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Do people have access to a range of pension options to meet their needs for later life and how might these needs change in future?
We support the work being done by The Pensions Regulator (TPR) and others in seeking to address serious intentional and reckless behaviour and improving standards of governance and conduct in relation to pension schemes.
We are grateful for TPR’s confirmation that it does not intend for its guidance to change commercial norms or accepted standards of corporate behaviour in the UK (i.e. consistent with the government's policy intent). However, we are concerned that the current drafting of TPR policy does not achieve this aim. In particular, we do not believe it addresses the concerns raised by the industry during the development of the law, in relation to the broad and ill-defined scope of the new powers, and the circumstances when they will apply. We believe that this will have the impact of altering or reducing normal commercial activity.
The PMI welcomes this consultation and Government efforts to tackle climate change. The climate challenges facing our planet pose an existential threat and it is only right that institutional investors, including pension funds, are at the forefront of building a more climate-friendly and sustainable future.
PMI runs a biannual member survey called ‘PMI Pulse.’ The most recent Pulse survey ran over November 2020, and we used it as an opportunity to ask our members the questions in this consultation. Our response to this consultation is therefore greatly influenced by the responses we received and so can be perceived as the aggregated views of PMI members as a whole.
Traditionally occupational schemes have used net pay, whereas group schemes have used relief at source. There are some exceptions to this, most notably NEST using Relief at Source. This is in part historical, but was also driven by the tax rules in place at the time.Multi-employer schemes and providers will offer what their customers demand, balancing out various areas of the proposition including charges, investments, governance, and communications.
We support this consultation and what the Government is trying to achieve. Climate change is an existential issue, and pension funds, as significant institutional investors have a role to play, along with others, in protecting the planet for future generations.