All Master trusts articles – Page 12
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News
Blue chips rush to offload DC pension plans to master trusts
More and more blue-chip employers are looking to transfer their defined contribution pension plans to the new breed of master trusts. The Vodafone UK DC Pension Plan is the latest to move all members’ accounts, amounting to £1.4bn, into LifeSight. The transaction is expected to be finalised by the end of March 2020.
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OpinionThe biggest driver of change in DC
Data Crunch: Broadridge’s Jonathan Libre looks at recent changes in legislation in the defined contribution space and how these schemes have adapted to a fast-evolving world of requirements.
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News
KPMG pensions spin-off targets industry modernisation
On the go: KPMG’s former pensions advisory business has relaunched as Isio following its sale to a private equity backer, with the new company looking to grow its consolidation offering and improve the industry’s use of technology.
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PodcastsPodcast: Regulator should take ‘softly-softly’ approach to DC consolidation
Podcast: The Pensions Regulator should take a “softly-softly” approach to defined contribution consolidation, similar to what happened with master trusts during the authorisation process, where subtle conversations occurred and schemes decided to exit in an orderly manner, according to Adrian Boulding, director of policy at Now Pensions. He and Rosalind Connor, partner at Arc Pensions Law, discuss the response from the watchdog to its consultation of the future of trusteeship and governance, among other topics.
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News
Increased trustee workload to unleash wave of DC consolidation
On the go: One in three trust-based defined contribution arrangements expects to transfer members into a master trust over the next five years, with stakeholders citing the drain on time and resources of running an own-trust solution.
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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
Cardano’s Stefan Lundbergh argues the UK gender pensions gap could be reduced if parents had subsidised childcare, giving the Swedish model as inspiration.
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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
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
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
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
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
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.