Challenge and disclosure must be the norm if savers are to get value from their pensions
The Pensions Regulator Blog
by Nausicaa Delfas
1w ago
The pensions industry is at an inflection point. We are moving from a pensions landscape of thousands of small schemes towards a concentrated marketplace of complex financial institutions. As we manage this transition, one guiding principle needs to run through all that we do – that schemes should drive value for money for pension savers. But how do we achieve value? Through challenge and disclosure. Asking the tough questions The value for money framework, which The Pensions Regulator (TPR) is developing with the Department for Work and Pensions and Financial Conduct Authority (FCA), seeks t ..read more
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New boost for employer compliance, as AE savers reach 11 million landmark
The Pensions Regulator Blog
by Web Team
3w ago
There has been a welcome national focus on pension savings recently. It’s vital savers get to know their workplace pensions and consider carefully whether they are saving enough. Thanks to automatic enrolment (AE), just over 11 million people have been newly enrolled into a workplace pension since 2012, with many saving for their retirement for the first time. We are determined to ensure they – and all savers – get the workplace pensions they are due and the best value-for-money outcomes when they come to retire. For our AE teams, this means doing everything we can to ensure employers are mee ..read more
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Trustees, take stock and plan for wider ESG risks and opportunities
The Pensions Regulator Blog
by Mark Hill
1M ago
As climate change reporting requirements become business as usual for many, it’s a good time for all trustees to think about how they could further develop their approach to managing wider environmental, social and governance (ESG) risks and opportunities. ESG disclosure reporting requirements have expanded and that looks set to continue as practices around wider sustainability factors – such as nature and social – develop. Business as usual By now, climate reporting should be business as usual for those in scope, and fully integrated into day-to-day governance. The first tranches of climate ..read more
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Change is coming – we must grasp this opportunity in savers’ interests
The Pensions Regulator Blog
by Nausicaa Delfas
4M ago
It is inescapable that pensions are at a moment of significant change. We are in effect straddling two worlds, gradually moving from one to the other. A past, where employees were promised a generous set income in retirement, and where employers bore the risk in making good on that promise. To a future, where many more people are saving for their retirements, but the risk is entirely on them. A past where we had one employer, one scheme. And a future, where we have a marketplace competing for business. This requires schemes to operate differently and a different type of regulation. We are now ..read more
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Helping savers to assess their DC pensions savings: the principles that will guide us, the challenges we must address
The Pensions Regulator Blog
by louisedavey
4M ago
Nobel Prize-winning economist William Sharpe once described accessing pension savings as the “nastiest, hardest problem in finance”. Indeed, converting pensions into retirement income requires savers to make complex decisions, and the associated risks rest with them – not their pension scheme nor their employer. This is complicated further as most trust-based DC pensions schemes in the UK do not offer any decumulation services. Others provide only limited choice, forcing savers to transfer, unadvised, into the retail sector. The pensions market is evolving rapidly towards fewer, larger, and b ..read more
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Tick off tasks one by one with our pensions dashboards checklist
The Pensions Regulator Blog
by louisedavey
5M ago
Approaching a large project can be daunting at the best of times. We know that we need to clear space in the diary and just get started, but it’s not always that easy. Other tasks need attention. That big project keeps falling down the list, and if its delivery date is months or even years in the future, then putting it off becomes even easier. But procrastination can cause problems down the track. Sometimes we assume that projects won’t take as long as they really will. This can lead to a false sense of security – we think there’s plenty of time to meet a deadline, but then it’s suddenly upo ..read more
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Why we are building relationships with pension administrators
The Pensions Regulator Blog
by Cliodhna Judge
7M ago
New policy initiatives such as Pensions Dashboards and value for money, and unforeseen challenges like Covid and cyber leaks, have once again put the importance of good administration back in the spotlight. Pension scheme trustees are the first line of defence for savers. That’s why driving up standards of governance and administration in pension schemes is central to our work and vital to ensure savers receive the pensions they are due. But administrators also have a crucial role to play which is why, in our role to protect savers and enhance the system, we are changing our regulatory approa ..read more
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How trustees can help make climate scenario analysis ‘decision-useful’
The Pensions Regulator Blog
by Mark Hill
7M ago
With recent research critiquing some climate scenario analysis used by pension scheme trustees for their annual climate reports, Mark Hill, The Pensions Regulator’s Climate and Sustainability Lead, explains what trustees can do to drive change. In April our Executive Director, Nicola Parish, highlighted concerns over the integrity of some climate scenarios and urged trustees and their advisers to think carefully about the narratives they applied to the scenarios they used and the outcomes produced. Since then, we’ve seen scenario models and analysis used by trustees drawn into further questio ..read more
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Supporting innovation in DB superfunds to drive better saver outcomes
The Pensions Regulator Blog
by louisedavey
8M ago
Updated guidance published following review. Protecting savers, enhancing the pensions system and supporting innovation are central to our work. Key to all three of these pillars is having fewer, larger, better run schemes that provide a choice for trustees to improve or consolidate, where they cannot meet our expectations. This is how we improve outcomes. A key area of innovation is the defined benefit (DB) superfund market. They have the potential to provide better outcomes for members through increased security, improved governance and risk management. They also have the potential to off ..read more
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How trustees can improve pension industry diversity in just 20 minutes
The Pensions Regulator Blog
by louisedavey
8M ago
As The Pensions Regulator’s home city gears up for UK’s biggest LGBTQ festival, its Director of Regulatory Policy, Analysis and Advice, Louise Davey explains how trustees can take immediate action to help ensure workplace pensions work for all savers. August is an exciting time for a Brighton-based organisation such as The Pensions Regulator (TPR). Every year the city takes on a special kind of buzz as it prepares for Brighton & Hove Pride and the 500,000 visitors it attracts. This year, like others, TPR is excited to be taking part in the event’s parade. As one of Brighton’s significant ..read more
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