DWP
Five stories you may have missed this week
This week’s top stories included news that Pension Schemes Bill powers given to The Pensions Regulator to issue contribution notices will not be backdated, while the Department for Work and Pensions said it will ban flat-fee charging on auto-enrolment...
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.
Five stories you may have missed this week
This week’s top stories included news that buy-in and buyout volumes are set to reach £30-£40bn in 2021, while Pensions Infrastructure Platform owner announced its intention to float on the London Stock Exchange.
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.
Guy Opperman: Dashboards and consolidation go hand-in-hand
In the last of a five-part series of articles for PP, pensions minister Guy Opperman explains how pension dashboards will help consolidate pensions.
Webinar: Engage or divest? How can the pension industry make a real ESG impact
Professional Pensions is holding a webinar on how the pensions industry can make a real impact when it comes to ESG – asking what is better, to engage or to divest.
Barriers to pooled funds implementing trustees' voting policies 'not insurmountable'
The Association of Member Nominated Trustees (AMNT) has published a report outlining the barriers in allowing trustees’ voting policies to be implemented by fund managers in pooled fund arrangements.
Industry supportive of DWP's DC proposals but warns of unintended consequences
The Department for Work and Pensions’ (DWP) consultation on improving defined contribution (DC) outcomes has garnered support from the industry, but many have warned of potential unintended consequences.
How should trustees consider climate risks to sponsor covenants?
UK pension schemes are working hard to counter climate risks across investment portfolios, but the assessment of climate risks to sponsor covenant must be a key focus of schemes’ broader risk assessment, says Michael Bushnell.
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.
Fund managers urged to ramp up climate risk data
XPS Pensions Group has called on fund managers to step up collection and management of climate risk data in order to get a true sense of the risk in their portfolios.
Legal Review: Assessing PPF compensation
The PPF's compensation regime has been subject to a number of court challenges. Jonathan Hazlett takes a look at the complexities involved
DC pot first-time access hit high record in March
Savers accessing defined contribution (DC) pension pots for the first time rose to an all-time high just before the coronavirus pandemic, Just Group says.
Government launches small pots taskforce
Pensions and financial inclusion minister Guy Opperman has confirmed a cross-sector working group to address the problems caused by small pension pots.
Industry raises significant concerns over FCA consultation on advising on pension transfers
The industry has raised serious concerns that Financial Conduct Authority (FCA) transfer advice proposals on illustrative figures could hamper schemes’ ability to help members to understand their retirement options and force many to take full regulated...
Scheme governance going public: a member's foe or friend?
While designed to boost member understanding, published statements of investment principles could muddy the waters and put members off altogether, says Anna Copestake.
DC value consultation a 'wake up call' but consolidation not always easy
Plans to improve value to members in defined contribution (DC) plans by improving investment options and governance while consolidating small schemes have been welcomed as a “wake-up call” for the industry.
DWP launches consultation to improve DC outcomes
The Department for Work and Pensions (DWP) has launched a consultation to improve saver outcomes and promote investment in green technology and infrastructure.
Government urged to rethink 'pot follows member' idea to fix burgeoning number of lost pensions
Lane Clark and Peacock (LCP) has urged the government to “look again” at the idea of ‘pot follows member’ to fix the burgeoning number of small pension pots getting lost.
Five stories you may have missed this week
This week’s top stories include the Universities Superannuation Scheme’s announcement of a delay to its valuation for 2020, while the government consulted on a proposal to force the largest schemes to publish their climate risk disclosures.
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.
Schemes face 'multi-million pound' dashboard compliance bill
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).
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.
