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November 2020

09Nov

UK. DWP guidance nudge claims are ‘pure spin’, says MP

MPs have criticised the Department for Work and Pensions’ (DWP) latest proposals on guidance nudges, saying they lacked determination and would not go far enough to increase uptake. In the latest hearing of the Pension Schemes Bill, Neil Gray, a Scottish National Party MP, labelled the DWP’s claim that a stronger nudge by providers would significantly increase take up of Pension Wise guidance “pure spin”. Mr Gray said: “[...] the cited Maps (Money and Pensions Service) stronger nudge trials...

November 9, 2020
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06Nov

UK. FCA chairman hails ‘significant improvement’ in DB advice

The chairman of the Financial Conduct Authority has hailed significant improvement in the defined benefit transfer advice market following a "systematic and intensive" supervision drive. Speaking at a Treasury select committee meeting yesterday (November 4) Charles Randell praised improvement in the pension advice sector, a market which has been the subject of heavy scrutiny by the regulator in recent years. Mr Randell said the FCA had undertaken a "systematic and intensive" supervision programme with firms with defined benefit...

November 6, 2020
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05Nov

Ireland. Minister Humphreys announces the Establishment of the Pensions Commission

The Minister for Social Protection, Heather Humphreys, T.D., has today secured Government approval to establish the Commission on Pensions. The Commission, which will be chaired by Ms Josephine Feehily, will examine sustainability and eligibility issues in respect of State Pension arrangements and will outline options for Government to address issues such as qualifying age, contribution rates, total contributions and eligibility requirements. Read also UK. Can superfunds be the silver bullet for DB woes? The membership of the Commission reflects the...

November 5, 2020
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October 2020

28Oct

UK. DWP launches ‘Stronger Nudge’ plans to boost Pension Wise usage

Pension Wise is a public website/service set up by government to help people understand their pensions and seek additional guidance if needed. Today, the Department for Work and Pensions (DWP) has launched plans to boost pension guidance take up by "nudging" people towards the help available. Pension assets can be notoriously confusing and tricky to manage given their complexity and rules which change from scheme to scheme. To address these issues, the government set up Pension Wise in 2015...

October 28, 2020
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27Oct

US. IRS Announces 2021 Retirement Plan Contribution Limits For 401(k)s And More

How much can you save for retirement in 2021 in tax-advantaged accounts? How does $58,000 sound? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2021. The basic salary deferral amount for 401(k) and similar workplace plans remains flat at $19,500; the $6,500 catch-up amount if you’re 50 or older also remains the same; but the overall limit for these plans goes up from $57,000 to $58,000 in 2021. That helps workers whose employers allow...

October 27, 2020
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23Oct

UK. The Pensions Regulator issues guidance on £170bn pension ‘superfunds’

The Pensions Regulator (TPR) has published new guidance for trustees and employers on transferring to defined benefit (DB) ‘superfunds’, as PwC research suggests up to one million pension scheme members and £170bn of assets could take this route over the next decade DB superfunds offer a way for employers to consolidate existing schemes, by replacing the sponsoring employer with a capital-backed vehicle or a special purpose vehicle (SPV). They create a large retirement savings fund which includes different company...

October 23, 2020
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22Oct

UK. COVID-19 will bring forward the date when the pensions triple lock is unpicked

Today’s figures from the ONS show that inflation in the year to September was just 0.5%. September is usually particularly important as the increase in prices over the year to that point is conventionally used in calculating how benefits and state pensions are to be uprated in the following April. Read also UK. The Pensions Regulator issues guidance on £170bn pension ‘superfunds’ For the basic state pension and the new state pension current Government policy is triple lock indexation, which means that payments...

October 22, 2020
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21Oct

Mexico. López Obrador faces pension funds’ ire with commissions cut plan

Plans by Mexican President Andrés Manuel López Obrador to force fund managers to cut their fees as part of a pension reform have prompted threats of litigation. Read also Chile’s pension funds join global gold ETP rush Private pension funds would have to cut their commissions almost in half to 0.54 percent, from 0.92 percent, according to a bill sent to Congress in September, which is expected to be approved in both chambers in the next weeks. Read also COVID-19...

October 21, 2020
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16Oct

UK. What the amendment to the Pension Schemes Bill could mean in the battle against fraud

During the maelstrom of seven months of Covid-19, we’ve grown used to hearing about a select number of reoccurring concerns, one of which is the menace of pensions fraud. Although pensions fraud is not a new phenomenon, there has been growing concern that the environment of uncertainty created by the global pandemic is enabling ruthless scammers even more freedom to wreak their misery. Barely a week has gone by without there being a round of headlines relating to the...

October 16, 2020
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16Oct

India. Regulator Plans To Hike Fee Charged By NPS Fund Managers

Fund managers of the National Pension Scheme will soon be able to charge a higher fund management fee. Read also Canada. Commission on Aging to hear about COVID-19 impact on elderly at Oct. 21 meeting A committee, comprising members of the Pension Fund Regulatory & Development Authority as well as representatives of the mutual fund industry, is finalising a proposal for a new fee structure for the fund managers of the NPS, Supratim Bandyopadhyay, chairman at the regulator, said at...

October 16, 2020
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