Meeting Future Workplace Pension Challenges

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Meeting future workplace pension challenges

Author : Great Britain: Department for Work and Pensions
Publisher : The Stationery Office
ISBN 13 : 9780101818421
Total Pages : 68 pages
Book Rating : 4.8/5 (184 download)

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Book Synopsis Meeting future workplace pension challenges by : Great Britain: Department for Work and Pensions

Download or read book Meeting future workplace pension challenges written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2011-12-15 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK pension landscape is undergoing a transformation. Automatic enrolment will result in millions of people saving for their retirement for the first time. We will see employers taking on new duties to enrol their workers into a pension and contribute to this scheme. Membership of defined contribution (DC) pension schemes will also increase. But the onset of automatic enrolment and the changing pension landscape also brings challenges. To successfully achieve a cultural shift so that pension saving becomes the norm, we need to make sure that money put into pension saving stays there. The short-service refund rules for DC occupational pension schemes work against this principle. It is therefore planned to abolish these rules retain £70 - 130 million per year in pension saving. This will hopefully happen as soon as 2014 provided it is possible to implement an accompanying solution for small pension pot transfers at the same time. This paper presents three broad approaches to initiate debate about how best to address the problem of small pension pots: relatively minor changes to the current voluntary transfer system; automatic consolidation of small pensions in an aggregator scheme; and pensions automatically moving with people from job to job.

Automatic Transfers

Author : Great Britain: Department for Work and Pensions
Publisher : The Stationery Office
ISBN 13 : 9780101860529
Total Pages : 28 pages
Book Rating : 4.8/5 (65 download)

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Book Synopsis Automatic Transfers by : Great Britain: Department for Work and Pensions

Download or read book Automatic Transfers written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2013-04-23 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the response to the consultation document Meeting future workplace pension challenges: improving transfers and dealing with small pension pots, the government confirmed it's intention to bring forward primary legislation to create a system where, broadly speaking, people's pension savings move with them when they move jobs. As people build up larger pots they will have better visibility of their pensions savings, helping them plan for retirement. The government has worked with the pensions community to develop detailed proposals for how this automatic transfer system should work. These proposals are set out in this paper and, where possible, specific detail given about the features of the new system, for example which people and schemes would be within scope and pot size limits. This paper also sets out how the delivery model might work, and the government's intention to work closely with interested parties to design the best model. The government aims to provide for a system of automatic transfers in the forthcoming Pensions Bill, with the detail covered in secondary legislation, subject to formal consultation.

Automatic enrolment in workplace pensions and the National Employment Savings Trust

Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
Publisher : The Stationery Office
ISBN 13 : 9780215042972
Total Pages : 238 pages
Book Rating : 4.0/5 (429 download)

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Book Synopsis Automatic enrolment in workplace pensions and the National Employment Savings Trust by : Great Britain: Parliament: House of Commons: Work and Pensions Committee

Download or read book Automatic enrolment in workplace pensions and the National Employment Savings Trust written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and published by The Stationery Office. This book was released on 2012-03-15 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Government established NEST as a low-cost pension scheme to help deliver the auto-enrolment programme and to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provision. However, the Committee believes that certain restrictions placed on NEST will create complexity for employers and will disadvantage some employees. The Committee's report recommends that, if state aid rules allow, the Government should remove the following restrictions: the cap on the annual contributions an individual can make to a NEST scheme; and the ban on individuals transferring existing pension pots into NEST. The Committee further urges the Government to proceed with its plans for State Pension reform, introducing a flat-rate State Pension and reducing the level of means-testing without delay. The report also highlights the difficulties and complexity employers and employees currently face in comparing the fees and charges applied by pension providers and recommends that, from 2013 onwards, if some auto-enrolment schemes still have hidden charges, or charges that represent poor value for money, the Government should use its powers to intervene. Auto-enrolment will impose new costs and may be particularly challenging for small employers however the Committee considers that the Government has taken appropriate steps to minimise the impact on businesses through its gradual and flexible approach ("staging and phasing") to implementation. Exempting small employers would create significant complexity, as well as excluding many employees from the benefits of workplace pension saving

Governance and Best Practice in Workplace Pension Provision

Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
Publisher : The Stationery Office
ISBN 13 : 9780215054128
Total Pages : 256 pages
Book Rating : 4.0/5 (541 download)

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Book Synopsis Governance and Best Practice in Workplace Pension Provision by : Great Britain: Parliament: House of Commons: Work and Pensions Committee

Download or read book Governance and Best Practice in Workplace Pension Provision written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and published by The Stationery Office. This book was released on 2013-02-12 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Improving Governance and Best Practice in Workplace Pensions

