The government's plan to introduce greater risk-sharing between employers and employees is likely to need primary legislation and could consist of two or three models, pensions minister Steve Webb told a conference yesterday.
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The government's plan to introduce greater risk-sharing between employers and employees is likely to need primary legislation and could consist of two or three models, pensions minister Steve Webb told a conference yesterday.
Schemes should be actively informing members about annuity options, experts have said, after the Financial Services Authority announced plans last week to investigate the market.
Leading industry figures have outlined key areas for the government to target in the simplification of auto-enrolment processes, after Steve Webb announced plans to "iron out" issues in time for smaller employers' staging dates.
Data analysis: Consultants have urged companies to build on a high level of interest in financial issues from unpensioned workers, revealed in a Nest consumer survey.
Video: Jeremy May, partner at PricewaterhouseCoopers and Glyn Jenkins, head of pensions at Unison, debate whether smoothing would be good for scheme funding, and when and how it might affect employers, in this edition of PW Review (5:34).
The majority of small and medium-sized employers already providing workplace schemes are planning to offer more generous contributions than the bare minimum auto-enrolment rates, consultants have said.
The Islamic Bank of Britain is launching a sharia-compliant investment option in response to auto-enrolment and to meet the saving preferences of its staff.
Video: Sheila Gilmore, a member of the Work and Pensions Select Committee, explains why the government's risk-sharing scheme design would need its own legal framework – and how that might affect employers – in the latest edition of Policymakers and Decision-makers (5:29).
Prudential Staff Pension Scheme has opened up the option for active members to transfer registered pension plans into its defined contribution section to help them better manage their retirement outcomes.
The Office of Fair Trading’s investigation into workplace pensions is too strongly focused on charges and overlooks areas such as administration and the level of service at schemes, industry figures have said.
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