2021-05-04T16:49:00+01:00
The Pensions Regulator’s new powers includes the right to enter some premises as a result of people continuing to work from home. Specialist pensions lawyers Anne-Marie Winton and Danyal Enver, Arc Pensions Law, share their advice on how you can prepare.
Under current UK pensions legislation, the Pensions Regulator can have the power to enter private homes used by, or by the permission of, the occupier for the purposes of trade or business.
The existing provisions, which have been in place since 2005, allow the Regulator to enter some premises at any reasonable time, in order to gather information during certain, limited statutory investigations. However, the Regulator is having its information gathering and inspection powers extended by the Pensions Schemes Act 2021 due to come into force in Autumn 2021. In light of the Covid-related switch to home working in 2020, and with many companies exploring whether to make a more permanent shift to their
UK Financial Conduct Authority To Require Pension Providers To Offer To Book Pension Wise Appointments For Consumers Date
04/05/2021
The Financial Conduct Authority (FCA) has today proposed new rules to require pension providers to ‘nudge’ consumers to Pension Wise in order to benefit from guidance before they access their defined contribution pension savings. This includes booking an appointment with Pension Wise if the consumer wishes.
Currently, pension providers are required to signpost consumers to Pension Wise guidance and encourage them to seek appropriate pension guidance or advice to help them understand their options. However, take up of Pension Wise guidance remains low.
FCA requires providers to book Pension Wise appointments in guidance push
‘Stronger nudge’
Sheldon Mills: We know that when people use Pension Wise they are happy with the service and find it helpful. However, few people are choosing to attend a guidance appointment.
Pension providers will be required to book Pension Wise appointments for customers under new plans published by the regulator as it attempts to increase retirement guidance take-up.
Providers currently have a duty to signpost clients to Pension Wise for guidance on their retirement plans but will now be required to book the appointment for customers under a stronger nudge policy.
The rationale used to ultimately assess whether certain contribution notices can be issued needs further fine tuning, leading industry associations say.
By Susanna Rust2021-04-29T14:30:00+01:00
A group of UK lawmakers has launched an inquiry into the government’s approach to ensuring pension schemes consider the risks to funds posed by climate change and the role schemes can play in meeting emission reduction targets.
The move comes as the government is due to bring in climate risk regulations for pension schemes ahead of the UK hosting the COP26 climate change conference in Glasgow in November.
“Our inquiry will be examining how the government can inform and be informed by international practice emerging from COP26 and how they ensure schemes consider the risks to pension funds posed by climate change and provide help for them to support emerging technology through greener investments,” said Stephen Timms, chair of the Work and Pensions Committee.