Department for Work & Pensions
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.
Female participation in workplace schemes soars as a result of AE
The number of women participating in a workplace pension has increased by 70% since auto-enrolment (AE) began, analysis by Equiniti reveals.
Pension participation rises to 87% of eligible workers
AE has had 'truly staggering' impact
Opperman: Pension schemes must 'do the right thing' on tackling climate change
Pension schemes and their investment managers must take their environmental and social responsibilities seriously and use funds to tackle climate change, Guy Opperman has said.
DWP review of TPR sets out changes for 'stronger more proactive' regulator
The DWP has led a tailored review of The Pensions Regulator (TPR) following calls for it to become a more active regulator in the industry.
What GMP conversion guidance will mean for schemes
GMP conversion guidance is expected imminently, but what will it mean for schemes? Maurice Titley looks at the next steps for trustees.
Government announces plan to press ahead with CMA reforms
The government will proceed with a range of changes to the investment consultant and fiduciary management markets as recommended by a major competition review.
Five stories you may have missed this week
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Charge cap should not be amended for illiquid assets
The default charge cap for defined contribution (DC) investment strategies should not be amended to make it easier to access illiquid assets, a majority of last week's 91 respondents said.
