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Pensions pilot scheme – we need you to get involved 24 July 2020
In conjunction with AgeWage, the CIPP are proud to launch an innovative pensions pilot scheme and we’re looking for 25 employers to volunteer to be involved from the outset.
Employers who take part will receive meaningful data about the value they, and their staff are getting from their workplace pension and it's hoped that this data will ultimately be shared with staff, in order to create a wider understanding and improved communication in an area that has historically been difficult to navigate for many.
To learn more about taking part, click here.
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The Pensions Regulator: Latest Stakeholder update 7 August 2020
The Pensions Regulator (TPR) has published its latest Stakeholder update, which aims to provide the latest guidance, publications, and other communications.
Just a few of the items included are as follows:
Annual Report and Accounts 2019/2020
TPR’s 2019-20 Annual Report and Accounts (ARA) demonstrates how the regulator has improved industry standards and safeguarded many more schemes than ever before.
A number of key successes are listed, including:
•Direct contact with more schemes than ever, via a supervisory approach, which covers approximately two-thirds of UK memberships •The completion of the roll out of Auto-Enrolment (AE) duties to employers – now over 10.2 million people (or 98%) of eligible job holders are in a qualifying scheme •TPR ensured the safety of employees, and had a rapid and controlled response to the outbreak of coronavirus, in addition to providing clear guidance to the pensions industry and stakeholders to help them in dealing with the crisis •Extended use of powers – Former charity chairman, Patrick McLarry, was handed a five-year jail sentence – the longest term ever secured by TPR. Additionally, a firm was fined £350,000 for failure to observe its AE duties •38 Master Trusts (MT) have been authorised, resulting in 16 million members and £38.5 million being placed in better- protected schemes •Four regulatory initiatives have been put in place, meaning better standards in record-keeping, reducing recovery plan lengths and balancing deficit repair contributions and investment governance •Average length of recovery plans re-submitted to TPR fell from 7.5 years to 7.1 years, and deficit repair contributions were up £11.4 billion
DB funding code of practice consultation
TPR has launched a consultation, closing on 2 September 2020, which proposes how best to achieve a clearer Defined Benefit (DB) funding framework. The proposals confirm which principles should underpin the new funding framework, and how they could be practically applied.
TPR is holding a webinar on 13 August 2020 at 14:00, in which experts will discuss the proposals and answer any questions.
Trustee Round up newsletter
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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