The steady march towards pension dashboards continues in earnest, with some significant milestones over the past six months. These include the Pension Schemes Act 2021¹ receiving Royal Assent, the Pension Dashboard Programme (PDP) publishing its data standards guide² in December and, more recently, its architecture brief for suppliers³ and call for input⁴ on the proposed ‘staging’ of a gradual rollout.
Despite the unprecedented times we have seen over the last 18 months the bulk annuity market continues to be a hub of activity. In actual fact, 2020 was the second largest year on record for the bulk annuity market and the pipeline for 2021 suggests we will see similar volumes this year.
Change is needed now if adequacy outcomes are to be improved for future generations of retirees
Over the last decade the pensions landscape has gone through a great deal of change, with the introduction of Automatic Enrolment, Pension Freedoms and the continued shift from defined benefit (DB) to defined contribution (DC) provision in the private sector. However, the nature of pension saving is inherently long-term and, as a result, policies aimed at increasing pension saving take time to embed and impact later life outcomes.
The challenges from uncertainty and risk, and the role of insurance
Pension Trustee Liability insurance (PTL) was, for many years, regarded as a dull but necessary part of running a scheme. But seemingly overnight, this has changed dramatically. Trustees and their advisors now recognise the vital role that PTL can play in managing risks in today’s fast-moving pensions environment, as trustees manage compliance and residual risks when schemes move into winding-up.
Why have a pension scheme diversity & inclusion policy?
In an ideal world, all of our differences would be equally celebrated and we would not need specific laws to protect an identified group, or awards based on sex, age or colour. Before we get to this utopian ideal, how can having a Diversity & Inclusion policy for your pension scheme help improve fairness.
