All Defined contribution articles – Page 78
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Features
Sequencing risk – the scourge of DC retirees
Data crunch: Could you time your retirement to make the most of market conditions? Analysis of historical returns shows many drawdown customers are taking a blind punt on sequencing, raising questions about appropriate retirement products for an inert population.
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News
Hidden drawdown dangers for 615,000 retirees
On the go: Hundreds of thousands of over-55s are unaware they can scale back or stop their withdrawals from their drawdown income, putting them in danger of draining their retirement savings too rapidly.
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News
Employers exposing staff to unexpected tax charges, warns Aon
On the go: Members of pension schemes with group life cover and their beneficiaries may face unexpected tax charges, with many employers yet to update their provision since the 2006 introduction of the lifetime allowance.
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Features
Admin oversight at Aviva delays new default at General Medical Council
The General Medical Council Group Personal Pension Plan has put in place its new default investment option for members more than a year after the intended implementation date, after an administrative oversight at Aviva led to delays.
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News
Pension scheme membership rises to record 45.6m
On the go: Total membership of occupational pension schemes in the UK reached 45.6m in 2018, up from 41.1m in 2017, according to new Office for National Statistics data.
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News
Pensioner poverty rises for the first time since 2011-12
On the go: After more than two decades of virtually continual falls, pensioner poverty has shown a stark rise.
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News
More schemes offering member concessions on DB closure
The number of defined benefit funds undertaking benefit reviews has soared since 2014, recent research has revealed, prompting yet more scheme closures amid a growing tendency to offer member concessions.
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Features
Are DC defaults still lagging on ESG?
Master trust Nest is ahead of the curve when it comes to environmental, social and governance considerations, and while other schemes are catching up, there is still a lot of progress to be made.
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PodcastsPodcast: How will investment pathways help consumers?
Podcast: In January, the Financial Conduct Authority launched its consultation on investment pathways and other proposed changes to its rules and guidance. The consultation closed in April and the watchdog plans to publish its final rules and guidance in July. In this podcast, Jonathan Parker, director of DC and financial well-being consulting at Redington, discusses how investment pathways will help savers make more appropriate choices, and explains why smaller providers should not be exempt from the proposed regulations.
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News
Nest to divest all tobacco holdings
On the go: Nest is to sell all its tobacco shares, the master trust has announced, as it warned of impending regulatory backlash against the sector.
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FeaturesNuclear scheme calls out Prudential for poor value and switches
Trustees of the Combined Nuclear Pension Plan have dropped Prudential as their defined contribution provider, after member-borne charges for its default and other options were rated "poor" in an assessment of value for members.
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News
PSIG calls on trustees to review procedures amid rise in scammers
The Pension Scams Industry Group exhorted trustees to review their scam prevention procedures on Tuesday, as pension fraud attempts continue to rise despite tightening government regulations.
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News
ACA voices support for pensions/housing hybrids
On the go: The Association of Consulting Actuaries has thrown its weight behind flexibilities to allow pension savers to divert pots towards housing purchase, after housing secretary James Brokenshire’s controversial proposal.
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News
Regulator announces authorisation application from new master trust
On the go: The Pensions Regulator has revealed that a total of 39 master trusts have applied for authorisation, including one new master trust, as it indicates that new master trust schemes will face tougher supervision.
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News
More than £90bn saved in workplace pensions in 2018
On the go: Auto-enrolment continues to motor ahead with £90.4bn saved in workplace pensions last year, up £7bn from 2017, according to recent figures published by the Department for Work and Pensions.
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News
Govt admits its pension forecasts have ‘significant’ inaccuracies
Pensions minister Guy Opperman was forced to admit “significant” problems with inaccurate state pension forecasting on Tuesday, raising fears hundreds of thousands of pensioners could be paid less than forecast.
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News
Housing secretary: Let young people raid pension pots for housing
Young people should have access to pension pots to help fund the deposit for their first home, housing secretary James Brokenshire said on Monday, raising the prospect of a rewrite of the UK’s pension rules.
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Opinion
What is the most important feature of a good DC scheme?
Data crunch: There is no doubt that defined contribution pension schemes face a large number of challenges in their quest to deliver good member outcomes.
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News
TPR replaces DC pension trustees at Dunnes Stores
On the go: Pension trustees at Northern Irish high street retailer Dunnes Stores have been stopped by the Pensions Regulator from running the company’s defined contribution scheme.
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Features
University of Birmingham replaces GPP with master trust
The University of Birmingham has replaced its group personal pension plan with a master trust administered by a different provider, following a review of staff retirement savings arrangements.