The Chartered Institute of Payroll Professionals
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To those outside of the public sector or software development these items will not mean much, but for those of you who know this remedy all too well these updates can provide some insightful help and examples.
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Pension Awareness Week 2023 Published: 12 September 2023 Emailed: 13 September 2023
Hot off the heels of National Payroll Week 2023 is Pension Awareness Week 2023.
This week is dedicated to all things pension and how people can make the most of their own pension savings. The guys over at Pension Geeks started Pension Awareness Week in order to improve peoples knowledge and understanding of pension products and how they can engage with them. www.pensionawarenessday.com is full of links to resources, articles, FAQs and toolkits. On top of that, this week, there are a range of pension webinars to get stuck into, so have a look and encourage others to share them wider so everyone can show their pension some attention. Jonathan Bland, Co- founder of the campaign, said: “We started Pension Geeks 10 years ago from our kitchen after being frustrated with the lack of materials and guidance that truly helped individuals make sense of pensions. There were a lot of industry events that talked about how to improve communications but there was nothing aimed at helping people with the nitty gritty of saving for retirement. That’s why we started the Pension Awareness Campaign - our mission always has been, and continues to be, to provide people with practical and meaningful help, so that they can find the confidence to get to grips with their money.” “Thanks to the backing of providers and our supporters over the years, we’ve been able to keep building the campaign, and to be running for 10 years is an incredible achievement. Through the years I can recall so many stories from people being in tears bec ause they’re at the end of their tether with their pension, or people finding thousands of pounds in pensions they didn’t know about. This campaign has helped to change lives, and that’s why we keep on doing what we’re doing.” The CIPP encourages employers to ensure that employees are engaging positively with their pension choices. With the Pension Lifetime Savings Association (PLSA) highlighting the need for pensions adequacy, it is more important than ever to be involved. The sooner pensions are interacted with in a workers lifetime, the better for reaching a favourable outcome at retirement.
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DWP: independent review of TPR Published: 3 October 2023 Emailed: 4 October 2023
The Department for Work and Pensions (DWP) has conducted an independent review of The Pensions Regulator (TPR) to assess its performance across multiple areas.
Led by Mary Starks of DWP, the review looks at how well TPR is doing in a regulatory role, how well it adapts to challenges, its operation and funding, its relationship management with key stakeholders and how well it uses opportunities for efficiency.
It is noted that TPR is well-regarded and well-run, with particular note being given to the successful implementation of automatic enrolment. The report makes 17 recommendations, that broadly fit into the below themes:
• Risk and growth : following the LDI event last autumn and broader policy concerns about productive finance, the question of how UK pension funds are invested has come under the spotlight. It is important that TPR plays an authoritative part in these policy discussions, as an informed and expert voice aligned with the interests of savers.
cipp.org.uk
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