December 2018
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This conference examined the latest developments in regulating the pensions sector to help protect and grow retirement income in the UK.
It was an early opportunity for key stakeholders and policymakers to assess the new joint strategy for regulating the pensions and retirement income sector published by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).
Delegates discussed the next steps outlined in the strategy for setting and enforcing standards and principles in the pensions market with the aim of allowing greater access to options for retirement saving and increasing participation - as well as the role of regulation in ensuring appropriate investment of funds and value for money for consumers.
There was discussion on tackling fraud and addressing concerns over employers failing to meet guidelines, with increased powers for TPR proposed in the Defined Benefit white paper aimed at enhancing enforcement to drive better value for money.
The delegates also discussed the broader policy landscape and the potential impact of proposed changes to auto-enrolment, including reducing the Lower Earnings Limit to zero, lowering the qualification age to 18, and options for further changes such as the oft-mooted ‘auto escalation’, linking contribution rate rises with pay rises or age to reduce the savings deficit.
Further sessions focused on the Government’s publication of a feasibility report and consultation on the development and creation of industry-led pensions dashboards to enable consumers to simultaneously review multiple pensions, as well as the practicalities of roll-out and how best to structure dashboards so as to deliver on the aims of making engagement with retirement savings easier, and increasing transparency and information available to consumers.