UK - Key members of the department for work and pensions have met to discuss the future role of the pensions ombudsman, David Laverick.
The ombudsman raised a number of issues with the select committee on pensions late last year – not least simplification in his office.
He said change was needed in the “complicated matrix” which governed who could complain, about what and against whom.
He also raised concerns about the complication of the internal dispute resolution process and called for “radical simplification”.
DWP private pensions team branch head Charles Ramsden and colleague Mary Ball are both known to have been involved in the discussions.
Laverick said he hoped the overhaul would simplify the current system.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.