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Government Response To The Consultation On Better Workplace Pensions
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Author :Great Britain: Department for Work and Pensions Publisher :The Stationery Office ISBN 13 :9780101873727 Total Pages :48 pages Book Rating :4.8/5 (737 download)
Book Synopsis Department for Work and Pensions: Public Consultation: Better Workplace Pensions: A Consultation on Charging - Cm. 8737 by : Great Britain: Department for Work and Pensions
Download or read book Department for Work and Pensions: Public Consultation: Better Workplace Pensions: A Consultation on Charging - Cm. 8737 written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2013-10-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Government is proposing to introduce a system of automatic pensions transfers to help people to better keep track of their workplace pension savings. The majority of people being automatically enrolled are likely to join the default fund in defined contribution (DC) schemes. It is, therefore, important to ensure that these schemes deliver the best possible value for money. The impact of the charges levied on people's pensions savings over their lifetime can be significant - seemingly small variations in charges can result in a considerable difference in people's final retirement savings. A number of voluntary industry initiatives seeking to improve disclosure of charges information to scheme members and employers have been launched in an effort to reduce the complexity of the product. The Government welcomes these initiatives, but is interested in views on whether further action is required. There are a number of potential options: mandating disclosure to members by widening the disclosure requirements, to include information about charges; standardising disclosure to employers; or disclosure of transaction costs - require disclosure to members, employers, as well as trustees, and independent governance committees (as recommended by the OFT). The Government is also interested in hearing views on whether: a cap on pension scheme charges should be introduced; differential charging between active and deferred members should be banned in DC qualifying schemes; the ban on consultancy charges should be extended from AE schemes to all qualifying DC schemes; adviser commissions set up prior to the introduction of the Retail Distribution Review should be banned in qualifying schemes
Book Synopsis Government Response to the Consultation on Better Workplace Pensions by : Great Britain: Department for Work and Pensions
Download or read book Government Response to the Consultation on Better Workplace Pensions written by Great Britain: Department for Work and Pensions and published by . This book was released on 2015-02-04 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Print and web pdfs are available at https://www.gov.uk/government/publications. Dated February 2015. Government response to Cm. 8929 Web ISBN=9781474114929
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)
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.
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)
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
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.
Author :Great Britain: Department of Health Publisher :Stationery Office ISBN 13 :9780101867726 Total Pages :44 pages Book Rating :4.8/5 (677 download)
Book Synopsis Government response to the House of Lords Select Committee on Public Service and Demographic Change report of session 2012-13 by : Great Britain: Department of Health
Download or read book Government response to the House of Lords Select Committee on Public Service and Demographic Change report of session 2012-13 written by Great Britain: Department of Health and published by Stationery Office. This book was released on 2013-07-18 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government response to HL paper 140 (ISBN 9780108550492)
Author :Great Britain: Department for Work and Pensions Publisher :The Stationery Office ISBN 13 :9780101813129 Total Pages :56 pages Book Rating :4.8/5 (131 download)
Book Synopsis A state pension for the 21st century' consultation document by : Great Britain: Department for Work and Pensions
Download or read book A state pension for the 21st century' consultation document written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2011-07-27 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The consultation documents published as Cm. 8053 (ISBN 9780101813129)
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
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)
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
Book Synopsis HM Treasury: Freedom and Choice in Pensions - Cm. 8835 by : Great Britain: H.M. Treasury
Download or read book HM Treasury: Freedom and Choice in Pensions - Cm. 8835 written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2014-03-19 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This consultation form a key part of a wider set of reforms announced at Budget 2014. The government is keen to ensure that individuals who want to save are supported in doing so. The nature of retirement is changing as people are living longer and their needs more varied. In this Government's view the State should not be imposing restrictions on individuals who have made tough choices to save for the future. So from next year there will be no restrictions on people's ability to draw down from their defined contribution pension pots after age 55. The tax rules will be drastically simplified to give flexible access to pension savings. Consumers will therefore also need to be well informed to make their choices and the Government will introduce a new duty on pension providers and schemes to deliver a 'guidance guarantee' by April 2015. They will also make available a £20 million development fund to get the initiative up and running
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)
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:
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)
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.
