The Channel Islands is looking at the possibility of regulating its pensions industry along the lines of that in the UK. Regulations that could occur include introducing a limit on the amount pension schemes can self-invest in sponsor companies and introducing a financial ombudsman.
At a Jersey conference chaired by Channel Islands’ law firm Olsens the decision was taken to contact Channel Islands firms – which is currently only subject to offshore trust law – to seek views on legislative change. Olsens joint pensions team leader Paul Buckle said: “I can see that there is likely to be opposition to regulation.”
*The Jersey Life & Pensions Society will meet on August 6 to discuss a Retirement Options Working Group paper on income drawdown now out for consultation. Chairman Barry Dodge and Ian Shepherd, vice chairman, will give an overview of the report, after which there will be open forum for questions and comment.
By David Rowley
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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