`The Chartered Institute of Payroll Professionals
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Published: 28 June 2022 Emailed: 29 June 2022
Aon has released their 2022 DC Pension Scheme and Financial Wellbeing Survey report, exploring the use of Defined Contribution (DC) schemes and their use in workplaces across the UK. The survey received responses from those that run and manage DC pension Schemes. While this means that the results and data are heavily focused on the high level running of the schemes, we can still gain some important insights from its results.
The report shows that:
• 46% of DC schemes have the main aim of delivering adequate retirement income, two years ago this was just 29% • Average default contribution rates remain consistent at about 6% employer and 4% employee • 61% of schemes would like to do more to communicate about pensions with employees • 39% of schemes signpost to an Independent Financial Advisor (IFA) upon retirement, an additional 19% plan to do so within the next three years
The full report covers what schemes are offering, their plans and provides advice and expert viewpoints for scheme administrators to maximise potential and offerings.
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Guy Opperman resigns as pensions minister Published: 7 July 2022 Emailed: 13 July 2022
This morning (7 July 2022) Guy Opperman resigned as Pensions Minister, becoming the fifth person of the day to quit under the Prime Minister’s Leadership.
There is no information as to who could succeed Opperman at this time and with news of the Prime minister resigning as leader of the conservative party it may be some time before we hear anything further.
Could we see some of the latest resignations return to posts now that the Prime Minister intends to step down?
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TPR working on extending pensions access to 200,000 gig-economy workers.
Published: 7 July 2022 Emailed: 13 July 2022
Charles Counsell, chief executive of The Pensions Regulator (TPR) has confirmed to the Work and Pensions committee that TPR is working on "a number of individual cases across the delivery and transport sectors", affecting 150,000 to 200,000 gig-economy workers. Determining the employment status of workers in the gig-economy is a complex process. The terms and conditions, the circumstances and the details of the relationship between contractors and firms all affect the worker status, so the test is specific to each case. Recent years have seen numerous high-profile cases that addressed specific instances, with varying judgements. Drivers for ridesharing company Uber, for example, were considered workers and entitled to workplace pensions, while deliveroo riders who deliver food for local restaurants were ruled to be self-employed.
Counsell has highlighted that the gig-economy is an area of focus for TPR, commenting that:
“It is only right that workers contributing to the economy have the opportunity to save for retirement.”
The legal complexities have been acknowledged and TPR is working hard to overcome hurdles to protect savers.
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