Governance And Best Practice In Workplace Pension Provision
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Improving Governance And Best Practice In Workplace Pensions
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Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
language : en
Publisher: The Stationery Office
Release Date : 2013-04-25
Improving Governance And Best Practice In Workplace Pensions written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-25 with Business & Economics categories.
The introduction of auto-enrolment makes rigorous pension scheme governance essential. This Report calls on the Government to reassess the case for establishing one body with sole responsibility for regulating workplace pensions. There are concerns over current gaps in regulation and the potential for further gaps to arise as a result of now having three regulators, the Pensions Regulator; and the new Financial Conduct Authority and Prudential Regulation Authority, set up to replace the FSA. The Report argues that a single regulator is necessary to ensure that all members of workplace pension schemes are adequately and consistently protected. It also highlights that deferred-member charges and member-borne consultancy charges have the potential to cause serious consumer detriment. It recommends that both are banned by the Government, if significant progress is not made in the very near future by the industry towards ending them. There is particular concern about member-borne consultancy charges and those charges applied to deferred members - people who stop contributing to their pension scheme. The trend towards lower pension scheme charges is welcome. However, a good average is not sufficient and there is potential for consumer detriment in schemes that persist in retaining high charges. The Government should also regularly review its policy on capping charges for auto-enrolment schemes. Consumers are also continuing to lose out when they buy annuities because pension providers are not doing enough to ensure people are aware that they can shop around for the best annuity rate rather than being obliged to buy an annuity from their pension provider.
Governance And Best Practice In Workplace Pension Provision
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Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
language : en
Publisher: The Stationery Office
Release Date : 2013-02-12
Governance And Best Practice In Workplace Pension Provision written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-12 with Political Science categories.
Good Governance For Pension Schemes
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Author : Paul Thornton
language : en
Publisher: Cambridge University Press
Release Date : 2011-07-14
Good Governance For Pension Schemes written by Paul Thornton and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-14 with Law categories.
Regulatory and market developments have transformed the way in which UK private sector pension schemes operate. This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.
Improving Governance And Best Practice In Workplace Pensions
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Author : Great Britain. Parliament. House of Commons. Work and Pensions Committee
language : en
Publisher:
Release Date : 2013-06-28
Improving Governance And Best Practice In Workplace Pensions written by Great Britain. Parliament. House of Commons. Work and Pensions Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-28 with Pensions categories.
Government response to HC 768-I, session 2012-13 (ISBN 9780215056979)
Automatic Enrolment In Workplace Pensions And The National Employment Savings Trust
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Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
language : en
Publisher: The Stationery Office
Release Date : 2012-03-15
Automatic Enrolment In Workplace Pensions And The National Employment Savings Trust written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-15 with Business & Economics categories.
The Government established NEST as a low-cost pension scheme to help deliver the auto-enrolment programme and to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provision. However, the Committee believes that certain restrictions placed on NEST will create complexity for employers and will disadvantage some employees. The Committee's report recommends that, if state aid rules allow, the Government should remove the following restrictions: the cap on the annual contributions an individual can make to a NEST scheme; and the ban on individuals transferring existing pension pots into NEST. The Committee further urges the Government to proceed with its plans for State Pension reform, introducing a flat-rate State Pension and reducing the level of means-testing without delay. The report also highlights the difficulties and complexity employers and employees currently face in comparing the fees and charges applied by pension providers and recommends that, from 2013 onwards, if some auto-enrolment schemes still have hidden charges, or charges that represent poor value for money, the Government should use its powers to intervene. Auto-enrolment will impose new costs and may be particularly challenging for small employers however the Committee considers that the Government has taken appropriate steps to minimise the impact on businesses through its gradual and flexible approach ("staging and phasing") to implementation. Exempting small employers would create significant complexity, as well as excluding many employees from the benefits of workplace pension saving
Pension Fund Governance
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Author : Michael Orszag, John Evans, John Piggott
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-06-30
Pension Fund Governance written by Michael Orszag, John Evans, John Piggott and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-30 with Business & Economics categories.
