DB to DC transfers – Pensions Regulator consultation

2 March 2015 The Pensions Regulator has produced a useful consultation document on DB to DC transfers and conversions and invited comments by 17 March 2015. The consultation document is pretty clear, concise and accessible and is likely to form the basis of new guidance for DB pension scheme trustees faced with the tricky question of how to handle DB members wishing to transfer to a DC scheme.     For me, there are five key areas: There should be relatively few cases where such a transfer is actually in the best interests of the member – giving up guaranteed…

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Do you have quality DC pension scheme governance?

10 February 2014 The Pensions Regulator has followed up its work on the DC Code and DC Regulatory Guidance with their views on how trustees (both for single- and master-trust vehicles) should assess and communicate their compliance with these initiatives. To recap, the DC Code lays out the legal framework for DC trust-based pensions and provides suggestions of practical guidance on how to comply whereas the DC Regulatory Guidance lays out the Regulator’s view on the quality features underpinning their view of good practice. The Regulator has laid out 31 key quality features in areas such as trustee knowledge, training…

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Follow Up: Department of Work and Pensions : Auto Enrolment Thresholds 2013 / 14

19 December 2012 The Department of Work and Pensions has announced the results of their consultation on auto enrolment thresholds for 2013/14 (our previous article is published here). The conclusion of the consultation has agreed DWP’s approach to align the three key thresholds to the corresponding National Insurance thresholds and the earnings trigger has been adjusted to take into account changes in the PAYE threshold announced in the Chancellor’s Autumn Statement.

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The Pensions Regulator : Record-keeping data integrity deadline looms

19 September 2012 On 6 September, the Pensions Regulator published a press release urging trustees and scheme administrators to take action to get beneficiary records in order in time for the regulator’s end-2012 deadline. The regulator originally set targets in 2010 for compliance in accuracy of “common” data items: for instance name, address, DOB and NI numbers. Their aim was for 95% of data to be in place and accurate for data records prior to June 2010 and full 100% accuracy for data subsequent to this. It is self evident that data integrity is vital for contact with beneficiaries and…

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Department of Work and Pensions : Consultation on Auto Enrolment Thresholds 2013 / 14

13 September 2012 The Department of Work and Pensions have published a consultation document on updating the auto enrolment thresholds for the 2013/2014 tax year. The DWP continues to work with three principles that were identified as part of the previous year deliberation: i) bringing the right people into scope, ii) finding the right minimum level of saving and iii) balancing costs and benefits for individuals and employers. The DWP’s provisional proposal updates the threshold levels and, for operational payroll simplicity, aligns these with existing tax and National Insurance thresholds.

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