The announcement of a new Pensions Bill proposes to give us new powers to regulate master trusts. We’ve voiced concerns for some time about the need for stronger legislative standards for master trusts and have worked with the government and other regulators to improve levels of protection for members.
We look forward to working with government over the coming months to develop the strategic application of these proposed new powers to ensure master trusts are strong, durable and well placed to deliver good member outcomes.
We’ve published our annual funding statement for 2016, setting out our analysis of current market conditions and how sponsoring employers and trustees of DB schemes can agree appropriate funding plans.
You can read the statement and supporting analysis here. We’ve also published the key messages from the analysis in a separate downloadable set of slides, which can be used to stimulate discussions and take to meetings if required.
New questions on the DC scheme return
We’ll soon be sending out the scheme return for trustees of DC schemes to complete.
As well as some new questions around charge controls, this year the scheme return will ask questions to identify if the requirement to produce a chair’s statement applies to the scheme. If it does, the trustees need to declare whether or not their scheme has produced this statement – if they need to but haven’t, they could receive a £2,000 fine.
Find out more about the changes using our checklist.
FAS closes to new applications on 1 September
From 1 September 2016, the Financial Assistance Scheme (FAS) will be closed to new applications. Although the majority of pension schemes that would qualify for FAS assistance have already applied, there’s a final window of opportunity for any potentially eligible remaining schemes to come forward.
If you think your scheme might be eligible for FAS assistance, please contact the PPF (who administer FAS) by emailing ContactFAS@ppf.gsi.gov.uk as soon as possible to make sure that members who might be entitled to assistance don’t miss out.
Successfully declaring your compliance
For those of you who are reaching your staging date, remember that you
have to submit your Declaration of Compliance to us so that we know you are
meeting your legal duties.
Some employers wrongly assume that their business adviser is doing this for them. Avoid a fine by making sure you’re clear who is completing what automatic enrolment task and which services your advisers offer.
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