Pensions Buzz
The pensions industry in one word: What you said…
Professional Pensions asked its readers to describe the current state of the pensions industry in one word this week, eliciting a mix of predominantly gloomy adjectives.
Clearer DB guidelines on advice versus guidance needed, industry says
Guidelines on what is and is not viewed as defined benefit (DB) trustees providing members with regulated advice need to be clearer, respondents to a Professional Pensions survey say.
BT, Ford and M&S schemes to proceed with judicial review over RPI reform
The trustees of the BT Pension Scheme, Ford Pension Schemes, and the Marks and Spencer Pension Scheme have confirmed they will seek a judicial review of the decision to replace the Retail Prices Index (RPI) from 2030.
Calls for 'scam prevention minister' resurface as government grapples with industry for more support
The scam ‘epidemic’ across the pensions industry needs better government intervention in the form of a specifically appointed minister, AJ Bell has reiterated.
Less than half of schemes hold digital copies of members' accrued savings
Less than half (45%) of trustees and pension scheme administrators say their schemes have accurate accrued pension amounts available digitally for all members, according to PP research.
Industry split on whether the Spring Budget hit the right notes
The pensions industry is broadly split on whether the Spring Budget hit the right notes in regards to its approach to pensions, according to a poll by PP.
DB schemes need own journeys to net-zero commitments, industry says
Four in five (81%) industry professionals believe defined benefit (DB) schemes should choose their own framework and pathway to net-zero rather than following set prescriptions.
Net-zero target should not be mandated as part of the Pension Schemes Bill, industry says
The majority of the pensions industry agrees an eventual net-zero target should not be mandated for schemes as part of the Pension Schemes Bill, according to a Professional Pensions poll.
'Ludicrous' and 'ridiculous' idea for scam prevention minister slammed
A call for the government to consider handing responsibility for tackling pension scams to a specially appointed minister has faced backlash from PP readers.
Have your say: Has your approach to technological innovation changed during Covid-19?
In this week's Pensions Buzz, we want to know whether your approach to technological innovation has changed during Covid-19.
Timeline uncertainty over TPR removal of late payment reporting flexibility
The industry is split on whether The Pensions Regulator’s (TPR) January removal of late payment reporting flexibility is too early, a Professional Pensions poll shows.
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.
94% of industry backs increased trustee power to halt potential scam transfers
Trustees should have the ability to pause suspected scam transfers, respondents agreed in a Professional Pensions poll.
Sole corporate trusteeship not a positive trend, industry says
Almost half (49%) of the respondents to a Professional Pensions poll disagree that the trend toward sole corporate trusteeship is positive.
WPC freedoms inquiry unlikely to be dominated by Covid-19 impacts, says industry
The economic impact of coronavirus is unlikely to overshadow the Work and Pensions Committee’s (WPC) inquiry into the success of pension freedoms, the industry believes.
Industry backs potential introduction of small pots taskforce
More than half of respondents to a Professional Pensions survey would like to see the government launch a small pots taskforce to stop them undermining the success of auto-enrolment (AE).
Industry opposed to attending face-to-face events in October
A majority of industry professionals polled opposed the idea of attending face-to-face events in October, Professional Pensions finds.
Industry must redouble leadership diversity efforts, trustees say
A majority of industry professionals polled believe greater strides must be made to improve the diversity of the leadership on trustee boards, Professional Pensions finds.
Exclusive: What's keeping pension professionals positive during lockdown?
It’s not all gloom and doom say Buzz respondents…
Covid-19 likely to push DC schemes into master trusts
The economic uncertainty generated by Covid-19 is likely to cause a large number of defined contribution (DC) schemes to move into master trusts, according to PP readers.
EXCLUSIVE: PP poll reveals industry fears over post-crisis return to BAU
Two-thirds of the industry don’t expect to return to non-home offices until at least September and 55% don’t expect a return to face-to-face business as usual for at least a year, exclusive PP research reveals.
Maps flags Covid-19 implications for pensions dashboard launch
The Money and Pensions Service (Maps) has published its first full report on progress on the pensions dashboard so far and has flagged “significant” delivery challenges in the face of the coronavirus pandemic.
Covenant most pressing issue amid Covid-19, say Buzz respondents
Any weakening of the sponsor covenant arising from the Covid-19 crisis is likely to have the most challenging impact for pension schemes, according to March's Pensions Buzz respondents.
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