All articles by Benjamin Mercer – Page 2
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NewsPodcast: Webb - Opperman achieved but ‘got sidetracked easily’
Podcast: Former pensions minister Guy Opperman can boast a number of achievements from his time in office. But he was too easily sidetracked away from the bigger issues, such as under-saving in defined contribution schemes, and towards trivialities such as the statements season. LCP partner Sir Steve Webb gives his view on Opperman’s time as minister, and discusses under-saving in DC and a local council investment scandal.
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NewsInflation presents ‘considerable risk’ to DC pension pots
Skyrocketing inflation figures pose unique challenges for defined contribution pension schemes as memberships surge to record highs, according to the Pensions Policy Institute’s DC Future Book.
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NewsMajority of low earners cannot afford auto-enrolment contributions
Nearly seven in 10 (69 per cent) of low earners are unable to afford pension contributions due to the cost of living crisis, according to new research from Legal & General Investment Management.
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NewsAPPT pushes for diversity and inclusion in trustee boards
On the go: The Association of Professional Pension Trustees has launched a “hints and tips” briefing focused on diversity and inclusion, in a bid to influence how trustees go about shaping their boards.
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NewsCovid-hit fiduciary management market gains 70% in 5 years
Although the UK fiduciary management market has risen by 11 per cent a year over the past five years, its growth is still below the previous period’s figures, with Covid-19 having an impact on selection processes in 2021, according to a survey by IC Select.
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NewsOmbudsman orders law firm to pay thousands in missing contributions
The Pensions Ombudsman has handed a £1,000 fine to a law firm and ordered it to repay thousands more in missing contributions, after it failed to engage either with the affected member or the ombudsman’s office.
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NewsOmbudsman hits Teachers’ Pensions with maladministration fine
The Pensions Ombudsman has fined Teachers’ Pensions £500 for maladministration after it failed to adequately inform a member about the rules around breaks in pensionable service, but dismissed the member’s argument that the fine should be increased to the minimum required in cases of employment discrimination.
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NewsFBU urges employment tribunal to protect member benefits
The Fire Brigades Union has said it will encourage and assist its members in taking claims before an employment tribunal to protect their pension benefits, while it continues to negotiate with the Home Office for a permanent solution.
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NewsFirst-half bulk annuity volumes surge 50% against 2021
On the go: The pensions risk transfer market is up 50 per cent in the first half of 2022 compared with last year’s H1 figure, with £12bn in buy-ins and buyouts making for the third-largest H1 figure on record, according to analysis from LCP.
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NewsDB members could lose £25,000 to inflation increase caps
On the go: Members could stand to lose out on £1,200 a year due to caps on inflationary increases in defined benefit schemes, amounting to £25,000 of missed income over a lifetime, according to analysis from XPS Pensions Group.
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NewsGovernment presses ahead with NHS scheme uplifts
The Department of Health and Social Care has expanded on its plans to change the way member contribution rates are calculated and decided in the NHS Pension Scheme, launching a new consultation laying out its proposed uplifts to contribution tier thresholds.
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NewsDerbyshire among funds at risk in £138mn solar farm scandal
The Derbyshire Pension Fund is among a number of public sector institutions with members’ money invested in a scandal-hit council investment project that has seen £138mn in public money go missing.
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NewsLGA calls for mandatory national insurance data in dashboards
The Local Government Association has argued that making national insurance numbers optional data will lead to a “poor experience” for pensions dashboards users, and has called for the government to make it a mandatory feature.
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NewsPASA guidance tackles ‘concerns’ over administration transfers
On the go: The Pensions Administration Standards Association has released guidance to tackle “increasing” concerns about the transfer of administration services, citing delays, unreasonable charges and deteriorating performance during the notice period.
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NewsRise of DC poses risks and challenges for future pensioners
Increasing reliance on defined contribution savings means the requirements of future pensioners will be markedly different from those of previous generations, placing a greater emphasis on the need for communication and support, as well as on the role of annuities, a report from the Pensions Policy Institute has revealed.
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PodcastsPodcast: Pension tax changes needed to save NHS from ‘rock bottom’
Podcast: Staff shortages and ever-growing waiting lists have left the NHS at “rock bottom”, but the government “has its head in the sand”. Changes to the pensions taxation regime are essential to fix the problem, argues Vishal Sharma, pensions committee chair at the British Medical Association. He is joined by Mark Bondi, council member at the Society of Pension Professionals and senior technical consultant at Capita, to discuss the NHS, the High Court’s retail price index decision, and pension priorities for new prime minister Liz Truss.
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NewsInsurers publish first bulk annuity ‘best practice’ guide
On the go: UK insurers have collaborated to produce the industry’s first-ever “best practice” guide for schemes preparing for bulk annuity quotations, laying out principles by which trustees, advisers and administrators should abide.
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NewsNest Insight emergency savings trial shows ‘very encouraging’ results
On the go: A trial of an opt-out emergency savings scheme has seen “very encouraging” early findings, boasting a 53 per cent participation rate, according to Nest Insight.
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NewsTPR’s criminal powers ‘pose risks’ to universities
The Pensions Regulator’s new criminal powers could potentially pose risks to university sponsors of defined benefit schemes, especially in light of reforms at the Universities Superannuation Scheme, legal experts have said.
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NewsLabour would scrap pensions tax cap to boost NHS staff
On the go: Labour’s shadow Health and Social Care secretary, Wes Streeting, has pledged to do away with the cap above which NHS workers incur additional tax burdens, in a bid to dissuade experienced staff from retiring.