The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
From a political standpoint, the hope is the appointment of an ‘Under Secretary’ implies that there will be less political tinkering and interference in pensions. Time will tell whether that underlying message is the case. Quite possibly the most important message is a direct call to Richard Harrington to avoid any more ‘rabbits out of hats’ or surprises, which would only cause distraction and diversion from getting the best out of the many good things that are already in place.”
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Pensions Ombudsman update 21 September 2016
Pinsent Masons has produced an interesting briefing about Pensions Ombudsman news and determinations.
Topics included in this edition are:
Considering an application for ill-health early retirement Due diligence required on transferring out Retiring on the basis of an incorrect retirement benefits statement No maladministration where a member is 'forced' into deferred status because of business sale Retiring on the basis of incorrect retirement benefit quotations Justifying exercising discretion Disagreement on level of transferred benefits Loss of enhanced redundancy terms on opting-out
The full update can read on Pensions Matter at Pinsent Masons .
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New Retirment Quality Mark launched 26 September 2016
The Pension Quality Mark (PQM) Board has launched the Retirement Quality Mark (RQM) to help savers with the choices they face when making the most of their retirement income.
The RQM will:
Build on current guidance and act as an enabling tool to help consumers make informed decisions. Signal products that had met an independent quality standard in relation to governance and communications. 85% of consumers thought it was important for a good retirement product to be independently accredited by a third party. Help build confidence in pensions and retirement saving.
The Board of the PQM hopes that the new Mark, part of the Pension Quality Mark family, will also help the development of a robust in-retirement market that operates in the interest of savers.
Launching the new award, Adrian Boulding, Chair of the Pensions Quality Mark Board, said:
“The RQM gives savers a clear line of sight to the quality of in-retirement products. This will help them in making the complex decisions about which retirement income products to choose, knowing that the products they’re purchasing have been independently verified to ensure they meet certain standards on governance and communications. It also supports trustees as they’ll be able to signpost scheme members to products that meet the quality standards.”
Joanne Segars, PQM Executive Director and Chief Executive of the Pensions and Lifetime Savings Association, commented:
“Launching a RQM is an important step in supporting the development of a robust in-retirement market that operates in the interests of savers and also drives up the standard of the products available. When it comes to making a decision
The Chartered Institute of Payroll Professionals
Policy News Journal
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