Devolution is adding new layers of complexity to pensions, creating confusion, questions and cost.
The Pensions Regulator looks set to get much busier in the future with a remit to use an expanded armoury on “the small number of employers evading their obligations” towards DB pension schemes.
In recent years, regulators have put so much emphasis on the minutiae of defined contribution pensions that we seem to have forgotten about the bigger picture.
Clients who act as sole trustee to their SSAS or FURBS are unknowingly storing up potential problems for their families after their death, which could easily be avoided by some simple planning now.
Informed members make informed decisions - but effective engagement doesn’t just happen, it needs a well-defined strategy incorporating a clear understanding of where schemes and members are now, where they want to be, and the tools and support to help them get there.
Employee Assistance Programmes are one of the most effective tools available to support employees. However, they are under-promoted, under-utilised and therefore undervalued by those employees they are there to help.
A FCA consultation proposed expanding the pool from which the FSCS draws the funds it uses to pay compensation. It proposed that 25% of the levy on financial advisers be paid by the providers of pension products. Results are in… providers to pay!