DWP
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.
Calls for pressure to be lifted on DC pots and potential scrap of flat fees
Consultants have warned that cost constraints are holding defined contribution (DC) schemes back, responding to a Department for Work and Pensions’ (DWP) consultation on the effectiveness of costs, charges and transparency measures.
PLSA publishes guide on trustee investment disclosure duties
The Pensions and Lifetime Savings Association (PLSA) has published guidance for trustees on the new requirements to publicly disclose their investment and responsible investment activity.
ACA backs integration of climate change action into default DC strategies
The Association of Consulting Actuaries (ACA) has welcomed the Pensions Climate Risk Industry Group (PCRIG) and the Department for Work and Pensions’ (DWP) guidance on climate risk.
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.
Equalising historic transfers
Rebecca Morgan looks at the data issues surrounding transfers out and GMP equalisation
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.
DWP to legislate for DC consolidation 'nudge'
Small defined contribution (DC) schemes will be “nudged” into consolidation under new government plans to ramp up governance.
