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Pada investment paper prompts 60-plus responses
FinancialAdviser Catherine Couch - Thursday , September 17, 2009
The Personal Accounts Delivery Authority has received more than 60 responses to its investment approach discussion paper which is now closed for consultation.
Entitled, Building Personal Accounts: Designing an Investment Approach to Formal Responses, the paper draws on good practice and expertise from across the pension and investment industries, unions, consumer groups and trade bodies, Pada said.
In conjunction with the discussion paper, Pada also held a series of roundtable events with a variety of stakeholders, including consumer groups, academics and investment professionals, to discuss key issues in more depth.
Issues such as the design of the default fund, the value of alternative investments and what fund choices, other than the default fund, should be offered were discussed and these inputs have contributed to Pada's thinking on how to invest.
http://www.ftadviser.com/FinancialAdviser/Pensions/
News/article/20090917/dd0ee4e6-9ded-11de-bdd9-0015171400aa/Pada-investment-paper-prompts-60plus-responses.jsp
Just Retirement calls for "retirement planning" Cabinet minister
Money Marketing
Nicola York - 17-Sep-2009
Just Retirement is calling on the Government to consider appointing a Cabinet level minister to be responsible for all ageing and pre and post-retirement issues. The specialist retirement provider says that at present many retirement-based policies are split across different Government departments, for example the Department for Health, the Department for Work and Pensions and the Department for Communities and Local Government.
Just Retirement also calls on the three main political parties to debate wider issues than just defined benefit schemes or the levels of state pensions and says there should be more focus on the millions of people who are saving through defined contribution schemes.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=193532&d=pnd2&h=pndh2&f=pndf2
Products full of potential despite hiccups
FT.com David Ricketts - 13 Sep 2009
The closure of several life-cycle funds in Germany last week is a hiccup that does not cast a shadow over the future of the investment products, asset managers say.
Target date fund providers believe the rising popularity of the defined contribution pensions market across Europe will more than compensate for falling appetite in some quarters.
http://www.ft.com
Tim Jones defends powers of personal accounts board
Professional Pensions Jenna Towler -
10 Sep 2009
Tim Jones has hit back at industry fears about the potentially “unfettered power” of the personal accounts trustee board.
In an exclusive interview with Professional Pensions, the personal accounts delivery authority chief executive said the scheme would be run like every other trust-based occupational scheme.
Jones explained personal accounts would be bound by the same pension laws as all other occupational schemes and the view of the employers' and members' panels would be taken very seriously.
Jones' comments follow fears raised by consultant Bluefin about the "unfettered powers" of the trustee board. Law firm Lovells also raised concern about the potential costs and overall effectiveness of the panels (PP Online, August 28).
http://www.professionalpensions.com/professional-pensions/news/1533048/tim-jones-defends-powers-personal-accounts-board
PADA investment paper sparks industry debate
Global Pensions Jenna Towler - 10 Sep 2009 | 14:18
UK - The Personal Accounts investment discussion paper received more than 60 industry responses which will help form its final package of advice to the trustee board.
Responses to the discussion paper - Building Personal Accounts: Designing an investment approach - highlighted the need to keep investment options focused on target market needs; and that a target date fund approach would be an "effective mechanism" to ensure individual's investments are managed appropriately.
The delivery authority also held a series of roundtable events with consumer groups, academics and investment professionals to get more in-depth views.
http://www.globalpensions.com/global-pensions/news/1533153/pada-investment-paper-sparks-industry-debate
Aegon launches online pensions reform guide
IFAonline John Bakie - 09 Sep 2009 | 14:18
Aegon has launched a dedicated pensions reform microsite, enabling advisers and employers to plan for 2012. The website is the first stage of Aegon's communications programme to raise awareness of pensions reform and support advisers in the build up to auto-enrolment and Personal Accounts.
Advertisement Advisers will be able to use the site to access interactive tools, helping them develop action plans specific to their clients, as well as accessing Aegon's expertise in the area, including its panel of experts.
http://www.ifaonline.co.uk/ifaonline/news/1532969/aegon-launch-online-guide-pension-reform
Nick Carter appointed as general counsel to Pada
Money Marketing Christos Reid - September
07 2009
Pada has appointed Nick Carter as its general counsel. Carter will oversee all legal, risk, compliance and governance matters arising in the personal accounts scheme.
Pada chief executive Tim Jones says: "Nick is an exceptionally skilled and talented individual. He has a proven track record of working within, and providing legal advice to, the financial serves sector as well as extensive experience of working at Board level.”