Author : Great Britain: Parliament: House of Commons: Work and Pensions Committee
Publisher : The Stationery Office
ISBN 13 : 9780215056979
Total Pages : 64 pages
Book Rating : 4.0/5 (569 download)

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Book Synopsis Improving Governance and Best Practice in Workplace Pensions by : Great Britain: Parliament: House of Commons: Work and Pensions Committee

Download or read book Improving Governance and Best Practice in Workplace Pensions written by Great Britain: Parliament: House of Commons: Work and Pensions Committee and published by The Stationery Office. This book was released on 2013-04-25 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of auto-enrolment makes rigorous pension scheme governance essential. This Report calls on the Government to reassess the case for establishing one body with sole responsibility for regulating workplace pensions. There are concerns over current gaps in regulation and the potential for further gaps to arise as a result of now having three regulators, the Pensions Regulator; and the new Financial Conduct Authority and Prudential Regulation Authority, set up to replace the FSA. The Report argues that a single regulator is necessary to ensure that all members of workplace pension schemes are adequately and consistently protected. It also highlights that deferred-member charges and member-borne consultancy charges have the potential to cause serious consumer detriment. It recommends that both are banned by the Government, if significant progress is not made in the very near future by the industry towards ending them. There is particular concern about member-borne consultancy charges and those charges applied to deferred members - people who stop contributing to their pension scheme. The trend towards lower pension scheme charges is welcome. However, a good average is not sufficient and there is potential for consumer detriment in schemes that persist in retaining high charges. The Government should also regularly review its policy on capping charges for auto-enrolment schemes. Consumers are also continuing to lose out when they buy annuities because pension providers are not doing enough to ensure people are aware that they can shop around for the best annuity rate rather than being obliged to buy an annuity from their pension provider.

Improving transfers and dealing with small pension pots

Author : Great Britain: Department for Work and Pensions
Publisher : The Stationery Office
ISBN 13 : 9780101840224
Total Pages : 52 pages
Book Rating : 4.8/5 (42 download)

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Book Synopsis Improving transfers and dealing with small pension pots by : Great Britain: Department for Work and Pensions

Download or read book Improving transfers and dealing with small pension pots written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2012-07-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Government considers that a system of automatic transfers to the new employer's scheme is the favoured approach, and want to develop a model of automatic transfers that includes pots created in automatic enrolment only. They agree that there is a need to look at issues of consumer detriment and how the system might work where people have multiple jobs or gaps in employment. They will work with industry to explore the potential of a virtual pot solution, particularly to help those with larger pots to see all their savings in one place. They will also work alongside the pension industry's new working group which will be looking at the scope to make more immediate improvements to the current volutnary transfer framework. Short service refunds are to be abolished but the idea of allowing micro pot refunds in an automatic transfer solution is to be explored

Employee Pensions

Author : Teresa Ghilarducci
Publisher : Cornell University Press
ISBN 13 : 9780913447956
Total Pages : 244 pages
Book Rating : 4.4/5 (479 download)

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Book Synopsis Employee Pensions by : Teresa Ghilarducci

Download or read book Employee Pensions written by Teresa Ghilarducci and published by Cornell University Press. This book was released on 2007 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Describes policy directions, especially defined benefit plans and defined contribution plans, and their implications for both employers and employees. Reflects on issues of partial retirement, multi-employers plans, savings plans, and the potential and pitfalls of US Federal pension policy.

Pensions Imperilled

Author : Craig Berry
Publisher : Oxford University Press
ISBN 13 : 0191085642
Total Pages : 338 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis Pensions Imperilled by : Craig Berry

Download or read book Pensions Imperilled written by Craig Berry and published by Oxford University Press. This book was released on 2021-01-11 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private pensions provision in the UK is in crisis, yet it is not the crisis often depicted in political and popular discourses. While population ageing has affected traditional pensions practice, the imperilment of UK pensions is due in fact to the peculiar way policy-makers have responded to wider social and economic change. Pensions are a mechanism for managing failed futures, yet this function is being impeded by the individualization of provision. This book offers a political economy perspective on the development of private pensions, focusing specifically on how policy elites have sought to respond to perceived crises of demographic change, under-saving, and fund deficits, and in doing so have absorbed imperatives to subject individuals to a market-led regime under the influence of neoliberal ideology. This terrain is explored through chapters on the historical and comparative context of UK pensions provision, the demise of collectivist provision, the rise of pensions individualization and the state's role as facilitator and regulator in this regard, and the financial and economic context in which pensions provision operates. By placing the UK system in a comparative context of pensions reform agendas across the world, this book offers an original understanding of the unique temporality and materiality of pensions provision as a set of mechanisms for coping with generational change and forecast failures in capitalist economies. It also presents a nuanced account of the extent to which the state acts to anchor the process of pensions rematerialization and, crucially, concludes by outlining a coherent and radical programme of progressive pensions reform.