Author :Great Britain: Department for Work and Pensions Publisher :The Stationery Office ISBN 13 :9780101852821 Total Pages :110 pages Book Rating :4.8/5 (528 download)
Book Synopsis The Single-tier Pension by : Great Britain: Department for Work and Pensions
Download or read book The Single-tier Pension written by Great Britain: Department for Work and Pensions and published by The Stationery Office. This book was released on 2013-01-14 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines the Government's detailed proposition for state pension reform. It follows a consultation on the proposals set out in "A state pension of the 21st century" (2011, Cm. 8053, ISBN 9780101805322). There was consensus that the state pension system needed to be simplified and the aim is to merge the state second pension with the basic state pension, to create one flat-rate payment. The new flat-rate state pension will start in April 2017 at the earliest. The weekly payment will be £144, plus inflation rises between now and 2017. Chapters in this paper cover: the context for reform; the single-tier pension; managing the end of contracting-out; the transition to the single-tier pension; sustainability and assumptions; longer-term sustainability - state pension age. Annexes provide: a brief history of the state pension; faster flat rating - assessment against principles for reform; features of the single-tier pension and specific transitional arrangements; an example pension statement; proposed timetable for implementing the increase in state pension age to 67.
Book Synopsis Fitness for Work by : Keith T Palmer
Download or read book Fitness for Work written by Keith T Palmer and published by Oxford University Press, USA. This book was released on 2013-01-24 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Fitness for Work' provides information and guidance on the effects of medical conditions on employment and working capability. Every significant medical problem is covered, including the employment potential and assessment of anyone with a disability. Legal and ethical aspects are also addressed.
Author :Great Britain. Department for Work and Pensions Publisher :The Stationery Office ISBN 13 :9780101749220 Total Pages :124 pages Book Rating :4.7/5 (492 download)
Book Synopsis Improving Health and Work by : Great Britain. Department for Work and Pensions
Download or read book Improving Health and Work written by Great Britain. Department for Work and Pensions and published by The Stationery Office. This book was released on 2008 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: The costs of working-age ill-health to Britain are large by any standards. Dame Carol Black estimated that the annual economic cost of ill-health in terms of working days lost and worklessness was over £100 billion. The Confederation of British Industry (CBI) estimated that last year 172 million working days were lost due to absence, costing employers £13 billion. Against a backdrop of a wider economic downturn both taxpayers and businesses can ill afford to bear these largely unnecessary costs. But the cost of ill-health cannot be measured in pounds and pence alone. There are about 2.6 million people on incapacity benefits and 600,000 people make a new claim each year; of these, half had been working immediately before they moved onto benefit. Once out of work it is likely that an individual's health will worsen and they and their families are more likely to fall into poverty and become socially excluded. Therefore, health-related inactivity prevents individuals from fulfilling their potential, causes needless financial hardship, and damages the communities in which people live. This response is built around three key aspirations that demonstrate how the Government will rise to the challenges set by Dame Carol: creating new perspectives on health and work (chapter 2); improving work and workplaces (chapter 3); and supporting people to work (chapter 4). Chapter 5 details how the Government will measure progress against its targets, and chapter 6 sets out future steps that the Government intends to take: better integrating skills, health and employment provision; reviewing the incentives for individuals, employers and the state to tackle sickness absence to ensure they are optimally balanced; and continuing to develop strategies to address the specific needs of those with poor mental health.
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)
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
Book Synopsis Introducing Employment Relations by : Steve Williams
Download or read book Introducing Employment Relations written by Steve Williams and published by Oxford University Press, USA. This book was released on 2014 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive and clearly focused, this is a must-read text for students of employment relations. The accessible writing style is combined with a wealth of contemporary examples, allowing the reader to fully engage with the key critical debates surrounding each topic.
