Defined Contribution

Top stories last week include two decisions from the Ombudsman, a scandal over DC charges, proposals to fix the LGPS and a 12-year low for inflation. Here's what you might have missed.

DC charges branded "shocking rip off" as industry says things have to change

Up to £25.8bn of assets in contract-based and bundled trust-based defined contribution (DC) schemes is in funds charging 1% or more annually, according the Independent Project Board (IPB).

Here they are… The key findings of the Independent Project Board's final report into the charges and benefits in workplace defined contribution schemes, published today.

The Financial Reporting Council (FRC) has revised regulation around Statutory Money Purchase Illustration (SMPI) regulations to let providers use their discretion on assumptions relating to auto-enrolment increases and guaranteed annuity rates.

Prudential has launched a flexible drawdown option to its range of retirement products ahead of pension freedoms which come into force in April next year.

Pension providers should ensure all retirees use the open market to buy an annuity at the point of decumulation to ensure they get the most out of their savings, Just Retirement has said.

Should the auto-enrolment threshold be lowered?

Fewer than one in seven defined contribution (DC) schemes plan to make it mandatory for members to take up the guidance guarantee before accessing their pot, PP research finds.

Why the OECD is correct to challenge the abolition of compulsory annuitisation