The Institute of Chartered Accountants of Scotland (ICAS) has called on the Scottish government to reform cessation debt rules in the Local Government Pension Scheme (LGPS).
Currently, employers in the Scottish LGPS, many of which are charities, face having to pay a significant sum of money, calculated on a buyout basis, when they cease to employ an active member in the scheme....
Pension scheme trustees and sponsors should only seek to transfer members’ benefits to a defined benefit (DB) consolidator if there is no “realistic prospect of buyout in the foreseeable future”, The Pensions Regulator (TPR) says.
Guy Opperman says two page, simpler statements as well as an annual ‘season’ in which to issue them could be transformative steps for the UK pensions industry
A second pensions bill is likely during the “life of this parliament”, according to pensions and financial inclusion minister Guy Opperman.
A “legitimate debate and discussion” is needed over future auto-enrolment (AE) contribution rates, says Guy Opperman, and that could take place next year.
Julian Mund writes about planning for the future and the four challenges he sees for the pension industry over the next five years.