UK - The Association of British Insurers has called on the government to fund pensions advice for employees.
The ABI report – Budget for Savers – outlines ways in which employers can encourage staff to save for retirement.
The ABI proposes that employers could receive a refund of their national insurance contributions to fund regular advice sessions. It believes that such “advice credit” could reduce the savings gap by up to £2bn at a cost of only £100m to the government.
A second proposal calls for a pension contribution tax credit which would encourage employers to contribute to employees’ pensions and would reduce the savings gap by around £3bn at a cost of only £900m.
ABI head of pensions Joanne Segars said: “Unless the government seizes the opportunity for radical reform, future generations of pensioners will face an uncertain old age.
“The concern for government and the nation as a whole is that we are not saving enough for retirement.”
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.