Trustees and scheme managers must understand which artificial intelligence (AI) systems their scheme and service providers use and be able to answer a range of questions about them, the regulator has said.
Pension industry experts have welcomed “common sense” measures in the Budget to simplify the treatment of death benefits and allow terminally ill people early access to their retirement pots.
Chancellor John Healey has introduced a new allowance for pensioners to keep the lowest earners out of paying income tax, but policy experts warn the temporary measure could create a future headache.
As the chancellor prepares to give his first Budget speech, Pensions Expert explores the key themes for the retirement sector.
Proposals to shield pensioners who rely solely on the state pension from income tax could penalise those with modest private savings and create an increasingly expensive system, pensions experts have warned.
The Pensions Regulator has published new guidance to assist trustees with identifying and managing “potential hidden AI-related investment exposure”.
Helen Whately, the shadow pensions minister, told the Pensions UK Annual Conference that chancellor John Healey needed to give the country immediate assurances on tax changes to avoid people making irreversible decisions.
Industry experts have urged the government to reform the wider state pension system, not just the triple lock.
The Labour Party is to end the triple lock after the next election to fund a National Care Service, the prime minister has announced.
The UK has dropped in an international ranking of retirement systems due to strains on the country’s health system and stalling life expectancy.
The Pensions Management Institute has called for higher standards across the industry as schemes prepare to implement a wide-ranging programme of pensions reform.
The parliamentary committee has launched an inquiry that will seek to inform the work of the Pensions Commission around low earners and pension saving.