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Regulatory overload is heaping costs on pension schemes and deterring individuals from becoming trustees, according to the Association of Consulting Actuaries (ACA).
Savers want to know what their pension is costing them with figures presented on annual statements, cross-industry research initiative has found.
9 th June 2021 11:58 am The Department for Work and Pensions (DWP) should give more guidance and time to help trustees process tougher defined benefit (DB) transfer rules. The call comes from initial responses to its consultation on pension transfers that closes tomorrow. The DWP wants to introduce new powers that give trustees and pension managers greater scrutiny of transfers. The new rules are part of a broad crack down on scams that have been a concern of MPs and campaigners in light of the pandemic. The tough proposals will force pension schemes to follow a prescribed process when the...
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download Find whitepapers