Record-keeping must improve to protect member savings The failure of more schemes to properly assess the quality of their record-keeping is a serious issue, as our recent research has shown. Governance survey highlights liberation and automatic enrolment results Our eighth annual scheme governance survey included new information to reflect changes in the pensions landscape, including automatic enrolment and pension liberation. Master trust assurance framework The framework was developed to support trustees of master trusts and the practitioners who are engaged to provide independent assurance reports. DB pension costs research and comparison tool launched Research examining how DB schemes of different sizes are impacted by administration and other running costs. We have also developed a charges checklist and a web tool to help trustees assess how the costs of their scheme compare with those of a typical scheme of a similar size.
HMRC Pension Newsletter 63
8 July 2014
HMRC’s latest Pension Newsletter includes information on a number of helpful topics, including new iForms.
Newsletter 63 provides updates on protection schemes and contact arrangements, as well as news about the introduction of new iForms as replacements for existing paper forms.
Annual report from the Pensions Ombudsman
14 July 2014
The Pensions Ombudsman has published his annual report and accounts for 2013/14. This includes an interesting analysis of the reasons why pensioners and others have complained to the Ombudsman in the past year.
The report identifies the three main topics of new investigations in the year as:
Incorrect, missing or overdue benefits 15% Misquotations or wrong information 12% Ill-health benefits 10%.
The Ombudsman also reports on a significant number of complaints about pension liberation, mainly relating to blocked transfers, where people had not been allowed to transfer out of schemes because the provider thought the intention was to take cash when tax rules do not allow it (an “unauthorised payment”).
Preparing for the end of contracting out
16 July 2014
CIPP Policy News Journal
08/04/2015, Page 381 of 521
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