standards for the design and selection of default options how schemes administer members’ pension pots
Although this call for evidence is primarily aimed at people designing, advising on and running work-based defined contribution schemes, the CIPP Policy Team will study the consultation and, if appropriate, will issue a survey to collect CIPP member opinion.
Click here to view the consultation.
REVISED CODE OF PRACTICE FOR DC SCHEMES
15 July 2013
The Pensions Regulator (TPR) has published a revised code of practice for trust based defined contribution (DC) schemes.
The draft code has been laid before Parliament and the Northern Ireland Assembly and is expected to come into force in November 2013. Meanwhile, trustees and their advisers can use it to familiarise themselves with the standards of governance TPR expects in DC trust- based schemes.
It is underpinned by a number of principles and quality features that describe the activities, behaviours and processes that are more likely to deliver good member outcomes.
Commenting on the release of the draft code, the director for DC, governance and administration, Andrew Warwick-Thompson said:
"Getting DC pensions right is central to making automatic enrolment a success and improving retirement incomes for millions of people.
"Although there are many excellent DC schemes governed in members' best interests, overall standards remain mixed. The code of practice will help to meet trustee demands for practical guidance on how they can meet the legislative requirements for running a DC scheme."
View the revised DC code and related materials
In the coming months TPR aims to deliver additional good practice guidance for the governance and administration of DC schemes, and updates to the modules in their free, online, learning programme - the Trustee toolkit.
And to help employers, they will shortly make available an updated guide to help them select a good DC pension scheme for automatic enrolment.
PENSION INDUSTRY STAKEHOLDER FORUM - PENSION SCHEME TRANSFERS
17 July 2013
In advance of the publication of the revised draft Annual Allowance Charge Order HM Revenue & Customs has issued a circulation to the Stakeholders of the Pensions Industry Stakeholder Forum (PISF). Work is on-going to address a number of unintended outcomes from the changes to the Annual Allowance Charge tax rules introduced in Finance Act 2011. HMRC intends to issue a revised draft Annual Allowance Charge Order for comment as soon as possible – having considered the range of responses to consultation into the previous draft published on 16 November 2012.
CIPP Policy News Journal
16/04/2014, Page 430 of 519
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