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Weekly Roundup: Our time is running out

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This week – Industry slams the DWP’s dashboards launch date proposals, more calls for clarity over TPR’s new enforcement powers, the BMA pushes for the expedition of the McCloud remedy and the introduction of pension recycling, and B&CE and a building company given a ticking off from the ombudsman.

Pandemic to affect life expectancy ‘by less than 1%’

News on the go

On the go: Insurers only expect the coronavirus pandemic’s impact on future mortality improvements to affect life expectancy by less than 1 per cent, the Institute and Faculty of Actuaries has said.

Schemes and asset managers told to buck up stewardship

News on the go

On the go: Pension schemes and asset managers should embed stewardship “in every aspect of their relationship”, the Investment Association and the Pensions and Lifetime Savings Association have said.

Two-thirds of small schemes unaware of VfM requirements

News on the go

On the go: The majority of schemes with less than £100mn in assets were unaware of their new value for money duties, with the Pensions Regulator prompting these pension funds to “either wind up or take prompt action to make improvements”.

Opperman: Employers should provide ‘rainy-day fund’ to keep staff

Guy Opperman

Pensions minister Guy Opperman has argued there is a need for employers to have a savings product offering, in addition to a pensions package, as a means of retaining staff. 

One in 10 pause contributions due to cost of living crisis

News on the go

On the go: Around one in 10 savers have cut back or stopped contributing to their pension as a result of stagnant wages and inflation, according to a new report.

DWP’s dashboards consultation criticised over launch date proposals

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A second government consultation into pensions dashboards has been criticised over plans to give schemes just 90 days’ notice before the dashboards go live, with experts warning of a capacity crunch.

AE levels out as employers seek change to age threshold

Chris J Ratcliffe/Bloomberg

Workplace pension participation is stalling after reaching a rate of 88 per cent of eligible employees last year, according to new figures from the Department for Work and Pensions.

Govt sets 2040 gender state pension gap goal

Chris Ratcliffe/Bloomberg

The government has revealed a goal of eliminating the gender state pension gap by 2040, while pointing to auto-enrolment as a tool to decrease the overall savings shortfall between men and women.

B&CE and building company botch pensions complaint

Piotrekswat/iStock

The Pensions Ombudsman has ordered B&CE and a building company to compensate an individual, after the employer failed to pay a year’s worth of contributions to his pension and took an excessive amount of time to deal with the complaint.