As part of the campaign, targeted emails will direct trustees, scheme managers, employers and advisers to a new page on TPR’s website where they will find specific and relevant content that sets out clear standards that TPR expects schemes to meet.
They will also be signposted to supporting resources, including guidance within TPR’s codes of practice and practical tools to help trustees raise the standards of governance in their schemes.
The campaign will focus initially on emphasising the fundamental importance of good governance. As it progresses in the coming months, extra content will be added to the website, covering key governance themes including:
clear roles and responsibilities clear purpose and strategy competence and integrity upskilling and training managing advisers and providers managing conflicts of interest
managing risk
meetings and decision-making
value for members
Read more about the new campaign from TPR
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Pension freedoms inquiry launched 22 September 2017
The Work & Pensions Committee has launched a new inquiry into whether and how far the pension freedom and choice reforms are achieving their objectives and whether policy changes are required.
This work will follow up an inquiry by the Committee shortly after the reforms were introduced in 2015.
For many people the choice of what to do with their pension savings in preparation for retirement will be the biggest financial decision they ever make. This inquiry has a wide scope, taking in the current picture of what people are doing with their retirement savings and how they chose their paths, the information and guidance available, and the way the pension product market is working. Concerns about scams One of the major concerns about the new freedoms is the potential for fraudsters to target people thinking about accessing or moving their pension pots. Police data shows that over £43 million of people’s retirement savings have been lost to fraud since the policy was announced. Recently the Pension Regulator warned that their anti-scammer “kitemark” is being used fraudulently by scammers and the Department for Work and Pensions has brought forward proposals for further anti-scam measures. The Committee is keen to hear of people’s experiences with scammers, and what might be done to prevent these potentially devastating losses. Saving decisions and guidance Research indicates that people are making their pension choices without the support available, increasing the risk that they will not get the best value from their savings. Of people aged 55 and over and planning to retire in the next two years, just 7% used the free and impartial Pension Wise guidance service.
Market research for the Financial Conduct Authority found that early access of pension pots has become the ‘new norm’ and that most who do so take a ‘path of least resistance’, with low levels of shopping around.
Nest, the state-backed workplace pension scheme, recently expressed concerns that its millions of members may be at risk of running out of money, be hit by high charges or pay additional tax as a result of inadequate support structures being in place.
Call for evidence
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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