Add value to your members by offering them an MOT

The recent introduction of the enhanced digital Midlife MOT by the UK Government represents an essential change in the way retirement planning is approached. As the dynamics of work and life expectancy continue to progress, this action focuses on leading people of ages between 40 and 50 towards a more stable and prepared future. Louise…

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From Awareness to Action: Bridging the Gap in DC Pension Schemes’ Value

Pension Schemes

It’s an appropriate time for DC pension schemes to question whether they are providing value to members – particularly the smaller schemes. A recent survey revealed a lack of awareness around value and ultimately, failing to meet expectations set by The Pensions Regulator (TPR).   Survey Results Undoubtedly, it is a challenge for smaller DC…

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Trustees must not lose focus on protecting savers from economic volatility

Signs of recovery within some financial markets have emerged following last year’s economic turmoil; with the average loss in pension since the UK Government’s ‘Mini-budget’ being 4%, Trustees should remain focused on protecting their savers from economic volatility. Recent months have seen UK equities balance in value, but rising interest rates and high inflation continue…

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Supporting DC Members

Amongst concerns that the value of some defined contribution (DC) pots has fallen, The Pensions Regulator (TPR) released a statement in January 2023 stating that savers must be supported during economic volatility. With the rising cost of living, savers under financial stress may be more susceptible to pension scams and fail to make long-term decisions…

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Are you trying to juggle too much at once as a Pension Administrator?

Pension administrators have a lot of additional projects to be considering at the moment such as GMP equalisation and the Pensions Dashboard and it is important to stay on top of changes whilst also juggling your everyday work. Trustees and scheme sponsors should be providing assistance in supporting the ever changing processes for pension administrators.…

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What challenges do Trustees face in 2023?

Trusteeship is a critical aspect of the pension industry, and it is becoming increasingly important in the current landscape. Pension scheme trustees are responsible for overseeing the management and administration of pension schemes and ensuring that members’ interests are protected. As the industry moves into 2023 there are a number of issues that are making…

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Single Code – Get your priorities right

single code

Although much of the Single Code of Practice will be made up of new existing expectations, Trustees are beginning to feel the effects of the code coming into place. The three key new requirements of the code are: The own risk assessment (ORA) Effective systems of governance (ESOG) Remuneration policy Many believe that the ORA…

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How do you know which Auditor is best for your pension scheme?

audit quality

Audit standards in the UK have come into question over the last few years with different high profile scandals appearing more frequently in the news and audit firms receiving significant fines. The Financial Reporting Council (FRC) is intended to measure and compare the ability of audit firms to accurately audit the financial statements through Audit…

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Training materials are expanding for Professional Trustees

training materials for trustees

Over the coming year we are expecting to see Professional Trustees being required to expand their knowledge and expertise in a range of areas. A key area of focus is environmental, social and governance requirements being in place on Professional Trustees of pension schemes. The Association of Professional Pension Trustees (APPT) have announced plans to…

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Own Risk Assessment (ORA)

own risk assessment

By now, you have probably heard of the Single Code of Practice, however are you aware of the Own Risk Assessment (ORA)? Section 64AL of the Pensions Act 1990 requires all trustees with Schemes over 100 members, to carry out and document an ORA. The draft Code has stated that the latest date by which…

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