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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CII opens enrolment for pension freedoms programme

The Chartered Insurance Institute has launched a new pensions exam unit following the introduction of radical new freedoms this week. Money Marketing revealed that the CII was planning to launch a new unit in February, whilst also overhauling other relevant programmes. The CII says the new unit, R08, will help students understand how the latest […]

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MAS recruits non-exec trio

The Money Advice Service has appointed three new non-executive directors to sit on its board. Caroline Fawcett, Michael Dailly and Nicola Bruce have been appointed by the FCA, and join the MAS from today. Among other roles, Fawcett was previously held marketing and customer experience positions at L&G. She is also a non-executive director on […]

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Caroline Rookes: MAS review of Farnish report will be ‘open and transparent’

Money Advice Service chief executive Caroline Rookes has promised its review of recommendations published by Christine Farnish will be “open and transparent”. Earlier today, the Farnish report recommended that the MAS budget for consumer education be halved, while the body should also face a substantial reorganisation. The MAS has pledged to investigate the findings before […]

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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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FCA lays out financial incentives misselling concerns

The FCA has laid bare concerns about potential misselling risks created by sales incentives schemes at firms dealing with retail customers. The document lays out the FCA’s approach for all firms dealing with retail consumers, and comes following an increase in whistleblowing and evidence of instances of poor practice. While the regulator says it has […]

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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 […]