All Pension freedoms articles – Page 8
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News
Cold-calling ban could strengthen scheme powers to block transfers
The government has launched its consultation on pension scams, proposing bans on pension-related cold calls, limits on the statutory right to transfer and tighter regulations for setting up potentially fraudulent schemes.
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News
Consumers to be encouraged to shop around with proposed annuity provider rules
New plans announced by the Financial Conduct Authority will require annuity providers to make consumers aware of rival deals before they purchase an annuity, but some experts say there should be a similar solution for other retirement products.
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NewsFCA annuity provider rules to encourage consumers to shop around
New plans announced by the Financial Conduct Authority will require annuity providers to make consumers aware of rival deals before they purchase an annuity, and some experts say there should be similar rules for other retirement products.
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News
FCA reveals transfer data as experts note 'dramatic' increase
Close to 8,000 people transferred out of defined benefit schemes and into defined contribution between Q3 2015 and Q1 2016, figures from the Financial Conduct Authority show, but experts estimate the numbers may be even higher.
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NewsEarly exit charge cap attracts criticism and praise
Both the government and the Financial Conduct Authority have confirmed plans to introduce caps on early exit pension charges, but authorities should take care not to actively encourage early decumulation, experts say.
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OpinionActivating better DC outcomes
Defined contribution investment should not rely on the up and down of global stock markets alone, says AB’s Karen Watkin.
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News
Treasury scraps plans for secondary annuity market amid consumer protection concerns
Proposed reforms to create a secondary annuity market have been abandoned due to concerns about consumer protection and value for money.
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News
Court of Appeal safeguards bankrupts’ undrawn pensions
Savers who become bankrupt but have not yet drawn their pensions will not have to hand them to creditors, after a court ruling on Friday put an end to fears that pension pots were at risk.
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News
DC schemes drown in regulatory change and jargon
Trustees of occupational defined contribution pension schemes are increasingly failing to meet governance requirements due to excessive regulatory change, a panel of industry figures has said.
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News
More calls for education as lump sum figures raise questions
Pensions education and default funds must be improved to ensure the success of auto-enrolment, experts have said, as findings raise questions about the risks members are taking.
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News
Advice requirement rules could spell end to consumer confusion
The Department for Work and Pensions last week issued a consultation on draft regulations aimed at simplifying the way safeguarded flexible benefits are valued in relation to the freedom and choice advice requirement.
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FeaturesDHL transition exercise delivers savings for members
Postal and logistics company DHL has saved £2.3m for members of its UK defined contribution pension fund by trading investments between members at no cost following an investment transition.
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Features
Retirees avoid overspending yet more become insolvent
Analysis: New figures suggest defined contribution savers reaching retirement might be overspending and increasing their risk of poverty in later years, but experts warn this could be a false alarm.
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OpinionThe cost of freedom and choice
From the blog: The introduction of the freedom and choice reforms last year has boosted taxation and aggregate demand. But some retirees might now outlive their pension pots, risking penury.
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Opinion
Active management of passive funds – a viable strategy for DC?
Since the introduction of freedom and choice, value for money has been high on the agenda for defined contribution schemes. As trustees try to keep on top of costs, could an active asset allocation approach work for schemes with underlying passive funds?
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News
Monitoring crucial as transfer requests could creep up
Defined benefit schemes could see increased levels of transfer quotation requests as low gilt yields push values higher. Experts have said trustees should monitor request numbers and manage their liquidity accordingly.
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Opinion
Pensions Ombudsman set to cast interventional net wider
From the blog: Last week the Pensions Ombudsman said the agency would begin taking a more proactive approach to interventions, especially in appeals that can have broader implications for the pensions industry – a departure from its previously more placatory tone.
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OpinionWhat’s the point of target date funds?
Target date funds can be as flexible as members require them to be, says Nest’s Mark Fawcett, as he explains how the government-backed mastertrust has implemented its fund structure to meet evolving needs.
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OpinionSecondary annuity market: Breaking the fetters or recipe for poor outcomes?
JLT Employee Benefits’ Richard Williams weighs up the pros and cons of launching a consumer annuities market following the pension freedoms introduced in 2015.
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News
Is fintech really revolutionising UK pension schemes?
The pensions industry stands to benefit from implementing financial technology to address problems such as scheme members under-saving and not finding tailored retirement solutions, experts have said. However, not everyone agrees.