We mentioned at the beginning of June that The Pensions Regulator were to host a webinar to help employers review their current pension arrangements ahead of automatic enrolment. A recording of the webinar is now available. In this webinar recording, Neil Esslemont, Head of industry liaison at The Pensions Regulator, explains what is meant by a ‘qualifying scheme’ and if you have an existing scheme, Neil explains how to check both if it qualifies and whether you can use it for automatic enrolment. He also provides some information aimed specifically at employers in the public sector. If you don’t currently have a scheme in place for your workers, it’s important that the scheme you choose will deliver good outcomes for your workers’ pension savings. Neil talks us through the six principles for good design and governance of a workplace pension. The webinar also discusses how to find further information including the regulator’s DC qualifying scheme tool, developed to help you assess whether your defined contribution (DC) scheme meets the qualifying criteria. Neil Esselmont has also kindly been travelling around the country talking to CIPP members at the National Forums about their obligations under the new automatic enrolment regulations.
Follow this link to access the webinar recording
PQM GETS READY FOR AUTOMATIC ENROLMENT WITH NEW STANDARD ON CHARGES
4 July 2012
The Pension Quality Mark (PQM) is adapting to changes sparked by auto-enrolment by setting up a new standard for pension schemes that use new types of charge.
Previously, only defined contribution (DC) pension schemes that used annual management charges (AMCs) were able to apply for PQM. The new standard continues to require that a scheme’s charges total 1% or less for both active and deferred members, but opens the Mark up to schemes that have different arrangements, such as flat-rate charges or contribution charges. To receive the PQM, such schemes will have to demonstrate that their charges are better than or equal to a 1% AMC for scheme members on half average earnings (£13,000 a year). This will ensure scheme charges are good value for people on lower incomes. To date, 152 pension schemes covering 300,000 active scheme members have been awarded the PQM. The Mark recognises pension schemes that have high standards of governance and communications and contributions.
Follow this link for further details on the Pension Quality Mark .
Read the full press release from NAPF (National Association of Pension Funds).
GUIDANCE ON SCHEME CERTIFICATION FOR DB AND HYBRID SCHEMES PUBLISHED
4 July 2012
The Department for Work and Pensions has published guidance for businesses who want to use high quality pension schemes for automatic enrolment. The detailed guidance is on
CIPP Policy News Journal
12/04/2013, Page 240 of 362
Made with FlippingBook - Online magazine maker