All master trusts articles – Page 11
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Features
Hundreds of thousands of micro pots suffer remorseless attrition
Data crunch: Eight years after the auto-enrolment revolution, millions of workers’ pensions are left languishing in master trusts when they move jobs.
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News
TPR fines FCA for pension failures
On the go: The Financial Conduct Authority has been ordered to pay a £2,000 fine by the Pensions Regulator for lack of details in its defined contribution scheme documentation.
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News
New rules for pension transfers to cost industry £1m
On the go: New rules to prevent scams are expected to cost the industry and employers about £1m in their first year and impact more than 160,000 pension transfers.
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News
Nest Invest gets green light from FCA
On the go: Nest Invest, the investment subsidiary created by the master trust alongside its move into private credit, has been authorised by the Financial Conduct Authority.
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Features
Authorised master trusts look ahead to supervision
The newly authorised master trust sector is bracing itself for a further increase in regulatory scrutiny as the supervision regime takes hold, since one-to-one supervision and annual statement requirements could amount to something approaching a “mini-authorisation” once a year.
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News
Providers divided on mandatory simpler annual statements
Workplace providers such as Smart Pension and PensionBee are supporting the government’s intention to introduce a standardised annual statement, with calls for legislation if take-up from schemes does not increase.
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News
TPR approves HSBC master trust
On the go: The HSBC Master Trust has become the first new scheme to be authorised by the Pensions Regulator, bringing the total number of authorised schemes to 38.
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News
Master trusts forced to up reserves due to levy increase
Master trusts will be hit twice by a general levy increase, since in addition to a cost hike these schemes will also have to boost their reserves in case of a wind-up, and face added scrutiny from the regulator as a revised business plan could be expected.
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OpinionClosing the gender pensions gap: Lessons from Sweden
Despite the narrowing pay gap, the gender pensions gap is persistent. The main reason for this is differing working patterns between men and women – research by Now Pensions has found that only 40 per cent of mums between 18 and 45 years old work full-time.
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News
Now Pensions tax relief top-up claims double in a year
On the go: Workplace pension provider Now Pensions will be topping up pension pots of non-taxpayer members for the fourth year, after seeing claims double in 2017-18, when compared with the previous period.
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News
Schemes hit back at DWP’s levy ‘knee-jerk solutions’
Several pensions experts have criticised the government’s consultation on the general levy on pension schemes, arguing that the Department for Work and Pensions has proposed ‘knee-jerk solutions’ that are not fit for purpose.
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News
Pot-follows-member agreements: Feasible or fantasy?
Now Pensions wants to agree bilateral deals with other master trusts to consolidate small pots resulting from auto-enrolment, but experts say some hurdles remain.
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News
PASA launches guidance for master trust consolidation
On the go: The Pensions Administration Standards Association has launched guidance for master trusts to follow when considering consolidation.
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News
The People’s Pension fee structure changes delayed
On the go: Changes to The People’s Pension charges structure have been delayed after a problem was encountered during testing.
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News
DC trustees eye master trusts for decumulation options
Data crunch: Trustee reluctance to offer in-house drawdown means single-employer defined contribution schemes may look to partner with a master trust to offer decumulation products to members, new analysis shows.
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News
Master trusts cut prices to reach new authorisation targets
On the go: Master trusts are cutting prices by as much as 20 per cent to build up new business following authorisation from the Pensions Regulator, a consultancy firm has flagged.
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News
Authorisation sees master trust market shrink to 37 providers
On the go: A final total of 37 master trusts have received authorisation from the Pensions Regulator, with the FCA Pension Plan and Salvus Master Trust the last to get the go-ahead on Tuesday.
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News
Master trusts welcome CDC in decumulation
Several master trusts would welcome the ability to offer a collective defined contribution solution for their members in decumulation, after the government hinted at such a possibility.
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News
Nest membership shrug off 2018 AE rate hikes
On the go: Members of master trust Nest were largely immune to the 2018 rise in minimum auto-enrolment contributions, according to new analysis showing opt-out rates remained stable.
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News
Authorised master trust group swells to 33 providers
On the go: Two more master trusts have been authorised by the Pensions Regulator, bringing the total number of regulated providers to 33.