Compass, January 2017 issue
We have survived a busy 2016, Blue Monday, the inauguration of the 45th President of the USA and await article 50 being invoked. So what can we look forward to in pensions this year?
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We have survived a busy 2016, Blue Monday, the inauguration of the 45th President of the USA and await article 50 being invoked. So what can we look forward to in pensions this year? The direction of travel seems fairly clear, Pensions Minister Richard Harrington was quick to confirm his intention to maintain the momentum of recent pension reform upon his appointment last year. The focus continues to be on ensuring individual savers enjoy good value for money and high standards of scheme governance. To this end scheme governance, investment costs and legacy issues around DB schemes are the main focus of this edition of Compass.
We look at the long-awaited DWP call for evidence on bulk DC transfers which looks at ways of improving the current rules on transfers without member consent and the Association of British Insurers consultation on new, more member friendly, standards in the future on both pension and investment transfers.
Elsewhere in Compass we look at:
- The Pensions Regulator's commentary on responses to its 21st Century Trusteeship discussion paper focusing on the future of pension scheme governance and regulation.
- The latest consultation on the future of publicly-funded financial guidance.
- The implications for public service pension schemes following on from an Employment Tribunal case confirming that younger judges are discriminated against due to receiving an inferior pension promise than older judges.
- The Work and Pensions Select Committee Report on Defined Benefit pension schemes setting out a series of recommendations for defined benefit pension scheme regulation and additionally a public letter to Frank Field MP and the Work and Pensions Select Committee asking them to open an inquiry into pension and investment costs.
- The European Market Infrastructure Regulation exemption extension for pension schemes.
- The implications of IORP II, the second pensions directive to come from the EU, which requires member states to transpose those new rules into national law by January 2019.
- A round up of other developments.
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So, we wish you all a happy New Year and success with your New Year resolutions. Have a happy, healthy and prosperous 2017!