Defined-contribution pension reform — DWP confirms charge-capping measures and quality standards
On 27 March, the Department for Work and Pensions (DWP) outlined in its ‘Command Paper: Better workplace pensions: Further measures for savers’ new quality standards and charge-capping measures. This will affect those involved with defined-contribution (DC) contract and trust-based schemes. The consultation closed on 15 May 2014.
The key proposals include the following changes for DC pension schemes:
- For those running DC schemes from April 2015, there will be a minimum quality standard. The purpose of this is to ensure the people running and implementing such schemes take into account the quality of the scheme and prioritise members’ interests. For trust-based DC schemes, the requirements will be implemented under regulations which will be enforced by the Pensions Regulator. With regard to contract-based schemes, the Financial Conduct Authority (FCA) will oversee the implementation and enforcement of quality standards…
Click on the link below to read the rest of the Walker Morris briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Section 106 Agreements between developers and local planning authorities outlining obligations in relation to new developments are currently subject to statutory time limits at the negotiation stage.
Certain judicial review reforms reforms – that attracted fierce debate in Parliament and within the legal profession – have now received the Royal Assent. They will be significant to many and a concern to some.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.