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NEST is the low-cost workplace pension scheme that was set up by the government to provide a basic scheme for any employer. This does meet the requirements that you have as an employer as a qualifying scheme but there are other alternatives that you could consider, and more options are available now that workplace pensions have been in place for a while. By opting out of the workplace scheme, your staff are missing out on the benefit of your employer’s pension contribution. This is currently worth at least 3 per cent of an employee’s qualifying earnings and this could play an important role in building their retirement savings. ....
Bank Of England: Minutes Of The Productive Finance Working Group - March 2021 - The Second Technical Expert Group (TEG) Meeting Date Agenda 1. Competition law reminder by Simmons & Simmons LLP 2. Updates on and discussion of progress since the previous TEG meeting on solutions to the barriers to investment in less liquid assets 3. Agreeing next steps for delivering draft solutions for the second meeting of the Steering Committee (SC2) on 4 May Minutes Item 1 – Competition law reminder by Simmons & Simmons LLP Simmons & Simmons LLP set out the legal obligations of all members of the Working Group relating to competition law. They reminded members that it is their responsibility to meet their legal obligations and to take their own legal advice. ....
Published: 13 Apr 2021 Does your defined contributon pension scheme offer value for money to its members? Or would their interests be better served by transferring into a Master Trust? This is the question HR and finance directors of small trust-based DC schemes will be required to answer under proposed legislation due to take effect later this year. The UK government has recently issued legislation for consultation which, if introduced, will mean businesses with DC schemes with assets of less than £100 million will need to assess whether their scheme offers value for money. Value for money is to be measured by the investment return and charges benchmarked against three larger pension schemes. Businesses and their pension scheme trustees will be required to report back to members on the measures being taken to resolve concerns if a scheme does not offer value for money. ....
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 Find whitepapers ....