As anyone who’s attended an important interview or presented in front of their peers knows, the key to success is preparation. It enhances strategic thinking, increases flexibility and develops resilience. Preparing for pensions dashboards is no different. As the saying goes, ‘by failing to prepare, you are preparing to fail’.
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While there are signs of recovery in some financial markets after last year’s economic turmoil, trustees need to stay focused on protecting savers from economic volatility.
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Louise Davey, Interim Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator explains why ignoring environmental, social and governance factors is no longer an option for trustees.
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As widely reported in the media, the UK economy has been through significant turbulence recently.
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Nicola Parish, Executive Director of Frontline Regulation, explains why TPR is putting extra emphasis on compliance with environmental social governance and climate reporting duties in 2023 and what’s being asked of trustees.
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Much has happened since I became Chief Executive of The Pensions Regulator (TPR) back in 2019, not least the inexorable march towards a new pensions reality in which savers bear far more risk and responsibility for their retirement choices.
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When someone buys a car, all sorts of different factors might influence which one they plump for.
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Like others, we welcomed news that the trustees of the two Arcadia Group pension schemes have agreed a buy-in with Aviva, securing benefits for 8,800 members of the schemes.
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Exactly a year ago, I blogged that the underpinning principle of our revised defined benefit (DB) Funding Code was that schemes should have the necessary long-term funding approach to ensure savers have the best chance of receiving the benefits they expect.
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The days of savers being left in small defined contribution schemes offering some benefits but little value are over, says David Fairs, TPR’s Executive Director of Policy, Analysis and Advice. Instead, it’s time for trustees to take advantage of available support and guidance to increase their skills in relation to investment decisions and take action to enable pension savers to access the investment opportunities that best support good outcomes — whether in their existing scheme or through consolidation.
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