By IPE Staff2021-01-26T14:54:00+00:00
The policy board for the Pensions and Lifetime Savings Association (PLSA) has identified six priority policy issues for 2021 as several new members join, following a comprehensive selection process.
While the PLSA expects to work on around 40 or 50 policy issues this year, the following have been classified as top priority:
DC decumulation – the PLSA has proposed that a new regulatory regime be established that would require pension schemes to support their members when making decisions about how to access their defined contribution (DC) savings;
Pensions tax relief – to set out the key principles for any reform of pension taxation to help ensure more people achieve a better income in retirement;
The government must create a new ID system to help savers to find old pensions or risk chaos as pots are lost and fees erode savings, an influential think tank has said.In a report commissioned by the
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By Susanna Rust2020-12-21T13:29:00+00:00
The UK pensions industry, working with the government, should prioritise progress on administration processes to enable large-scale consolidation of deferred, small pension pots, a government-commissioned working group has said.
In a report published this week, the group said current evidence, including from international experience, suggested that automatic transfer and consolidation systems would be necessary to complement member-initiated transfers.
However, final decisions should be guided by reform of core administrative processes and systems so workable solutions could be developed, the working group said.
One of its recommendations is that member-exchange proof-of-concept trials involving low value small points within master trust schemes be developed and prioritised by the pensions industry, “starting with a feasibility report in summer 2021 after in-depth scoping work”.
DWP taskforce sets out actions to enable large-scale consolidation of deferred small pots
Philp: Small pots is an issue that needs solving
The small pots working group has made a number of recommendations on how to tackle the growth of deferred members with small pension pots within the AE pensions market – urging the government and industry to take action to enable large-scale mass transfers.
The taskforce - launched by the Department for Work and Pensions (DWP) in September - was set up to examine the scale and nature of deferred, small pots - looking at the whole of the auto-enrolment (AE) pensions market, with a particular focus on master trust schemes.