All member engagement articles – Page 11
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NewsCloud-based data recovery service wins industry praise
A new cloud-based service promising independent data backup facilities for pension schemes has won praise from industry experts, who hailed it as an “innovative solution” to the rare but worrisome prospect of administrator failure.
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PodcastsPodcast: Treasury admin fund could help tackle McCloud
Podcast: The Treasury should create a fund to help schemes cope with the administrative load of the McCloud remedy. So says Ray Martin, director at HS Sole Trustees, who is joined by Pensions Administration and Standards Association chair Kim Gubler to discuss TPR’s new climate change agenda, the NAO’s warning about the burdensome McCloud judgment, and a bizarre proposal for a national pension fund.
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NewsBridging pension option smooths Rolls-Royce scheme restructure
The introduction of a bridging pension option in the Rolls-Royce UK Pension Fund has helped smooth the transition for its members following a scheme restructure announced in May 2020.
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News
TPO publishes guidance for trustees on IFA appointments
On the go: The Pensions Ombudsman has published guidance for trustees when appointing financial advisers for their members, and how they can protect themselves from complaints.
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OpinionThe future is… consolidation?
Consolidation in the defined contribution market is booming, with master trusts sweeping smaller schemes, but questions remain about who will be the winners, writes PTL’s managing director Richard Butcher.
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NewsPensions dashboards’ 2023 target ‘under threat’
The target date of 2023 for the introduction of the pensions dashboards is under threat from a lack of clarity in several key areas, the Society of Pension Professionals has warned.
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PodcastsPodcast: Uber decision poses challenges for master trust sector
Podcast: For master trusts, onboarding gig economy workers who could be entitled to a pension following the Supreme Court’s Uber verdict is not as simple as it may sound. Hymans Robertson’s Patrick Bloomfield, partner, and senior DC investment consultant Victoria Panormo unpack the problem, in an episode also covering the Pensions Regulator’s draft criminal powers policy, and the Department for Work and Pensions’ climate risk consultation.
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NewsUSS deficit increase requires ‘unaffordable’ contribution hikes
The Universities Superannuation Scheme’s deficit has quadrupled to more than £14bn, requiring contribution rate hikes from employers amounting to an “unaffordable” 56.2 per cent of payroll, according to figures announced on Wednesday.
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OpinionWhy purpose, personalisation and pace must shape modern pensions
It is no secret that few people engage with their pensions. More than half of UK workers do not know the size of their pension pot.
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Calls for DWP to change chair’s statement rules
On the go: The Department for Work and Pensions is to publish a review of the effectiveness of defined contribution chair’s statements in April, which has prompted some specialists to call for a major rethink.
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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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News
Most savers unaware of schemes’ climate change endeavours
On the go: Three-fifths of workplace pension members do not know if their scheme is taking any action to combat climate change, according to a survey by the Pensions and Lifetime Savings Association.
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Schemes’ industry investments lag behind climate targets
On the go: Pension schemes with investments in heavy industry like steel, cement, aluminium and paper are likely to find them lagging behind the Paris agreement’s targets, with 86 per cent failing to align with a pathway to “2C or below by 2050”.
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News
Nine out of 10 DC savers expect retirement shortfall
On the go: Almost 90 per cent of defined contribution scheme members expect a shortfall in retirement income based on current provision, while almost a quarter of people think they will never be able to retire, according to the latest edition of Aon’s DC member survey.
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Smart Pension pledges to reach carbon zero before 2050
On the go: Smart Pension has committed to developing its investment approach to reach net-zero carbon emissions “well ahead” of the 2050 deadline.
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News
GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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OpinionTrustees must take action to prevent admin operational issues
A scheme’s financial covenant is the trustees’ primary concern, but contingency plans should also be in place for managing ongoing administration should an employer fail.
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News
Barclays integrates ESG into £1.3bn sustainable growth fund
On the go: The Barclays Bank UK Retirement Fund has announced the integration of environmental, social and governance factors, as well as climate risk, into its diversified Multi-asset Growth Fund.
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News
Calls for actuaries to offer strategic advice as schemes target endgame
An industry group is proposing a radical change in the actuarial role, suggesting these professionals should step away from a technical specialist position to offer strategic advice, while moving away from triennial valuations.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.