All contract-based schemes articles
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NewsFCA proposes ‘targeted support’ for vulnerable pension savers
The Financial Conduct Authority (FCA) is considering giving pension providers the ability to provide “targeted support” to certain groups of people to help them make decisions about their retirement savings.
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NewsSome DB schemes will be subject to ‘stronger nudge’ requirements
On the go: Some defined benefit schemes will have to comply with the Department for Work and Pensions’ new “stronger nudge” requirements, due to come into force on June 1, dispelling suggestions that only defined contribution schemes would be affected.
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OpinionIGCs let savers down with impunity
In an earlier column for Pensions Expert, I asked whether independent governance committees were up to the job of looking after the interests of millions of workplace pension savers.
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News
FCA drops cost requirement for all contract-based funds
On the go: The Financial Conduct Authority has ditched a requirement for workplace pension providers to disclose and illustrate the impact of charges on all of their defined contribution funds, after industry concerns were raised in consultation.
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News
IGC reports are ‘vague’ and lacking information, says Labour MP
The effectiveness of independent governance committees has come under the spotlight in the Work & Pensions Committee’s hearing on pension costs and transparency inquiry, with the bodies blasted for lacking information.
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OpinionWhy would anyone set up a trust-based scheme today?
Not so long ago, trust-based pension schemes were the only option in town.
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News
High charges could affect £26bn of scheme assets, review warns
The Financial Conduct Authority and Department for Work and Pensions’ Independent Project Board has found that about £26bn of pension scheme assets are potentially facing charges of 1 per cent or higher.
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OpinionIndependent governance committees – what lies ahead for 2017?
From March 2015, providers of contract-based defined contribution schemes are required by the Financial Conduct Authority to have an independent governance committee that regularly reports back.
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OpinionLifting the curtain on transaction costs
Editorial: The Financial Conduct Authority’s proposals for transaction cost disclosure have been welcomed across the industry, but confusion has crept in over how this will affect trust-based schemes.
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News
GPP provider list will raise standards, trustees say
The Pensions Regulator has added the first group personal pension provider to itslist of recommended GPPs open to all employers. It expects more providers to apply for inclusion, and said GPP demand will increase ahead of auto-enrolment compliance deadlines.
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News
Proposed early exit charge cap gets mixed response
The Financial Conduct Authority yesterday proposed capping exit charges at 1 per cent of pot value for existing contracts, while banning them altogether for future contracts.
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Opinion
What the latest IGC reports tell us
Analysis: For as long as the term 'independent governance committee' has been floating around the pensions industry there have been questions about how they will work.
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NewsRoyal London publishes first IGC report but independence questions remain
Royal London has become the first provider to release an independent governance committee report, providing key insights into how committees are defining value for money and dealing with legacy pension schemes.
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News
Trustees and IGCs gifted with new tools to aid DC reporting
Trustees and committees overseeing defined contribution arrangements have been thrown a line with new reporting templates to help them meet their governance obligations, but some argue a comparative framework could further strengthen the assessment of value in DC.
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NewsFT chooses new provider as DC governance debate rumbles on
Employers eyeing a transition into a contract-based defined contribution arrangement must consider the impact of a shift away from trust-based governance on members and administration, experts have said.
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OpinionContract-based DC is still playing governance catch-up
The clear direction of travel over the past few years has been to create a level playing field between trust-based and contract-based defined contribution pension schemes.
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Opinion
How to reconcile multiple appointments on governance boards
Any other business: In three weeks, the requirement for pension providers to form independent governance committees to monitor the effective running of contract-based schemes will come into force.
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OpinionEditorial: Adding pages to the rulebook
"Clearer, perhaps tougher... governance is not automatically more effective," wrote Richard Butcher in last week's Informed Comment. Bad decisions can still be made within a decent structure.
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Opinion
McClymont: Why IGCs are missing the I and G
There is nothing more important than good governance to ensure value-for-money workplace pensions. Without robust governance in the interest of savers, the success of auto-enrolment is not a sure thing.
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News
Uncertainty on IGC detail as providers get ready for April
Pension scheme providers are gearing up ahead of the April deadline to create independent governance committees, but are eagerly awaiting further details on how the arrangements will be run.