SPP welcomes plans for simpler pension transfers but warns they are
unlikely to work as intended in practice and so suggests a range of practical solutions.
Tags: legislation, pension, Pension Transfers, Pensions, Transfers,
This SPP response urges HMRC to amend draft legislation designed to protect pension savers from unintended annual allowance tax charges following Guaranteed Minimum Pension (GMP) conversion.
Tags: administration, GMP, GMP conversion, legislation, pension, Pensions,
Structural deficiencies, soaring housing costs, and shifting work patterns mean millions of UK workers are heading towards an inadequate retirement unless the government enacts significant reforms.
To help solve the crisis, in this response, the SPP have outlined a series of bold interventions that policymakers should consider in order to dramatically boost pension saving and pull forgotten workers into the savings net.
This thought leadership paper calls for the UK’s emerging Value for Money (VfM) framework to evolve into a practical tool that helps pension savers make better-informed decisions about their retirement savings.
Whilst welcoming the Government’s proposed VfM framework as a major step forward in improving transparency, accountability and standards across the pensions market, the paper argues that the current model is still primarily designed for trustees, regulators and governance bodies rather than the millions of individuals whose retirement outcomes depend on it.
Tags: FCA, Investments, pension, Pensions, regulation, Savings, SPP, value for money, VfM,
Although the £14billion in Pension Protection Fund (PPF) reserves represents a significant opportunity, it also carries a responsibility to safeguard the PPF’s core mission. Striking the right balance between prudence and innovation will be critical as policymakers consider how the PPF can evolve from a “lifeboat” into a broader legacy institution for the UK pensions system. This paper explores how this could be achieved.
The SPP supports the overall direction of proposed changes to Technical Actuarial Standard 310 (TAS 310) covering actuarial work for collective defined contribution (CDC) pensions.
However, it is important that the standards remain principles-based and proportionate, allowing actuaries to exercise professional judgement while ensuring that key issues such as cross-subsidies, assumptions and scheme sustainability are clearly communicated.
This SPP response sets out its support for aligning the 2015 CARE scheme revaluation date of 1 April, with the start of the tax year (6 April) for the purposes of revaluing active members pensions.
This is because it will align the revaluation date with the tax year, simplify administration, improve consistency between tax and pension calculations, and remove an unnecessary misalignment in the current framework.
However, it will have administrative and communication implications and we therefore recommend its implementation be delayed until 2028/29.
This SPP response to the FCA consultation on ESG ratings welcomes their objective of enhancing transparency and providing robust reliable ratings and minimum disclosures for ESG rating providers.
However, the SPP warn of possible practical challenges that will require further consideration including the impact on smaller providers, access to data as well as legal and governance concerns.
Tags: environmental, ESG, FCA, governance, pension, Pensions, regulation, social, SPP,
The SPP backs the FCA & TPR’s proposed Value for Money framework
but calls for improvements.
This response sets out SPP's views on proposals designed to ensure that trusteeship, governance and administration standards keep pace with the evolving pensions landscape.
The SPP response emphasises that the UK’s current trusteeship framework is working well for the vast majority of members, delivering secure benefits and governance standards that are proportionate to scheme size and complexity.
This new report examines how Covenant assessment is evolving under the UK’s new DB Funding Code and dispels a number of persistent myths along the way.
Tags: covenant, employer covenant, Funding Code, pension, Pensions, SPP,
This response sets out SPP's views on TPR's draft code of practice that will amend the existing CDC code which applies to single and connected employer CDC schemes (‘single-employer CDC schemes’).
Whilst expressing support for TPR’s intention to move towards a single code of practice, the SPP provides a number of comments intended to improve the code of practice and support its effective implementation.
Tags: CDC, pension, Pension Schemes, policy, SPP,