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions
Department For Work And Pensions Public Consultation Better Workplace Pensions A Consultation On Charging Cm 8737
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Author : Great Britain: Department for Work and Pensions
language : en
Publisher: The Stationery Office
Release Date : 2013-10-30
Department For Work And Pensions Public Consultation Better Workplace Pensions A Consultation On Charging Cm 8737 written by Great Britain: Department for Work and Pensions and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-30 with Social Science categories.
This Government is proposing to introduce a system of automatic pensions transfers to help people to better keep track of their workplace pension savings. The majority of people being automatically enrolled are likely to join the default fund in defined contribution (DC) schemes. It is, therefore, important to ensure that these schemes deliver the best possible value for money. The impact of the charges levied on people's pensions savings over their lifetime can be significant - seemingly small variations in charges can result in a considerable difference in people's final retirement savings. A number of voluntary industry initiatives seeking to improve disclosure of charges information to scheme members and employers have been launched in an effort to reduce the complexity of the product. The Government welcomes these initiatives, but is interested in views on whether further action is required. There are a number of potential options: mandating disclosure to members by widening the disclosure requirements, to include information about charges; standardising disclosure to employers; or disclosure of transaction costs - require disclosure to members, employers, as well as trustees, and independent governance committees (as recommended by the OFT). The Government is also interested in hearing views on whether: a cap on pension scheme charges should be introduced; differential charging between active and deferred members should be banned in DC qualifying schemes; the ban on consultancy charges should be extended from AE schemes to all qualifying DC schemes; adviser commissions set up prior to the introduction of the Retail Distribution Review should be banned in qualifying schemes
The Single Tier State Pension
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Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
language : en
Publisher: The Stationery Office
Release Date : 2013-04-04
The Single Tier State Pension written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-04 with Social Science categories.
This report welcomes the improvements in retirement income that the new Single-tier State Pension will bring. However, the key to the policy's successful implementation lies in the Government informing the public as soon as possible about how it will affect individuals. The Committee criticises the Government for hampering its scrutiny of the proposals. The Government not only imposed an extremely tight timetable, but brought forward the implementation date by a year, after the Committee had completed taking evidence. The Committee says that the Government must work with them to ensure the transition is as smooth as possible and that Defined Benefit pension schemes do not suffer as a result. The Government should also develop and publish a clear explanation of how means-tested support, including passported benefits, will operate under the Single-tier Pension, and the transitional protection that will be put in place. Many women born between 1952 and 1953 believed that they would suffer a double adverse effect on their State Pension income, arising from the increases in their State Pension Age combined with their ineligibility for the Single-tier Pension, if it was introduced in 2017 as set out in the White Paper. The Government should clarify the position. Some women did not build up their own NI record because they had an expectation that they would be able to rely on their husband's contributions to give them entitlement to a Basic State Pension. The Government should assess and publish the cost of allowing women in this position who are within 15 years of State Pension Age to retain this right
Better Workplace Pensions
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Author : Great Britain. Department for Work and Pensions
language : en
Publisher:
Release Date : 2014
Better Workplace Pensions written by Great Britain. Department for Work and Pensions and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Government Response To The Fifth Report Of The House Of Commons Work And Pensions Select Committee Session 2012 13 Into Part 1 Of The Draft Pensions Bill
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Author : Great Britain: Department for Work and Pensions
language : en
Publisher: Stationery Office
Release Date : 2013-05-10
Government Response To The Fifth Report Of The House Of Commons Work And Pensions Select Committee Session 2012 13 Into Part 1 Of The Draft Pensions Bill written by Great Britain: Department for Work and Pensions and has been published by Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-10 with Political Science categories.
Dated May 2013. Government response to HC 1000, session 2012-13 (ISBN 9780215055552)