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Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.
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So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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And while the Competition and Markets Authority s (CMA) new rules around retendering mean trustees are having to conduct a lengthier process than they may have been used to, many pension scheme trustee boards are beginning to embrace the requirements. However, one in five respondents in our survey reported that in spite of the new rules they did not run a competitive tender to select their new fiduciary management provider. Furthermore, 21% of schemes did not meet the minimum number required by the CMA for a tender to be considered competitive.
Speaking to
PP last year, Chris Roberts, a professional trustee at Dalriada Trustees, explained that preparation prior to the official launch of the tender is key to its success. In order to run the tender, trustees need to collate information about the scheme, the trustee board structure, the sponsor and the current investment strategy and costs, he explained.