Spence & Partners latest blog for Pension Funds Online –
In today’s world of technology, it is very rare for you to go through your daily routine without coming across an automated system – often without even realising it (that’s the beauty of automation).
But have you ever stopped to consider what it would be like if everything had to be done manually?
For example, imagine calling to book a hotel room and being told that a letter would be sent out within 10 working days to confirm your booking (of course this wouldn’t be acceptable!).
So why should a retirement request from your Defined Benefit (“DB”) pension scheme be any different? Read more »
On the run up to Pensions Freedom Day the focus has been on “how many members will transfer from a Defined Benefit (DB) Scheme to a Defined Contribution (DC) Scheme” or “how many members will take their full fund as a one off cash sum”. That day has now come and gone and it’s time to start focusing on the future for DC members.
Prior to the 2014 budget, members of DC arrangements could take 25% of their pot tax free on retirement and use the remaining pot to buy an annuity. The majority of members (up to 80%) did not consciously make any investment decisions and their funds were fully invested in the default fund. Members simply left the default fund to do the rest and hope for the best when they reached retirement. Read more »
I presented at the second ‘Future Influencer’ breakfast seminar hosted by Spence & Partners, on whether closed schemes should behave like schemes in the Pension Protection Fund (PPF) Assessment Period. Here is an overview of my presentation:
The PPF assessment period is triggered when a scheme’s sponsoring company goes insolvent. Throughout this period, the Trustees of the scheme have to carry out a number of tasks (including data audits, equalisation reviews, benefit audits and rectifications etc.) to ensure that the scheme is up to standard for when or even if the scheme enters into the PPF. Read more »