Association of British Insurers
UPDATED: DWP to mandate use of simpler annual statements for auto-enrolment DC schemes
The Department for Work and Pensions is to make it mandatory for auto-enrolment defined contribution (DC) schemes to use simpler annual statements.
RPI reform to cost schemes and investors up to £130bn
Potential changes to the way the Retail Prices Index (RPI) is calculated and reported could cause assets to fall by between £60bn and £130bn, according to various estimates.
Five stories you may have missed this week
This week’s top stories included a High Court judgement ruling the Pension Protection Fund’s compensation caps age discriminatory, while the revenue of the three biggest pension consultancy firms saw a year-on-year dip for 2019.
ABI calls for overhaul of pensions tax relief; Industry says change will be 'far from easy'
The UK’s system of pensions tax relief needs to be overhauled to make it fairer to the lower paid and younger savers, the Association of British Insurers (ABI) says.
David Fairs: Why we have launched an interim superfund regime now
With the launch of an interim regime, the consolidation market is set to take off. But before superfunds begin taking on schemes, the regulator must have 'rigour and understanding' of the market, David Fairs tells James Phillips.
Ministers 'should not rush' to raise pension access age beyond 55
Lane Clark & Peacock partner Steve Webb has urged ministers not to rush raising the pension access age amid growing speculation of a Budget announcement to accelerate the current timetable.
Five stories you may have missed this week
This week’s top stories included further calls for reforms of the pension freedoms, and prevailing uncertainty over cuts to tax relief on pension contributions.
Pension freedoms reform called for after fears savers will run out of money
Further reforms to pension freedoms are needed to ensure the long-term success and sustainability of pension freedoms, according to the Association of British Insurers (ABI).
Net Pay Action Group urges government to deliver pensions tax manifesto pledge
The Net Pay Action Group (NPAG) is urging the government to deliver on its manifesto pledge to review unfair tax rules in pensions.
MAPS establishes steering group with ten members to take dashboards forward
The Money and Pensions Service (MAPS) has made ten appointments across the pensions and wider financial sector to work on the practicalities of establishing pensions dashboards.
Breaking down the barriers to pensions understanding
Pensions have been seen as unfathomable for too long. George Currie says two initiatives currently underway may begin to change this perception.
DWP must compel use of cost transparency templates in pensions bill, MPs told
A pensions bill expected next year must include law to require schemes to collect, publish and analyse cost transparency data from their asset managers, MPs have been told.
Partnership deal agreed between ABI and NEST
The Association of British Insurers (ABI) and the National Employment Savings Trust (NEST) have agreed a partnership deal in a bid to formalise their relationship.
Simpler annual statement is a step in the right direction
The two-sided simplified annual pensions statement should be applauded, even if it missing information, says Jonathan Stapleton.
Esther McVey: Dashboard will 'build on' DWP's state pension tool
Esther McVey has reiterated the government's support for an industry-led pensions dashboard as she praised the success of auto-enrolment (AE).
Renewed warning over expat pensions in no deal Brexit scenario
MPs have again been warned that it may become illegal to pay private pensions to expat Britons if the government fails to secure a Brexit deal.
McVey preparing to 'kill off' government dashboard support - reports
Secretary of state for work and pensions Esther McVey may end the government's involvement in the pensions dashboard project, according to reports.
PLSA announces new head of research and policy lead for LGPS & DB
The Pensions and Lifetime Savings Association (PLSA) is bolstering its policy and research teams with two new appointments.
Providers axe complex language from pensions communications
Thousands of pensions documents have been adapted and simplified for consumers after a two-year industry initiative, according to the Association of British Insurers (ABI).
What's next for auto-enrolment?
Phasing has arrived with auto-enrolment contributions rising from 2% to 5% for millions of pension savers. As we wait to see what happens as a result, James Phillips asks what's next.
Cold-calling ban must be in place by June, committee demands
The Work and Pensions Committee (WPC) has said a cold-calling ban could be in place by summer if the government heeds its suggestions.
Costs and charges slashed for £25bn of DC accounts
Defined contribution (DC) savers face lower costs and charges after providers made a concerted effort to reduce these to less than 1% over the past two years.
Obsession with homeownership 'crowding out' pensions
Policy pushes and the public's desire to own a home is resulting in a 15% reduced private pension income at retirement, research has suggested.
ABI: Government must compel schemes over dashboard
The government must introduce legislation to force schemes to give data to the pensions dashboard if it is to succeed, an Association of British Insurers (ABI) report says.
