but has shied away from imposing a charge cap on the products.
The Department for Work and Pensions has proposed granting the Pensions Regulator the ability to fine employers and associated parties up to £1m where they are found guilty of serious breaches and reckless behaviour.
The Association of Independent Professionals and the Self-Employed has said that auto-enrolment should not be extended to the self-employed as a way of providing them with retirement income.
The Pension Scams Industry Group has emphasised that scam victims must take responsibility for fraudulent defined benefit transfers where they have been previously warned by their providers.
The Northern Ireland Local Government Officers’ Superannuation Committee has pledged millions in infrastructure investment in the past 12 months, and is now turning to review opportunities in absolute return bonds and multi-asset credit.
Just 31 per cent of trustees are confident the Pensions Regulator will police funding agreements fairly and effectively in future, according to a survey by consultancy Willis Towers Watson.
A private members’ bill submitted by Scottish National Party MP Alan Brown last week could see the Pension Protection Fund taking on so-called orphan liabilities from multi-employer pension schemes.
The UK defined benefit scheme of FTSE 250 distributor Electrocomponents has moved much of its fixed income exposure into a qualifying investor alternative investment fund.
The Supreme Court has upheld a verdict that Gary Smith, a former contractor who carried out work for Pimlico Plumbers between 2005 and 2011, was indeed a worker at the company and was consequently entitled to workers’ rights there.
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