This is the third essay in a series of six produced by the PMI’s Master Trust Innovation Workstream. This essay aims to set out how we can expect member engagement with Master Trusts to evolve in the next five to ten years
“Innovation opportunities do not come with the tempest but with the rustling of the breeze” Peter Drucker
September 2020 marked the first time the PMI has offered a large scale online exam with its Certificate in Pensions Calculations, traditionally a paper-based exam, moving into the digital world across all of the United Kingdom and Ireland. Approximately 700 learners participated in the series of exams over the month.
Impact of unemployment on your retirement goals & member engagement
Covid-19 has had a devastating impact on the global economy as well as the significant loss of life. We take a look at the employment sector in the UK and how being out of paid work can have a detrimental impact on your retirement goals.
Not as easy as ABC: asset-backed contributions post-Covid-19
Asset-backed contribution arrangements (ABCs) are one of the more controversial innovations in Defined Benefit (DB) scheme funding. Under these agreements, typically between trustees and one or more entities within the sponsoring employers’ group, a payment stream is derived from an underlying asset and paid to the scheme over a set period, usually via a special purpose vehicle (SPV), in the form of a Scottish Limited Partnership (SLP), intended to avoid employer-related investment (ERI) rules.
Around 9.6 million jobs, from 1.2 million different employers, were furloughed in the UK as part of the government’s job retention scheme1. With much of the workforce financially affected by Covid-19, providing financial education and guidance has never been so important, especially for those considering retirement. Jonathan Watts-Lay, Director, WEALTH at work answers some key questions surrounding this.
The twin factors of an increasingly mobile UK workforce and automatic enrolment have resulted in an ever-growing number of small deferred or ‘dormant’ Defined Contribution (DC) pots.
