The government has set out the terms of reference for the Pensions Commission, but also omitted several areas as being “out of scope” – which has led one former pensions minister to warn that the commission has “one arm tied behind its back”.
Customer service, value for money and improving governance are among the Pensions Regulator’s key priorities for the year ahead as it looks to pave the way for the changes heralded by the Pension Schemes Bill.
The work and pensions secretary told MPs yesterday that she was “very concerned” about the challenges facing pension savers and that the government would have “more to say” next week before parliament goes to recess.
The chancellor addressed the financial services industry at an event in London last night, unveiling plans to encourage individual savers to invest more rather than hold savings in cash.
The Financial Conduct Authority and Prudential Regulatory Authority are to jointly launch a new unit aimed at supporting small businesses to achieve scale, the government announced yesterday.
New research claims that the government could achieve its inheritance tax goals on pensions without burdening grieving families or undermining retirement saving.
The governor of the Bank of England has voiced opposition to potential policies to mandate how pension schemes invest – an intervention described as “nuclear” by a former pensions minister.
Government claims reforms will deliver ‘more money in people’s pockets’, but experts say success hinges on execution of value-for-money regime.
Cost and knowledge gaps disenfranchise savers
The Pensions Dishonesty Unit directed redress to fraud victims worth more than £40m – but much of this failed to reach the victims due to court appeals and bankruptcies.
The government’s potential introduction of a power to force LGPS funds into specific pools took some in the system by surprise, according to one fund’s chief executive.
The regulator has called for everyone in the pensions sector to think about “their own role in making [industry] reforms a success”, in the wake of the publication of the Pension Schemes Bill.