Department for Work & Pensions
DWP sets de-minimis for flat-fee AE charges and launches work to standardise cost reporting
The Department for Work and Pensions (DWP) will ban the charging of flat fees on AE auto-enrolment (AE) pots below £100 and launch work on how to standardise cost and charges reporting.
DWP taskforce sets out actions to enable large-scale consolidation of deferred small pots
The small pots working group has made a number of recommendations on how to tackle the growth of deferred members with small pension pots within the AE pensions market – urging the government and industry to take action to enable large-scale mass transfers....
DWP proposes hiked general levy over three years; DB costs to more than double
The Department for Work and Pensions (DWP) has launched a consultation on the future of the general levy, seeking to close a potential £230m funding gap if rates remain unchanged.
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.
Government consults on proposals to force largest schemes to publish climate risk disclosures
The government has put forward proposals to require the 100 largest occupational pension schemes – those with £5bn or more in assets and all authorised master trusts – to publish climate risk disclosures by the end of 2022.
PPF and DWP seek appeal over Hampshire implementation
The Pension Protection Fund (PPF) and Department for Work and Pensions (DWP) will appeal court judgments relating to the way the lifeboat fund pays compensation.
Updated: DWP launches review into default fund charge cap and standardised cost disclosure
The Department for Work and Pensions (DWP) has launched a review to assess the effectiveness of costs, charges and transparency measures in protecting pension member outcomes.
DWP: Nine in ten eligible employees save into pensions in 2019
The number of eligible employees saving into a workplace pension rose by one percentage point to 88% between 2018 and 2019, Department for Work and Pensions (DWP) statistics show.
Keep calm and avoid getting scammed, says government amid coronavirus chaos
Savers should not rush into making rash changes to their pensions, the government has warned as the Covid-19 crisis continues to hit financial markets.
Government withdraws 10% general levy increase
The Department for Work and Pensions (DWP) has cancelled a planned rise to the general levy amid the ongoing Covid-19 outbreak.
Guy Opperman celebrates 1,000th day in office
Guy Opperman has now served as pensions and financial inclusion minister for 1,000 days in a tenure marked by myriad major changes to the pensions landscape.
Simpler statements will boost engagement, says industry
Nearly two-thirds of this week’s 133 Pensions Buzz respondents believe the introduction of simpler and standardised annual benefit statements will help more members engage with their pension.
Keep it simple, stupid
Tax simplification must return to the top of the government’s pensions agenda in order to boost saving potential, says Alan Pickering.
Stop, look, listen, think: What the DWP should do for the general levy
Government plans to increase the general levy will disproportionately hit members who have been auto-enrolled, says Darren Philp
PMI Student Essay Competition: What the dashboard can learn from open banking, Midata and Fitbit
LCP’s Ella Purkiss was the winner of the PMI's second student essay competition. In her paper, she sets out her ideas as to what the industry can learn from other sectors when designing and delivering the pensions dashboard.
Where now for the DB superfunds?
Interest around DB consolidators is high but there remains regulatory uncertainty around their future. Lesley Carline looks at what the future might hold for this section of the market.
Governance more important than member engagement, say Buzz respondents
This week’s 96 Pensions Buzz respondents said good governance was more important than member engagement, noting the former could lead to the latter.
Robin Ellison: Why we must 'strenuously resist' TPR's demand for more cash
The volume of regulation and the cost of regulators has risen sharply over the past decade. Robin Ellison asks if it is time for a rethink.
Why changes to SIPs will be positive but not radical
From October, trustees need to show how they are factoring ESG issues into investment decisions. Holly Roach explores why the changes may not be radical but could boost member engagement.
Thérèse Coffey becomes work and pensions secretary after Amber Rudd resigns
Amber Rudd has resigned as secretary of state for work and pensions with immediate effect, with Thérèse Coffey named as her successor.
Ombudsman to appoint COO and NEDs after government review
The Pensions Ombudsman (TPO) must make significant changes to its leadership structure in order to provide "additional insight… and more challenge on organisational strategy", a governmental evaluation has concluded.
Amber Rudd to remain work and pensions secretary
Amber Rudd has not been moved out of her job as secretary of state for work and pensions amid concerns the pensions industry could have had its seventh politician in that office since the 2015 general election.
Government will not legislate to equalise widowers' survivor benefits
The government has been accused of "dragging its heels" on pensions equality after ruling out amending the law to provide for higher survivor benefits for widowers.
TPR sets up industry group for enhanced law on climate change disclosure
Pension fund investors could face further disclosure requirements on ESG matters as an industry working group considers fresh law for trustees for as soon as next year.
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