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TPR scores highly in its 2019-2020 Annual Report and Accounts

It is food for thought as the Pensions Regulator (TPR) published its Annual Report and Accounts for 2019-20 (Report). In a period of the impact of COVID-19 and impact on the economy, there is still ‘business as usual’ with: Auto enrolment completed and over 10 million people in a qualifying scheme 38 master trusts have […]

Make decisions and get away from trouble

If you have ever postponed making a decision, this article is especially written for you. Making regular decisions is by far the most successful way of getting away from trouble. Yet there is a world of difference between knowing this and actually making those decisions that hold us back. There are many reasons why we […]

If only they had known that before they started…

A sponsoring employer decided to close their final salary scheme. The shortfall against the estimated buy-out cost was around £5 million. However, the advisers suggested the trustees shop around and approached another annuity provider. After some research, the trustees identified another product which matched their needs. They were amazed that by shopping around, the alternative […]

Are you claiming the full Withholding Tax on your Pension Fund?

Often, Pension funds are entitled to reclaim 100% of their withholding tax on foreign investment income. However, not all pension funds know that this is the case. Could you have an outstanding refund owed to you? With more than £150bn withheld from pension funds globally, some of it could very well belong to you. Opportunities […]

Savers warned over pension transfer risks

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have produced a factsheet for savers who have a defined benefit (DB) pension. The plain English factsheet, published today (Friday 5 June): tells savers they do not need to rush a decision about their pension and should get advice first reminds DB pension holders that […]

How to Manage Your Wellbeing

How to Manage your Wellbeing Stay connected Having a sense of connection with family and friends is important for our mental health. Ensure you schedule calls or video chats with your family and friends during lockdown. In addition, there are many online book clubs, virtual coffee groups and online workout challenge groups that you can […]

DC trustees should check on use of alternative funds

Trustees of defined contribution (DC) schemes redirecting contributions made during COVID-19 to alternative funds should check they’re not unintentionally breaching pension legislation. DC schemes may have members who have self-selected investment in funds, such as property, that have been temporarily closed – or ‘gated’ – until the market normalises following COVID-19-fuelled market volatility. Contributions that […]

New Furlough System for Employee Wages Up and Running

The Coronavirus Job Retention Scheme (CJRS) claims portal opened on Monday 20 April and early indications are that it seems to be working smoothly but with a few teething problems as you would expect from a brand-new system. In the run up to the start of the system there was limited detail from HMRC on […]

Pension schemes to issue COVID-19 transfer warning to savers

Pension schemes to issue COVID-19 transfer warning to savers Savers looking to transfer from a defined benefit (DB) to a defined contribution (DC) pension during the COVID-19 crisis will be warned it’s unlikely to be in their best long-term interests in a letter from regulators. Under guidance published by The Pensions Regulator (TPR) trustees are […]

Assurance reporting on Master Trusts (TECH 05/20 AAF)(05/20) provides more guidance on Trustee requirements

This new technical release provides guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts. It is effective for reporting periods beginning on or after 31 March 2020. Early adoption of the guidance is encouraged. This replaces previous assurance reporting on master trusts (TECH 12/16 AAF) with updated […]

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