Taking the Pulse of pensions: PMI’s 4th survey results
As we review the outputs from our 4th Pulse survey, we felt it may be worthwhile looking to see if any trends were emerging. The aim was to not only find out what the industry felt on key hot topics but also to ascertain if opinions regarding policy and The Pensions Regulator (TPR) were showing any movement. For the first time we feel we can look at trends developing and move forward with our Pensions Tracker.
To go the extra mile? Facilitating financial advice for DB scheme members seeking to transfer out
“Despite our previous interventions, both with individual firms and across the sector, we think the risk of harm from unsuitable advice remains unacceptably high.” FCA, Policy statement on pension transfer advice (June 2020)
The Department of Work and Pensions (DWP) has issued a Call for Evidence seeking views on the effectiveness of costs, charges and transparency measures in protecting pension member outcomes. In particular, the DWP wants input on the ‘level and scope’ of the charge cap that applies to Defined Contribution (DC) default arrangements used for auto-enrolment. This could mean a squeeze on providers to bring charges down – although this doesn’t automatically guarantee better value...
Pensions Administration has to be one of the most exciting jobs in the world. With the drift towards Defined Contribution (DC), the importance of administration, automation, Artificial Intelligence and member communication makes it even more so. While everyone gets excited about FANGS (Facebook, Amazon, Netflix, Google and Spotify), I can quite happily get my kicks right here, right now.
DC considerations: communicating with people in challenging times
“My parents are in a high risk category”, “my partner’s been furloughed”, “I’m burning through cash” and “the market has dropped 30%” – in unsettling times people need clear, reassuring information. Otherwise there’s a danger they might be tempted to make kneejerk decisions and derail their retirement plans.
