All Broadstone articles
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People NewsAppointments: Royal Mail, IGG, TPT, Law Debenture
The latest hires, promotions and appointments for the week ending 13 September 2024.
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NewsTPR: Why pension administrators are in the regulator’s sight
Policy initiatives including pensions dashboards and value for money, as well as challenges including Covid and cyber leaks, have prompted The Pensions Regulator to change its approach to the regulation of administrators.
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NewsThe power of inertia now threatens the future of pension saving
Levels of trust in pensions and the companies that provide them are at a worrying low, according to analysis of the Financial Conduct Authority’s (FCA)Financial Lives Survey from consultancy Broadstone.
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NewsTPR tells schemes to get ready for new code of practice
The Pensions Regulator’s new general code of practice has been subject to several delays. Now, with the government in summer recess, it will be several months until the final code comes into force.
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NewsFunding levels up and even better than the official stats
The Pensions Regulator’(TPR) has published its 2023 update to its scheme funding analysis for defined benefit and hybrid schemes. This shows that UK defined benefit (DB) and hybrid schemes continue to experience an improvement in funding.
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NewsA third of DC pension members 'have no idea' how much they have saved
A third of savers contributing to a defined contribution scheme have no idea how much is in their pension pot, according to analysis of FCA data by consultancy Broadstone.
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NewsPensions industry: Week in brief
LGPS staff are concerned about resources, according to an PLSA survey: while Broadstone predicts a bumper second half of the year for buyouts: questions over the FCA's consumer duty and a £200m property deal between SLIP and PIC, here's the news you may have missed this week.
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NewsPublic sector pension bill exceeds UK GDP for the first time
Figures released by HM Treasury reveal that Britain’s public sector pension bill has exceeded the size of the total economy for the first time.
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NewsAnnuities are back in fashion, but take up needs to be a long-term trend
Annuity sales surged 22 per cent during the first three months of 2023, according to the ABI, but - despite decades of campaigning - more still needs to be done to educate consumers about them.
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OpinionWhy two pairs of eyes are better than one (for DB sponsors)
When it comes to running defined benefit (DB) pension schemes, sponsoring employers have long suffered from increasing complexity, regulatory burden and cost.
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NewsThink big: Think tank suggests creation of regional superfunds
The Tony Blair Institute has has suggested that thousands of public and private sector pension plans should be pooled into a series of regional ‘superfunds’ with assets of up to £500 billion, as part of an “extremely radical” proposal to free billions of pounds of investment capital to boost the growth of UK businesses.
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OpinionGovernment disappoints in auto-enrolment inquiry responses
We have learnt a great deal from the government’s response to the Work and Pensions Committee’s report from July 2022 on saving for later life, under its inquiry on protecting pension savers — five years on from the pension freedoms.
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NewsGovt refuses to commit to increase auto-enrolment contributions
The government has refused to commit to increasing minimum auto-enrolment contributions, despite acknowledging that the current statutory contribution of 8 per cent is “unlikely to give all individuals the retirement to which they aspire”.
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NewsTPR delays investment data collection from DB schemes
The Pensions Regulator will not be collecting data on fiduciary management and investment consultants from defined benefit schemes as part of its 2023 scheme return, which can present a “gap in compliance”, experts have warned.
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NewsDB schemes’ surplus rises £5.2bn in December
On the go: The aggregate surplus of the 5,131 defined benefit schemes in the Pension Protection Fund 7800 Index increased by £5.2bn in December.
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NewsSmaller schemes face ‘significant’ costs with TPR DB funding code
While the Pensions Regulator foresees an initial hike in implementation fees followed by reduced costs in the long term, experts have warned that the new defined benefit funding code will be particularly onerous for small schemes.
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NewsDB schemes’ surplus falls by £7.6bn in November
On the go: The aggregate surplus of the 5,131 defined benefit schemes in the Pension Protection Fund 7800 Index fell by £7.6bn in November.
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NewsFCA bans third-party dashboard consumer charges
The Financial Conduct Authority will prohibit third parties from charging customers for services linked to pensions dashboards as part of its regulatory framework for the initiative.
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NewsNo sign of ‘notable uptick’ in AE opt-outs despite cost of living crisis
There has been no significant rise in employees choosing to stop contributions to workplace pension schemes so far this year, despite warnings that the cost of living crisis would derail the progress of auto-enrolment.