UK - Linklaters pensions lawyers has noted the implications of the Pensions Regulator's report into the risks faced by Defined Contribution (DC) schemes.
The pensions regulator yesterday outlined the risks faced by members of defined contribution (DC) schemes.
The Consultation Report, ‘How the Pensions Regulator will regulate defined contribution schemes in relation to risks to members,’ had been put together following an earlier consultation document.
The report identified risks faced by members of DC schemes including poor administrative practices, poor investment practices and poor decision making.
Highlighting the implications, Linklaters noted that in the report many respondents took the view that it was over-regulation that led to the closure of many Defined Benefit (DB) schemes in the UK.
It added that in the report the regulator did not believe its proposals should increase regulatory costs beyond those which a well run scheme should face.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.
The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.
The national procurement frameworks for the Local Government Pension Scheme (LGPS) has been expanded to include member data services.