Carter was previously chief corporate officer at PA Consulting. He has held many positions in the sector, including chief legal counsel at Capital One Bank.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=192913&d=pnd2&h=pndh2&f=pndf2
Pensions report was flawed
FT.com John Ralfe - September 06 2009 10:06
The Personal Accounts Delivery Authority was set up by the UK government to encourage pension saving for the 10m lower paid workers who now save little or nothing for their pensions. In line with the two Pensions Commission Reports and the 2006 White Paper,
Pada, will, from 2012, open personal pension accounts holding equities and bonds. Employees will contribute at least 4 per cent of earnings, with a 1 per cent tax break and employers at least 3 per cent, up to £3,600 a year. Employee enrolment will be automatic, with a right to “opt out”.
Pada has just finished a public consultation on the appropriate asset allocation for personal accounts and the hefty 170 page discussion paper considers a range of investment issues.
http://www.ft.com/cms/s/38093758-9979-11de-ab8c-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2F
www.ft.com%2Fcms%2Fs%2F0%2F38093758-9979-11de-ab8c-00144feabdc0.html
Moving Forward with SHPS
Politics.co.uk John Bakie - 03 Sep 2009 | 14:18
The Government is undertaking a landmark reform of the UK pensions system, designed to deliver increased financial security for an ageing population and encourage millions of workers to change the way they save.
So what will the outcomes be and how can your organisation get ready to face the changes ahead?
This conference will address the issues surrounding the new legislation, the move to Personal Accounts and the wider complexities of pension schemes. It will offer pointers on how to clearly explain the changes to your
organisation, offer well thought-out advice to those that need it and clarify how best to filter down the news so all staff understand the
consquences.
http://www.politics.co.uk/opinion-formers/events/03-september-2009-moving-forward-with-shps-$1296995$364344.htm
To cap or not to cap?
Money Marketing Helen Pow - 03-Sep-2009
Standard Life is concerned the Government may look to impose some from of charge cap on group personal pensions in parallel with the launch of personal accounts. Which? has been lobbying the Department for Work & Pensions in a bid to make sure employers who choose to provide qualifying GPP schemes, rather than personal accounts, will offer similarly low charges.
Principal policy adviser Dominic Lindley says: “We have said to the DWP that it has to make sure these qualifying schemes are of significant quality, which includes low charges.
“From the consumer's point of view, I do not see anything wrong with providers having to reduce prices but we are not arguing for a specific charge cap.”.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=192750&d=pnd2&h=pndh2&f=pndf2
Personal accounts boosting GPP interest
Money Marketing Nicola York - 03-Sep-2009
Richard Jacobs Pension and Trustee Services director Richard Jacobs says he has seen a significant rise in enquiries about group personal pension schemes, driven by increasing awareness of personal accounts.
Several not-for-profit organisations have approached him, asking what they should do with their pension arrangements ahead of the introduction of personal accounts in 2012.
He is issuing a mailshot to 1,000 local firms to bring in more interest.
Jacobs says around half of enquiries have been driven by increased awareness of personal accounts and the other half by employers wanting to better provide for their staff.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=192658&d=340&h=341&f=342
DWP doubling auto-enrol timescale to 2015
Money Marketing
Nicola York and Helen Pow- 03-Sep-2009
The Government is looking to push back the final deadline for employees to be auto-enrolled into personal accounts from April 2014 to October 2015, Money Marketing understands.
The Department for Work and Pensions is considering doubling the timescale for implementation of auto-enrolment to three years from October 2012 instead of 18 months to give employers and administrators more time to complete the process, according to an industry source.
It may also push back by a year the deadline for employers to reach the full 8 per cent contribution from October 2015 to October 2016.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=192642&d=pnd2&h=pndh2&f=pndf2
Private pensions or personal accounts - not just heads or tails
Money Marketing
01-Sep-2009
Neil Davies, Head of Corporate Marketing at AEGON UK, talks about the differences between private pension schemes and the personal accounts scheme.
"Flipping a coin to decide between auto-enrolling all eligible jobholders into a private pension scheme or the personal accounts scheme is not the way to go. Both have their advantages depending on the profile of the workforce, so you should consider the various criteria carefully. It may even be that you end up with the equivalent of the coin landing on its edge - with a different solution for various segments of the workforce.
The first point to note is that the personal accounts scheme is designed to complement private pensions, not replace them. It's aimed at low- and medium-earners whose employers don't offer a private pension scheme, and it's based on a 'one size fits all' principle with no room for tailoring.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=192303&d=pnd2&h=pndh2&f=pndf2
Industry challenged to pick up personal accounts gauntlet
Money Marketing
01-Sep-2009
The pensions industry will face its biggest challenge from personal accounts whenever contribution limits are removed, according to delegates at a Corporate Adviser/Aviva round table last month.
Duncan Howorth, managing director of JLT Benefit Solutions, said it is arguable a well-structured and sophisticated personal accounts default may be all many pension savers need once contribution limits are lifted years down the line.
Delegates argued that the private sector will have to come up with real differentiators if it is to succeed in the battle with personal accounts.
http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=192273&d=pnd2&h=pndh2&f=pndf2
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