All auto-enrolment articles – Page 15
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News
Call for govt to abolish flat fees in workplace pensions
On the go: LCP is calling for an end to flat monthly fees being charged on defined contribution pots, arguing they can be “detrimental” to low-paid and part-time workers, although the government has previously stated it is not considering a ban.
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Govt unable to assess level of opt-outs during Covid
On the go: The government has claimed it is unable to determine whether opt-outs from auto-enrolled pensions have increased since the Covid-19 pandemic, the minister for pensions and financial inclusion has said.
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OpinionUK avoids Australia’s Covid-19 pensions trap
What can we learn from how governments around the world have responded to the coronavirus pandemic?
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Providers urged to prepare comms for Covid squeeze
Savers underestimate the impact that the coronavirus crisis could have on their financial wellbeing, according to a new survey, leading to calls for providers to communicate reassuringly with the minority of members that engage in times of stress.
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Nest eyes 2026 breakeven amid increased revenue
On the go: Master trust Nest has seen its income rise 75 per cent over the course of last year while its expenditure fell by £20m, leaving it well placed to weather the effects of the coronavirus pandemic, according to its latest annual report.
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Pensions Ombudsman unhappy with FOS overlap
Pensions Ombudsman Anthony Arter believes the current overlap with the Financial Ombudsman Service should be addressed as the current stance is “confusing and not satisfactory”.
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Chancellor spares pensions tax relief and triple lock for now
On the go: Pensions tax relief and the triple lock have once again been spared by the chancellor of the exchequer, although changes to these costly policies are expected down the line.
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News
Government plans to push ahead with small scheme consolidation
On the go: The government looks set to press ahead with plans to encourage small schemes to consolidate, according to analysis of consultation documents by LCP.
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Auto-enrolment reaps rewards as contributions hit £20bn
On the go: Auto-enrolment continues to boost pension savings with total contributions rising by £5bn in 2019, but savings are expected to slump this year due to Covid-19.
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MPs urge regulator to reassure struggling employers
On the go: The Work and Pensions Committee has called for clarity from the Pensions Regulator over its Covid-19 enforcement procedures, voicing concerns that some “conscientious employers” will be reluctant to take advantage of easements.
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Workplace pension saving on the increase
On the go: Auto-enrolment is proving to be a success as a record number of individuals saved into a workplace pension last year, according to the latest data.
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News
Pensions compliance with furlough tapering ‘horrendously complicated’
The Pensions Regulator’s updated guidance on auto-enrolment and defined contribution schemes is likely to lead to large numbers of mistakes being made, some experts predict, as employers have to grapple with the bifurcated system resulting from the slow death of furlough.
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Regulator appoints 91 trustees during first quarter
On the go: The Pensions Regulator has appointed 91 trustees to ensure the proper administration of pension schemes between January and March, according to new data.
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News
Auto-enrolment weathers second contribution increase
A step up in the level of minimum contributions to workplace pension schemes in the UK has resulted in a minor uptick in employees choosing to opt out of saving, according to a new study.
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Dormant pots to exceed 20m in 2020 due to Covid-19
On the go: The impact of the coronavirus pandemic on the UK labour market will cause a 32 per cent increase in the number of dormant pension pots in 2020, according to new research.
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News
Scottish Widows calls for AE-funded hardship fund
On the go: Scottish Widows is calling for the introduction of a single lifetime savings pot that would be funded through an extension of automatic enrolment, but with higher contribution levels.
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Regulator warns employers exploiting Covid flexibilities
On the go: The chief executive of the Pensions Regulator has assured MPs that despite its decision to pause enforcement activities, it will make exceptions for employers who treat its intervention as anything other than a temporary cash flow aid.
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Regulator to be empowered by expansion of ‘snoopers’ charter’
The Pensions Regulator is to be given new powers including the right to harvest communications data, in order to prevent “serious crime”, according to draft legislation published last month.
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Nest member waits two years to recover £80 in missed contributions
The Pensions Ombudsman has finally brought to a close a woman’s two year hunt for £80 in missed contributions from her employer.
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News
Deloitte considers pension contribution cut
On the go: Accountancy firm Deloitte is proposing to cut the employer pension contribution for its UK staff in an attempt to cut costs amid the coronavirus pandemic.