DWP
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.
Eight industry bodies go public with clause 107 drafting concerns
Trustees and their advisers could be “criminalised for doing the right thing” and left “fearful of acting” if Pension Schemes Bill wording is not amended, the Joint Industry Forum (JIF) says.
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.
Guy Opperman: Climate change is too important to ignore
Schemes must do more to lessen the financial risks of climate change, says Guy Opperman.
DWP disappoints with 'unfortunate' decision to hike general levy by 10%
The Department for Work and Pensions (DWP) says it will press ahead with a 10% increase to the general levy from 1 April, despite a severe industry backlash to a consultation on the issue.
AE benefits apparent despite savings lull
The Department for Work and Pensions (DWP) revealed savers are sticking with the auto-enrolment (AE) saving habit as the "pensions revolution continues".
UPDATE: DWP outlines climate risk mitigation expectations to TPR
The Department for Work and Pensions (DWP) has called on The Pensions Regulator (TPR) to deepen its research on its planned regulatory approach to tackling climate-related risks and how it would manage any opportunities from climate change.
PLSA warns of 'unprecedented' government interference in climate strategies
Amendments to the pension schemes bill tabled in the House of Lords could hand the government “unprecedented” powers over schemes’ investment strategies, the Pensions and Lifetime Savings Association (PLSA) has warned.
FCA unveils cost disclosure rules for contract-based schemes
The Financial Conduct Authority (FCA) has set out new rules for cost disclosure for contract-based pension schemes, with default funds now required to publish cost and charges data by 31 July 2021, based on 2020 figures.
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.
Charles Counsell: 2020 will be a year of positive change
Changes are afoot in the pensions regulatory landscape in a bid to boost both security and outcomes for members. Charles Counsell reveals what you can expect from the regulator this year.
Industry mostly dissatisfied with current direction of pensions policy
More than half (55%) of the pensions industry is dissatisfied with the direction of pensions policy going into 2020, according to research from the Pensions Management Institute (PMI).
TPR welcomes government's 'prompt' reintroduction of pension schemes bill
The Pensions Regulator (TPR) has welcomed the government’s latest update on the details of the pension schemes bill.
Simpler annual benefit statement proposals get positive response from industry
As the DWP’s consultation on simpler annual benefit statements closes, Holly Roach looks at the industry’s response.
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
General levy increase gets broadly negative response from industry
The Department for Work and Pensions’ consultation on increasing the general levy has closed. Holly Roach looks at the industry’s response to its proposals
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.
DWP annual benefit statement consultation questions voluntary adoption
The Department for Work and Pensions (DWP) has launched a consultation setting out proposals for the adoption and launch of simpler annual benefit statements. Holly Roach reports
Pensions bill 'lost' amid election uncertainties, says Gowling
For the pensions industry, the 12 December general election means the long-awaited pensions bill is “lost”, but probably “not forgotten”, according to a blog published by law firm Gowling.
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.
DB consolidation: Weighing up the options
A panel of experts have shared their views on how DB schemes can make good consolidation decisions. Kim Kaveh reports from the PLSA’s annual conference .