All Pension freedoms articles – Page 9
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OpinionTime to shoot the messenger
From the blog: Communications can help people get to grips with their long-term savings objectives, but if we do it the wrong way our attempts to help could fail – no matter how important the message.
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Opinion
Ernst & Young overhauls DC scheme to fit the new freedoms
The Specialist: Professional services firm Ernst & Young has adapted the lifestyle and freestyle strategies of its defined contribution plan to suit the pension freedoms and increase risk in the lifestyle strategy, a move designed to provide for growth.
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News
More detail emerges on pensions dashboard
The working group charged with devising a pensions dashboard – a single destination where consumers will be able to view all their retirement savings pots – has released its view of what it should look like.
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News
Deluge of information stifles retirement choices
An excess of information on the pension freedoms risks poor outcomes for “procrastinating” defined contribution savers, experts have warned, meaning the industry must improve member communication and engagement.
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NewsShould you pay higher DC contributions to spur retirement?
Any Other Business: Lower employer contributions to defined contribution pension schemes can lead to “massive” challenges in paving the way for older workers to retire and injecting new blood into a business, experts have said.
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Opinion
The decumulation market in the wake of freedom and choice
The Specialist: The post-retirement market is still catching up with the biggest pensions overhaul in recent history, as industry experts say more pensioners are leaning towards different drawdown solutions instead of annuitisation.
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NewsState of the nation: What's going on in DC accumulation?
One of the spectres that hung over the announcement of freedom and choice in the 2014 Budget was the fear the proposition would be so attractive people would abandon their defined benefit schemes to make the most of the flexibility.
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News
Proposed early exit charge cap gets mixed response
The Financial Conduct Authority yesterday proposed capping exit charges at 1 per cent of pot value for existing contracts, while banning them altogether for future contracts.
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OpinionReconfiguring DC: The pensions dashboard
The Specialist: The pensions dashboard could be the upgrade the industry needs to take it into the digital age, but it is at risk of being just another expensive neglected technology project.
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OpinionScams: What trustees can do to avoid members becoming victims
Trustees are, in fact, indirect victims of scams, so action to protect members is more often than not action that also helps themselves.
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News
Consultations to flesh out details of secondary annuity market
The Financial Conduct Authority and HM Revenue & Customs have both launched consultations to shed further light on how the secondary annuity market could work, but questions were raised about the projected level of take-up.
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News
ABI launches consultation on jargon-busting to empower members
The Association of British Insurers has this week launched a consultation and draft guide aimed at simplifying the language used to explain freedom and choice to savers.
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OpinionFreedom and choice one year on – how far are we now?
Recent data on how pension funds are being used shows a need for direction from employers, trustees and providers in the wake of freedom and choice, says Mark Pemberthy from JLT Employee Benefits.
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News
Withdrawals slow as freedom and choice demand eases
The pace of withdrawals from defined contribution pension pots started to slow in the three months between October and December 2015, as pent up demand following the introduction of freedom and choice began to ease.
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News
Annuities gain ground on drawdown as savers seek income for life
The anticipated plundering of pension funds following the implementation of the freedom and choice reforms last April has failed to materialise, according to data from the Association of British Insurers.
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OpinionGood guidance for good outcomes
The Pensions and Lifetime Savings Associations’s Joanne Segars welcomes the government’s proposal for a single pensions guidance service, but says more needs to be done to ensure good outcomes for members.
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NewsIRRI: Nest 'should be allowed' to enter decumulation market
Government-backed mastertrust provider Nest should be allowed to compete in the decumulation market from 2018 to help savers who do not understand the risks, the long-awaited Independent Review of Retirement Income has said.
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OpinionA trustee’s duties in the era of freedom and choice
Nest Corporation’s Otto Thoresen seeks answers to the question of what the scope of trustee duties might be since the introduction of freedom and choice.
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News
High Court ruling ramps up fears over pension liberation
The High Court has ruled against insurer Royal London for blocking a pension transfer where it suspected the receiving fund could be a pensions liberation scheme, prompting industry observers to raise concerns about protections for members, providers and trustees.
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Opinion
FCA discussion paper outlines raft of challenges from ageing population
From the blog: The Financial Conduct Authority has released a discussion paper, 'Ageing population and financial services', aimed at advancing the debate on how the financial services industry can tackle the challenges and opportunities posed by demographic changes.