As Michael Johnson recently outlined in his letter to the Select Committee on Intergenerational Fairness and Provision, Generation Y (aka millennials) could be the first generation to experience a lesser quality of life than their baby boomer parents.
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We want to accelerate the consolidation of pension schemes. Why? Because many smaller schemes are simply not good enough.
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Master trust authorisation is ensuring high standards in this growing market to better protect the nearly 14 million people saving into these schemes.
Making workplace pensions work is at the heart of what we do, but it’s also the job of those who fund and manage pension schemes.
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As we approach the 31 March deadline for master trust authorisation applications, we are encouraged that many more providers have applied.
Do you know when a pension scheme can invest in its sponsoring employer or a linked business?
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Some things are foreseeable. As automatic enrolment has created hundreds of thousands of new pension memberships, so the defined contribution (DC) market was inevitably going to grow.
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Last July on this blog page, I made a commitment to delivering a new regulatory approach for TPR that reflects the political and economic pressure that continues to shape the pensions world, and to ensure savers are better protected.
A few years ago we started to stamp our feet about master trusts. As automatic enrolment successfully swept through businesses and more and more people were being put into workplace pensions, master trust schemes grew in popularity.
Here at TPR, when we are regulating DB schemes, we have to pull off a complicated balancing act. Parliament has given us a mandate to protect pension savers and the PPF.
