To be part of the PSIG, there is an application form on the Combating Pension Scams website for trustees to complete.
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The Pensions Regulator consults on new code of practice 22 March 2021
The Pensions Regulator (TPR) has launched a consultation, which explores the possibility of collating ten of its current 15 codes of practice into one singular web-based document.
The consultation asks for industry views on this consolidation, and was published on 17 March 2021, with a closing date of 26 May 2021. In particular, TPR welcomes responses from:
• Trustees and managers of occupational and personal pension schemes • Scheme managers • Advisory board • Pension boards of public service pension schemes • Member-nominated and lay trustees
The consultation also incorporates the amendments that were brought in by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018.
TPR’s Executive Director for Regulatory Policy, Analysis and Advice, David Fairs said:
“The new code of practice represents TPR’s ambition to create a single point of consistent and up-to-date information for all pension scheme governing bodies.
It will determine how governing bodies should approach governance and administration and provide consistent expectations across different types of scheme, set at a level we consider appropriate for any well-run scheme.”
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The Small Pension Pots Working Group holds its first meeting 26 March 2021
On 24 March 2021, the Small Pension Pots Working Group held its first session. The Minister for Pensions and Financial Inclusion, Guy Opperman, attended the meeting.
The group was formed to address the issue of the ever-increasing number of small, deferred pots in the pension system, prompted by the introduction of Automatic Enrolment (AE) back in 2012. The problem seems to arise where those saving towards their retirement move jobs and lose track of their existing savings. Small pension pots present challenges for both savers and for schemes. The small balances of these inactive pension pots often get completely swallowed by costs and charges, and where individuals have multiple pension pots, it makes it harder for them to keep track of their savings. It is also more burdensome for pension schemes to administer small pension pots, as opposed to administering larger pension pots. Research highlights the fact that, at present, there are more than eight million deferred pension pots, and eight million active pots in master trust schemes. There are many more in other Defined Contribution (DC) schemes. It is perceived that, in master trusts alone, by 2035, there could be approximately 27 million deferred pension pots and nine million active pots if no action is taken, hence why the group was formed to tackle the problem. The aims of the Small Pots Co-ordination Group are to explore current data-matching requirements, data standards and to look at the requirements for a low-cost transfer process for mass consolidation. The Group will also direct work across the industry, “focusing on the administration processes that will underpin a future long-term consolidation model in the interests of savers.”
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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