Corporate advice

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Pensions governance committees ‘retirement homes’ for industry veterans

Consumer champions have branded the new Independent Governance Committees for contract-based schemes “retirement homes for financial services executives, actuaries and investment bankers”. But providers have hit back, claiming the committees provide greater consumer protection than trust-based schemes. The requirement for governance committees to be established for auto-enrolment schemes was introduced following the Office of Fair […]

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Admin switch leaves Now: Pensions members uninvested

Now: Pensions failed to invest some members’ contributions for at least six weeks, Money Marketing can reveal. Between 11 December 2014 and 31 January 2015, the firm switched to using JLT Employee Benefits as its administrator instead of Equiniti Paymaster. Around 400 employers, representing 200,000 savers, were locked out of the scheme’s systems during a “blackout” […]

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TPR hikes budget by 80% to meet auto-enrol burden

The Pensions Regulator is planning to dramatically increase its budget by 80 per cent as it prepares for millions of small firms to hit their auto-enrolment staging dates. Its 2015/18 corporate plan reveals it expects its 2015/16 budget to be £76m, rising to £106m in 2016/17 and £137m in 2017/18. This year’s budget was forecast […]

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Govt to exempt AVCs from pension charge cap

Additional voluntary contribution schemes where members have made a choice about investments will not be subject to the 0.75 per cent charge cap on auto-enrolment schemes. The Department for Work and Pensions plans to amend rules that would have meant AVCs used within qualifying schemes where members do not make an investment choice would have […]

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Smart Pension launches SME auto-enrol platform

Smart Pension has launched an auto-enrolment proposition that allows small businesses to set up schemes free of charge “in minutes”. The firm – backed by investors behind online businesses such as Zoopla and Secret Escapes – says its new platform allows the 1.3 million employers yet to hit their auto-enrolment staging date to set up […]

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GenLife launches for SME auto-enrol market

New pension provider GenLife has entered the auto-enrolment market with a master-trust and integrated payroll system targeting small firms. Members pay 0.3 per cent in annual management charges plus £1.50 a month. Employers using GenLife for auto-enrolment will also have access to a payroll system using the Papdis data standard for payroll software providers. GenLife […]

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Industry code of practice launched to tackle pension scams

A cross industry code of best practice has been launched to help providers, adminstrators and pension fund trustees in the fight against pension scams. In January, the Pension Ombudsman ruled against members requesting transfers out of schemes in three cases, but criticised providers for failing to do adequate due diligence before refusing requests. The voluntary […]

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Actuaries call for employer-funded advice tax breaks

Employers should be given incentives to provide advice for their staff to help them plan for retirement, the Association of Consulting Actuaries says. Currently, employers can provide up to £150 of advice tax-free but beyond that employees’ advice is taxed as a benefit in kind, meaning individuals are taxed as if it is income. But […]

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Providers hit out at pensions regulator over Nest ‘favouritism’

Two rival auto-enrolment pension schemes have united in condemning The Pensions Regulator’s decision not to publish a list of providers that cater to the small and micro market. Earlier today, the regulator said it had rejected the idea of giving employers a list of available pension schemes because it would be ”disproportionately onerous” for schemes […]