OFT secures agreement with TPR to tackle reform of pension schemes
23 September 2013
An agreement has been reached between the UK Office of Fair Trading (OFT) and The Pensions Regulator (TPR), whereby the two organisations will propose improvements to defined contribution (DC) workplace pension schemes, in order to make sure pension savers get value for their money.
Financial News reports:
The OFT said that it is calling for changes to the £275bn DC workplace pension market, following its market study which revealed that the complexity of pension schemes makes it difficult for pension savers and employers to choose the right product. Approximately five million people are currently saving into DC pension schemes and now that the Government has introduced auto-enrolment, the numbers of savers are expected to increase to nine million over the next five years. However, auto-enrolment could cause some problems for employers who are responsible for deciding which pension scheme to choose for their employees, as smaller businesses with limited resources may not be able to assess the value of certain pension schemes. According to the OFT, savers may not get value for money from old and high charging contract and bundled-trust schemes, which contain around £30bn of savings, while smaller trust-based schemes, which contain around £10bn of savings, may not provide value for money due to a lack of trustee engagement and capability. The OFT also said steps should be taken to improve the scrutiny of pension schemes.
Read the full story from Financial News .
The Pensions Regulator codes of practice on maintaining contributions
24 September 2013
The Pensions Regulator (TPR) has published revised codes of practice on maintaining contributions. They are accompanied by guidance to help employers calculate their contributions and pay them on time. The codes which came into force last week set out TPR’s expectations of trustees and pension providers, and how they should meet their duty to monitor payments, communicate with members, and report failures to pay. They build on current good practice and existing legal duties, and focus on establishing clear accountabilities for achieving good outcomes for members.
View the codes of practice and our guidance for employers on contributions .
Pensions Industry Stakeholder Forum
7 October 2013
HMRC has published the latest set of minutes from the Pensions Industry Stakeholder Forum.
This forum focuses on operational rather than policy issues and is the main route of engagement between HMRC and representative bodies.
The CIPP policy team sits at this forum and if you have any issues that you would like to put forward to the agenda of this forum, please email Samantha Mann.
CIPP Policy News Journal
16/04/2014, Page 435 of 519
Made with FlippingBook - Online magazine maker