All Defined contribution articles – Page 26
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NewsIncorrect personal data prevents Nest member from opting out
A healthcare company has been told by the Pensions Ombudsman to repay an employee’s pension contributions, after he was unable to opt out due to the employer providing an incorrect date of birth and national insurance number to Nest.
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NewsUnion slams Crown guarantee for Atomic Weapons scheme
The government’s decision to grant a “Crown guarantee” for the Atomic Weapons Establishment Defined Benefit Pension Scheme has been criticised by one trade union for being too late to help its members.
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NewsNumber of savers opting out of pension schemes jumps by 29%
On the go: The number of people opting out of their workplace pension scheme has risen by 29 per cent between March and July this year, according to analysis by pensions provider Penfold.
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NewsAre record energy profits creating an ethical quandary for trustees?
By Tom Higgins | August 12, 2022
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NewsMaPS unclear on origin for half of amber flag scam warnings
On the go: Nearly half (44 per cent) of scam guidance sessions in the past three months have been triggered despite the Money and Pensions Service not knowing why the amber flag was raised to begin with, according to data obtained via freedom of information act request by Quilter.
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NewsUniversity of Dundee staff set for second pensions strike
On the go: Members of the Unite trade union who work at the University of Dundee have agreed to carry out "continuous strike action" for a second time from August 25 over pensions.
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PodcastsPodcast: Schemes struggle to educate members amid cost of living crisis
Podcast: Members should be able to consider dipping into their pensions early to combat the cost of living crisis, but schemes may struggle to educate them about the best means of doing so without giving them advice. Society of Pensions Professionals president Steve Hitchiner is joined by AgeWage chief executive Henry Tapper, founder of the Pension Playpen, to discuss recession fears, consumer protection for dashboards, and expanding long-term asset funds.
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NewsCalls for stewardship code to engage members as well as managers
On the go: The Financial Reporting Council’s stewardship code must “look both ways” and engage members as well as asset managers in developing guidance and standards, according to fintech company Tumelo.
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NewsCornish housing association pilots ‘living pension’
On the go: A Cornish housing association is piloting a ‘living pension’ scheme for its employees, building on research that suggests some savers’ pension contributions will need to rise to more than double their current rate.
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NewsTPR advises employers to shield schemes from refinancing costs
On the go: Companies and pension scheme trustees should take steps to protect their schemes and their employer covenant from the fallout of any refinancing that they have undertaken, according to David Fairs, the Pensions Regulator’s executive director of regulatory policy, analysis and advice.
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OpinionMembers or fraudsters? Take action now to weather the dashboard storm
The Pensions Regulator has ramped up its call to trustees to take action and prepare for the introduction of the pensions dashboard – recently launching its ‘Deadline’ campaign and guidance to get data ready. The largest schemes are expected to connect from June 2023 with medium-sized schemes set to follow from October 2024.
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NewsScams action group gets six-figure budget to tackle fraud
On the go: The Pension Scams Action Group, a renamed and revamped Project Bloom, is to get a six-figure budget to tackle scams across the next year, with the prospect of more to come.
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NewsNearly 1.2mn people missing out on pensions savings
On the go: Almost 1.2mn small-to-medium-enterprise workers are missing out on pensions savings, according to analysis from Broadstone, which has called for these employers to boost member participation.
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NewsWaiting times a problem as demand for Pensions Ombudsman rises
The Pensions Ombudsman has been successful in its application for additional funding, part of which will go towards establishing its new pensions dishonesty unit, and tackling customer waiting times as demand is expected to rise by at least 10 per cent over the next year.
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NewsOmbudsman fines Capita for substandard administration
The Pensions Ombudsman has told Capita to pay £500 to a disgruntled scheme member as its communications “fell below the standards of good administration”, though the member’s substantive complaint was not upheld.
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NewsTPR revamps guidance on fiduciary management tender processes
The Pensions Regulator has published updated guidance on the tender process for fiduciary management services and trustees, setting objectives for investment consultants as it prepares to take over regulation of these duties this autumn.
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NewsExperts warn schemes of recession and inflation risks after BoE rate rise
The Bank of England has announced its highest rate hike in 27 years, lifting its base rate by 0.5 per cent to 1.75 per cent in a bid to control rising inflation, with warnings of an imminent recession creating fresh challenges for UK pension schemes.
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NewsTPR unveils new scam-busting plan amid cost of living crisis
The increase in the cost of living may leave savers more vulnerable to scammers, the Pensions Regulator has warned, as it unveils a new three-year plan to protect individuals from pension scams.
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NewsOne-third of savers worry about lost pension funds
On the go: One in three pension savers are worried they have built up funds they have lost or forgotten about after changing jobs.
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NewsNest invests £200mn in offshore wind farm
On the go: The £24bn National Employment Savings Trust has acquired a stake in an offshore wind farm.