HMT: Autumn Statement - Pensions
Amongst other matters, the Government is publishing an update that proposes placing duties on occupational pensions trustees to offer decumulation services and products at an appropriate quality and price when savers access their pension assets and is launching a call for evidence on a lifetime provider model to simplify the pensions market by allowing individuals to move towards having one pension pot for life, and on a potential expanded role for collective defined contribution schemes in future. DWP is to launch a consultation this winter on options for DB schemes to consolidate into a new statutory vehicle run by the Pension Protection Fund as well as a consultation on the appropriate regime under which surpluses can be repaid and enabling 100% PPF coverage for DB schemes that opt to pay a higher levy.
For more information:
- https://www.gov.uk/government/calls-for-evidence/pension-trustee-skills-capability-and-culture-a-call-for-evidence/outcome/government-response-to-pension-trustee-skills-capability-and-culture-a-call-for-evidence
- https://www.gov.uk/government/calls-for-evidence/looking-to-the-future-greater-member-security-and-rebalancing-risk
- https://www.gov.uk/government/calls-for-evidence/options-for-defined-benefit-schemes-a-call-for-evidence
