Podcast: LCP partner Sir Steve Webb gives his view on Guy Opperman’s time as pensions minister, and discusses under-saving in defined contribution and a local council investment scandal.

This week – Opperman dismissed from pensions minister post, study discovers that most low earners cannot afford auto-enrolment contributions, the FBU nudges members towards employment tribunals in a bid to protect their rights, and a law firm attempts to ignore the Pensions Ombudsman.

Skyrocketing inflation figures pose unique challenges for defined contribution pension schemes as memberships surge to record highs, according to the Pensions Policy Institute’s DC Future Book.

Nearly seven in 10 (69 per cent) of low earners are unable to afford pension contributions due to the cost of living crisis, according to new research from Legal & General Investment Management.

Although the UK fiduciary management market has risen by 11 per cent a year over the past five years, its growth is still below the previous period’s figures, with Covid-19 having an impact on selection processes in 2021, according to a survey by IC Select.

On the go: The Association of Professional Pension Trustees has launched a ‘hints and tips’ briefing focused on diversity and inclusion, in a bid to influence how trustees go about shaping their boards.

The Pensions Ombudsman has handed a £1,000 fine to a law firm and ordered it to repay thousands more in missing contributions, after it failed to engage either with the affected member or the ombudsman’s office.

The Fire Brigades Union has said it will encourage and assist its members in taking claims before an employment tribunal to protect their pension benefits, while it continues to negotiate with the Home Office for a permanent solution.

The Pensions Ombudsman has fined Teachers’ Pensions £500 for maladministration after it failed to adequately inform a member about the rules around breaks in pensionable service, but dismissed the member’s argument that the fine should be increased to the minimum required in cases of employment discrimination.

On the go: Members could stand to lose out on £1,200 a year due to caps on inflationary increases in defined benefit schemes, amounting to £25,000 of missed income over a lifetime, according to analysis from XPS Pensions Group.