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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.
What is the prevalence of pension scams? Information regarding pension scams is not readily available, so, from a macroperspective, it is difficult for providers and industry bodies to comment on the true extentof pension scams. There is no doubt that pension scams are an issue, but it is difficult toget a true picture of the types and magnitude of scams taking place, and the PMI wouldbe supportive of efforts to improve industry-wide dataon the prevalence of scams.
The Pensions Dashboard Programme (PDP) has launched a call for input on the information that pension schemes will need to supply to pensions dashboards. In preparing our response to this Call for Evidence, PMI conducted a membership survey. This ran for two weeks and received 125 responses.
Following detailed consultation with relevant stakeholders, in its white paper'ProtectingDefined Benefit Pension Schemes', the government concluded that'the system is currently working well for the majority of Defined Benefit schemes, trustees and sponsoring employers'.Further, the government set out its intentions in relation to its approach for the future of the system:'…we are clarifying the rules and expectations…but not otherwise making fundamental changes to the existing system.'