Parliamentary Debates (Hansard).

Author : Great Britain. Parliament. House of Commons
Publisher :
ISBN 13 :
Total Pages : 916 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Parliamentary Debates (Hansard). by : Great Britain. Parliament. House of Commons

Download or read book Parliamentary Debates (Hansard). written by Great Britain. Parliament. House of Commons and published by . This book was released on 2014 with total page 916 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Health Reform Meeting the Challenge of Ageing and Multiple Morbidities

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264122311
Total Pages : 224 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Health Reform Meeting the Challenge of Ageing and Multiple Morbidities by : OECD

Download or read book Health Reform Meeting the Challenge of Ageing and Multiple Morbidities written by OECD and published by OECD Publishing. This book was released on 2011-11-10 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how payment systems, innovation policies and human resource policies need to be modernised so that OECD health systems will continue to generate improved health outcomes in the future at a sustainable cost.

Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes

Author : Robert Holzmann
Publisher : World Bank Publications
ISBN 13 : 1464814546
Total Pages : 489 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes by : Robert Holzmann

Download or read book Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes written by Robert Holzmann and published by World Bank Publications. This book was released on 2019-10-21 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The individual account-based but unfunded approach to mandated public pension systems is a reform benchmark for all pension schemes, promising fair and financially sustainable benefits. Nonfinancial defined contribution (NDC) pension schemes originated in Italy and Sweden in the 1990s, were then adopted by Latvia, Norway, and Poland, envisaged but not implemented in various other countries, such as Egypt and Russia, and remain under discussion in many nations around the world, such as China and France. In its complete form, the approach also comprises budget-financed basic income provisions and mandated or voluntary funded provisions. Volume 1 of this book offers an assessment of countries that were early adopters before addressing key aspects of policy implementation and design review, including how best to combine basic income provisions with an NDC scheme, how to deal with heterogeneity in longevity, and how to adjust NDC scheme design and labor market policies to deliver on reform expectations. Volume 2 addresses a second set of issues, including the gender pension gap and what family policies can do about it within the NDC framework, labor market issues and administrative challenges of NDC schemes and how countries are coping, the role of communication in these pension schemes, the complexity of cross-border pension taxation, and much more. Progress and Challenges of Nonfinancial Defined Contribution Pension Schemes is the third in a series of books analyzing the progress, challenges, and adjustment options of this reform revolution for mandated public pension systems. 'Pension reform is a major issue in many countries. The development of the nonfinancial defined contribution pension plan in the 90's was a major advance in pension design. By reporting actual country experiences and exploring properties of plan designs, this latest collection of essays is a valuable contribution, well worth reading.' Peter Diamond Professor at Massachusetts Institute of Technology; 2010 winner of the Nobel Memorial Prize in Economic Sciences 'A highly stimulating publication for policy makers and researchers alike. It pushes the analytical frontier for policy challenges that all public pension schemes are confronted with but that the nonfinancial defined contribution approach promises to handle best.' Noriyuki Takayama President, Research Institute for Policies on Pension and Aging, Tokyo, and professor emeritus, Hitotsubashi University, Tokyo 'In a changing world where pensions are more than ever linked to labor markets, communication tools, and flexibility considerations, this anthology provides a unique up-to-date analysis of nonfinancial defined contribution pension schemes. By mixing international experiences and theoretical studies, it demonstrates the high adaptability of such pension schemes to changing social challenges.' Pierre Devolder Professor of Finance and Actuarial Sciences, Catholic University of Louvain, Belgium

Department for Work and Pensions: Public Consultation: Reshaping Workplace Pensions for Future Generations - Cm. 8710

Author : Great Britain: Department for Work and Pensions
Publisher : The Stationery Office
ISBN 13 : 9780101871020
Total Pages : 74 pages
Book Rating : 4.8/5 (71 download)

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Book Synopsis Department for Work and Pensions: Public Consultation: Reshaping Workplace Pensions for Future Generations - Cm. 8710 by : Great Britain: Department for Work and Pensions

