TPO and TPR share information to boost standards and protect members 23 May 2018
The Pensions Ombudsman (TPO) and The Pensions Regulator (TPR) have signed an information-sharing agreement to enhance their combined knowledge and understanding of developing issues.
Professional Pensions reports that the agreement outlines aims to:
• protect scheme members against the "rise in pension scams and the greater need for robust governance standards," endorse and support the achievement of higher standards across the industry, and • ensure a safe saving environment in the "forever changing" pensions landscape. The arrangement came into effect in March and details the principles both organisations will follow when sharing information about complaints and concerns, acknowledging that both organisations have shared goals and an overlap in responsibilities.
For example, information concerning pension complaints handled by TPO may be shared with TPR, helping to inform its investigation processes.
Similarly, following an investigation of a pension scheme, TPR may advise TPO of any concerns it has regarding that scheme's failure to implement policy and procedural changes as it had recommended.
In its practice, TPO deals with complaints and disputes that concern the administration and/or management of both occupational and personal pension schemes. Its role is to investigate complaints and disputes in a fair and impartial way.
TPR works more closely with employers and those running pensions, in order to help members save safely and securely for their retirement.
The agreement is the latest in a series of moves tying public pensions bodies together. Earlier this month, Parliament approved legislation to allow the merger of The Pensions Advisory Service (TPAS), the Money Advice Service and Pension Wise into a single financial guidance body.
Meanwhile, TPO has taken on TPAS' dispute resolution services, and has also agreed to share information with the Financial Ombudsman Service.
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Gender Pay Gap follows women into retirement 30 May 2018
New research from Prudential reveals that women retiring in 2018 will have incomes 29 per cent lower than men - nearly £5,000 annually; however their retirement income has hit an all-time high as the gender gap shrinks.
Prudential has, for the last 11 years, tracked the finances, future plans and aspirations of people planning to retire in the year ahead. Its ‘ Class of 2018 ’ research highlights the persistence of the gender gap with men expecting to retire on an average annual income of £21,800 compared with women’s of £16,900. The Joseph Rowntree Foundation’s Minimum Income Standard states the income for a single pensioner should be at least £9,998. However, findings show that one in six women will be retiring with an income below this standard, compared to just one in 10 of men. The retirement income gender gap is narrowing and is now the second lowest on record with the smallest gap recorded in 2015 at a £4,800 disparity. This is a significant improvement when compared with the widest gender gap in 2008 when the average expected retirement income for men was 84 per cent, or £9,500 higher than that expected by women.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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