has a legal duty to make regulations which ensure that information on costs and charges information is provided. The Government also considers that members have the right to know where their money is invested, where it is proportionate for trustees and managers to tell them.
The proposals follow earlier calls for evidence on: improving transparency in workplace pensions: transaction costs disclosure investment disclosure
The consultation closes at 5pm on 6 December 2017.
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Workers must be protected from pension roulette, says TUC 31 October 2017
New analysis finds market volatility can cost savers up to £5,000 in their annual pension payment.
A typical worker could be £5,000 a year poorer in later life if they retire after a bad year for pension funds rather than in a good year, research commissioned by the TUC has shown.
Analysis of historic investment returns by the independent Pensions Policy Institute found that a pension saver’s pot size can vary by up to 40%, and it’s just the luck of the draw.
This can mean a difference of as much as £5,000 a year for life for a man on median earnings who has been in a defined contribution scheme for 40 years.
The impact of investment returns on the workplace savings of women is similar. However, due to a pattern across the last 40 years of lower wages and savings for women workers, female retirees are likely to have greater reliance on the state pension. The analysis therefore focused on historic figures for median male earners.
TUC General Secretary Frances O’Grady said:
“Someone who has saved all their working life should not have to play roulette with their pension fund. But if their retirement lands on a bad year, market volatility could leave them with a much poorer standard of living for the rest of their life. Every saver should be enrolled into a well-governed scheme that is able to cushion members from the worst markets can throw at them. And it is time to implement plans that were passed into law two years ago for collective pensions, which can be less volatile and more efficient than traditional schemes.”
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Recognised overseas pension schemes notification list 2 November 2017
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list. 19 schemes have been added, 2 have been removed and 2 have been amended.
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017. You’ll need to check that the scheme you’re transferring to on or after that date meets the new requirements.
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