Pensions Buzz
Industry agrees trustees need professional help with comms
Trustees do need professional help with member communications as suggested by the review into British Steel Pension Scheme case, this week's Pensions Buzz respondents said.
Trustees should consult members before DB superfund buyout
Defined benefit (DB) trustees must engage with members, either via a consultation or communication exercise, before transferring them to a DB superfund, this week's 112 Pension Buzz respondents said.
Professional trustees should not be mandatory for all schemes
Respondents say they should only be required in certain situations as the system is not broken.
Industry split on whether TPR needs a new strategy
This week's Pensions Buzz respondents were almost equally split on whether The Pensions Regulator (TPR) needed a fresh strategy as its chief executive changes.
GMP calculations will never be understood by members or trustees, says industry
Members and trustees will never understand GMP calculations, and the regulator should not be allowed to create its own rules, according to this week's Pensions Buzz respondents.
Industry split on views to launch the dashboard on voluntary basis
This week's 103 Pensions Buzz respondents were equally split on whether the Department for Work and Pensions (DWP) is right to launch the dashboard on a voluntary participation basis, as was announced on Monday.
Don't suspend pension transfer activity in the wake of GMP ruling, says industry
Trustees should not suspend DB to DC pension transfer activity following the recent GMP equalisation ruling, say this week's Pensions Buzz respondents.
Allow DB scheme rights to be simplified, says industry
The government should introduce legislation to allow for defined benefit (DB) scheme rights to be simplified, say this week's Pensions Buzz respondents.
Asset owners are not to blame for short-termism in business, says industry
Pension Buzz respondents have disputed Lord Myners' arguments that asset owners, including pension funds, are substantially to blame for short-termism in business.
Three to five years until CDC is up and running, says industry
It will take between three and five years before collective defined contribution (CDC) schemes are up and running, despite the government launching a consultation on the provision.
Lloyds judgment has not given more clarity on GMP equalisation, finds PP research
Pensions Buzz respondents say there are still unanswered questions on GMP equalisation following the High Court decision.
Fear-based approaches do not encourage member engagement
In this week's Pensions Buzz, respondents urged caution over the use of fear to engage people in pensions.
Most schemes have not assessed impact of no-deal Brexit, finds PP research
Only a fifth of respondents in this week's Pensions Buzz say they have started contingency planning for a no-deal Brexit scenario.
Government should not require schemes to offer partial transfers - PP research
In this week's Pensions Buzz, respondents warned schemes being required to offer partial transfers could lead to too many administrative burdens
Trustees should be proactive on DB transfers, says industry
Around three-fifths of respondents in this week's Pensions Buzz backed the view that trustees should take a proactive approach to engage with members when they are seeking to transfer out of their defined benefit (DB) scheme.
Industry split over combination of pensions with other savings products
Respondents disagree whether mixing of products would be beneficial for savers
PP research: Struggling businesses should not be allowed to suspend AE contributions
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Trustees shouldn't cut transfer values to protect other members, says PP research
Most respondents says transfer values should not be reduced if volumes are high, according to this week's Pensions Buzz survey.
Govt should fine or disqualify pension-dodging directors
The majority of Pensions Buzz respondents said directors who avoid obligations should be penalised.
There is too much red tape in pensions, says industry
Nine in ten respondents said around 160,000 pages of legislation is too much
Industry split on whether CMA proposals go far enough
Respondents were almost evenly split in this week's Pensions Buzz on whether the Competition and Markets Authority's (CMA) remedies for the investment consultant and fiduciary management markets go far enough.
National retirement income targets needed, say 75% of respondents
An overwhelming majority of this week's Pensions Buzz respondents agreed with the Pensions and Lifetime Savings Association (PLSA) that national retirement income targets should be developed to help people understand how much to save for retirement.
Drawdown investment pathways to boost outcomes, finds PP research
Respondents in last week's Pensions Buzz said such pathways would help guide members and improve retirement outcomes.
Mixed views on £1m max fine for failure to report corporate events
Respondents were split in this week's Pensions Buzz on whether the £1m maximum penalty for failing to notify The Pensions Regulator (TPR) of certain corporate events was appropriate.
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