where to go if they have retirement related questions - they can put their questions to people. Can TPAS and MAS achieve the same results with their decision tree approach? "We should allow the US approach to proliferate with trustees given tax incentives to provide guidance and they would work with providers to do this. I'm not sure how quangos and civil servants can say they understand the needs of members better than an employer/provider approach." Vanguard's Utkus agrees great strides have been made in the US in recent years in terms of helping retirees access information and advice and that efficient use of technology will be all important. "With 401k plans there are services you can add - financial engines - that work out cheaper than a financial adviser," he says. "These can manage income in retirement for a 40bps incremental fee. I can imagine such an experience coming to the UK." So it would seem that the UK market has many lessons to learn from its US and Australian counterparts in terms of retirement income. However, Cooper believes that the best approach will be one where annuities continue to play some part in people's retirement planning. "It would be good if people could partially annuitise to ensure they have enough to live on and then have flexibility with the rest of it," he says. "Ideally we need to move towards a middle ground and voluntary partial annuitisation should be the way forward. I just hope that in the UK annuities don't get lost altogether in the changes." However concerns remain for McAteer: We've gone too far in the balance between state and individual pension provision," he says. "It flies in the face of everything auto-enrolment has achieved. Some will do well and get better tailored solutions but they will be the lucky ones. Others will be put into the market at the wrong time and run the risk of running out of money. Asset managers will be the winners here."
Commons committee to investigate automatic enrolment and pension reforms
15 September 2014
The Work and Pensions Committee of the House of Commons has decided to begin a new inquiry into progress with automatic enrolment in workplace pensions.
The announcement says that the Committee plans to take account of the changed context arising from the recent announcements of Government proposals for changing pension taxation arrangements, and introducing Defined Ambition and collective pension schemes.
The committee is inviting submissions from interested or affected parties.
Companies delaying auto enrolment: new research published
2 October 2014
New research published jointly by the CIPP and Payroll World shows that more than half of UK companies are delaying their auto enrolment.
The announcement by the CIPP and Payroll World jointly includes details of the new research. The results are quite worrying, but at the same time should provide helpful practical advice for those employers who have yet to prepare for auto enrolment.
Two years of automatic enrolment: A good start, but more to do
2 October 2014
CIPP Policy News Journal
08/04/2015, Page 338 of 521
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