Download or read book Department for Work and Pensions: Public Consultation: Reshaping Workplace Pensions for Future Generations - Cm. 8710 written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2013-11-07 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Reinvigorating workplace pensions1 published last November, the Government set out to explore whether there was scope for a new category of defined ambition (DA) pensions that would complement the defined benefit (DB) and defined contribution (DC) structures that currently dominate the market. Automatic enrolment and the single-tier State Pension will provide a firm foundation for saving for retirement. But if the current forms of DC pension saving become the default alternative to traditional DB, the pension income of future generations from workplace pensions will be more uncertain than for past generations. Over the last 12 months the DA project - a joint project between DWP and the pensions industry - has been exploring options in a middle ground. The Government proposes that the regulation of workplace pension schemes should not focus on the detail of benefit design but on what is important to the member: ensuring that any promise or guarantee, whether from the sponsoring employer or scheme, provider is delivered. This Government proposes to make it easier for employers to sponsor new pension schemes where benefits accrue on a specified basis (e.g. related to salary); and also to allow additional flexibilities for future accruals only within existing DB schemes, including the possibility of allowing a statutory override to facilitate these changes. The new flexibility will remove constraints from the existing legislative framework while still giving employees the certainty of a pension scheme where the benefits are defined (such as in relation to their salary) with the security of the promise being sponsored by their employer

Retirement Security

Author : United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Health, Employment, Labor, and Pensions
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Retirement Security by : United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Health, Employment, Labor, and Pensions

Download or read book Retirement Security written by United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Health, Employment, Labor, and Pensions and published by . This book was released on 2011 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Stationery Office Annual Catalogue 2011

Author : Stationery Office
Publisher :
ISBN 13 : 9780115017988
Total Pages : 584 pages
Book Rating : 4.0/5 (179 download)

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Book Synopsis The Stationery Office Annual Catalogue 2011 by : Stationery Office

Download or read book The Stationery Office Annual Catalogue 2011 written by Stationery Office and published by . This book was released on 2012-04-12 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stationery Office annual catalogue 2011 provides a comprehensive source of bibliographic information on over 4900 Parliamentary, statutory and official publications - from the UK Parliament, the Northern Ireland Assembly, and many government departments and agencies - which were issued in 2011.

The Retirement Policy Challenges and Opportunities of Our Aging Society

Author : United States. Congress. House. Committee on Ways and Means
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis The Retirement Policy Challenges and Opportunities of Our Aging Society by : United States. Congress. House. Committee on Ways and Means

Download or read book The Retirement Policy Challenges and Opportunities of Our Aging Society written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 2006 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reinvigorating Workplace Pensions

Author : Great Britain: Department for Work and Pensions
Publisher : The Stationery Office
ISBN 13 : 9780101847827
Total Pages : 64 pages
Book Rating : 4.8/5 (478 download)

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Book Synopsis Reinvigorating Workplace Pensions by : Great Britain: Department for Work and Pensions

Download or read book Reinvigorating Workplace Pensions written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2012-11-22 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK's pensions system is need of reform for two primary reasons. Firstly, the UK has an aging population and secondly, working age people are not saving enough to meet their expectations of income on retirement. The Government has already begun to set in train a series of reforms. In particular it has brought forward plans to increase State Pension age; set out proposals to create a single-tier State Pension to provide a firm foundation for saving for retirement; and introduced automatic enrolment into workplace pensions. We do, though, also need to ensure that those people saving privately for their retirement are doing so in high quality schemes. This strategy sets out the key issues which need to be tackled. The reinvigoration objectives include: increase the amount people are saving in pensions; increase the amount people receive for their savings; enable industry innovation to develop products which will give more certainly about pensions; increase transparency; and ensure the sustainability and stability of the UK pension system.

Government response to the fifth report of the House of Commons Work and Pensions Select Committee, session 2012-13, into Part 1 of the draft Pensions Bill

Download Government response to the fifth report of the House of Commons Work and Pensions Select Committee, session 2012-13, into Part 1 of the draft Pensions Bill PDF Online Free

Author : Great Britain: Department for Work and Pensions
Publisher : Stationery Office
ISBN 13 : 9780101862028
Total Pages : 28 pages
Book Rating : 4.8/5 (62 download)

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Book Synopsis Government response to the fifth report of the House of Commons Work and Pensions Select Committee, session 2012-13, into Part 1 of the draft Pensions Bill by : Great Britain: Department for Work and Pensions

Download or read book Government response to the fifth report of the House of Commons Work and Pensions Select Committee, session 2012-13, into Part 1 of the draft Pensions Bill written by Great Britain: Department for Work and Pensions and published by Stationery Office. This book was released on 2013-05-10 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dated May 2013. Government response to HC 1000, session 2012-13 (ISBN 9780215055552)