ARIES INSIGHT:

  GUIDANCE ON THE MEANING AND IMPACT
  OF PENSIONS LEGISLATION CHANGES
 

  – click to see this month's example  

 
  REGULATION OF INVESTMENT CONSULTANTS AND FIDUCIARY MANAGERS
The Government has stated that it will consult later in 2019 on proposals to:

  • improve competition in financial advice services used by trustees of both defined contribution (DC) and defined benefit (DB) pension schemes;
  • ensure better disclosure of fees and performance;
  • encourage closer trustee engagement when buying such services; and

  • enable more effective monitoring of compliance by The Pensions Regulator (TPR).

The stems from a Competition and Markets Authority (CMA) investigation into investment strategy advice accessed by pension schemes, which found trustees were often denied clear information which would help them when weighing up options – hitting retirement incomes.

The CMA recommended that the DWP

pass the necessary legislation to enable the Pensions Regulator (TPR) to oversee the duties on trustees. Correspondence from the DWP, HM Treasury and TPR accepts the recommendation. Regulations will be introduced, insofar as they apply to trustees, into the main body of pensions law.

As well as allowing TPR to more effectively monitor compliance, it will . . .

15 Mar 2019   Check other news items

Aries monitors every development in new and proposed legislation

Guidance on the meaning and impact of Pensions Legislation changes

25 Years experience working with over 100 top Pension Providers and UK Authorities

Clear and straight advice on putting Pensions Legislation changes into practice

Aries Insight gives the Big Picture and the Little Details

Ensure compliance with all Regulatory Requirements for Pensions

 
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