The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Ensure all savers in Master Trusts are protected by improving regulation The Pensions Bill should grant power to the regulator to make sure all Master Trusts have strong financial backing and competent trustees. Help defined benefit schemes by simplifying administration and GMP conversion The Pensions Bill should amend the Pension Schemes Act 1993 and clarify the legal process for conversion of GMPs to scheme benefits. “Thanks to automatic enrolment, over six million people are saving in a workplace pension today who were not six years ago and pension freedoms have given people a sense of autonomy and possibility about how they can use their pension savings - but there is still work to do. For the millions of people saving through automatic enrolment we must make sure their money is working hard for them and is secure in strong and high quality schemes. For many savers who now want to make use of their hard- earned savings it seems pension freedoms bring as many questions as answers – and savers will be looking to schemes and providers for help. This Pensions Bill is an opportunity for the Government to secure the success of automatic enrolment and pension freedoms. As importantly, it should lay down a sure foundation for a long-term savings policy in the UK and establish a pension commission.” Joanne Segars, Chief Executive, Pensions and Lifetime Savings, said:
Click here for further details on the PLSA’s recommendations.
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Pension Finder Dashboard project 31 May 2016
The Money Advice Service (MAS) and Association of British Insurers (ABI) on behalf of the Open Identity Exchange (OIX)* have published a report on the latest phase of the Pension Finder Dashboard project. This is a key milestone in achieving the Government’s vision for pensions dashboards by 2019. The Pension Finder Dashboard alpha project working group, a collaboration of 14 organisations, recommended that the dashboard could initially be available in one location, however approved finance industry websites and apps should also be able to host it to maximise consumer engagement in the future.
This dashboard will bring together information about a person’s pension savings in to one single place. This will enable people to take control of their retirement savings and transform engagement with their pensions.
This recommendation was based on consumer research carried out to validate the idea of a Pensions Dashboard, and test the consumer concepts such as: consent to find all pensions, share data, and forecasting future income. Respondents were positive about the proposal and thought it might make them more proactive in managing their pensions, seeking financial advice and increasing pension contributions .
The next phase of the alpha project involves developing a prototype dashboard and continuing to work on architecture and governance.
Caroline Rookes, Chief Executive of the Money Advice Service, said:
“Pension provision has changed significantly over recent years and it is more important than ever that individuals make good decisions so their money lasts for the full length of their retirement. We know that online banking has empowered people to engage with their money more regularly. We hope that being able to keep track of their pension savings in a single digital place will ensure that people are fully informed and can make decisions about their future savings in a similar way. It is vital that consumers remain at the heart of this project. It will also be important for industry, consumer bodies and Government to continue to collaborate and maintain momentum for this project to ensure consumers can access their pensions data by 2019.”
The full white paper report can be found here .
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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