As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.
Which? is calling on the Government, employers and the financial services industry to develop a national strategy to boost savings levels. In a new report, the consumer group says just 41 per cent of people have savings equal to 3 months essential expenditure – the figure recommended by Government. It also found 24 per cent […]
Legal & General is set to cancel its membership of the Association of British Insurers. In a letter to ABI director general Otto Thoreson, L&G chief executive Nigel Wilson says the firm has been reviewing its membership after the the trade body’s investment affairs division was merged with the Investment Management Association. The insurer also believes […]
Brokers have criticised lenders for failing to help existing borrowers switch to a better deal after year-on-year remortgage approvals fell in June. The Bank of England last week released data showing the first uptick in mortgage approvals since January, with 108,857 approvals in June representing an 8 per cent rise from 100,451 in May. Industry commentators […]
Investors and advisers are exposing themselves to a ‘ticking time bomb’ by using risk-profiling tools, The Platforum has warned. The investment and distribution consultancy says some firms are overly reliant on risk-profiling software and argues some tools are biased toward risk tolerance over capacity for risk. In May, the FCA urged firms to provide transparent explanations […]
Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.
I heard an oxymoronic gem from a fellow Gooner in Azerbaijan last week ahead of the Europa League final. “Keep your wits about you, lads,” he said. “The police here will just grab you and throw you in the cells. They don’t take no prisoners!” The fan’s concern for his compatriots was great but his articulation […]
Investors from collapsed wealth manager Greyfriars Asset Management should be able to get some type of compensation, say administrators Smith & Williamson. Greyfriars went into liquidation in October 2018 when Smith & Williamson were appointed as joint administrators to the troubled provider. A six-month progress report published on Companies House sheds light on how the administration work […]
Aviva has confirmed there are no plans to split its UK business in two parts despite talks last month of a shake-up under new chief executive Maurice Tulloch. The Financial Times reported in May that the life insurance and non-life insurance parts of the UK operation could be split in a bid to re-energise the […]