Pensions Aspects Magazine

The new normal in education… ‘hashtag online’

With a year since the first official reporting of a COVID-19 case, we have almost arrived at a global paralysis of regular education and training provision. This unprecedented situation affected all learning at all levels. Basic and secondary education, initial and continuing training, and work-based learning all came to a stop as we knew them. It upturned course schedules and attendance, disrupted teaching and learning, frustrated examinations and assessments, delayed certification, and will affect the immediate and future careers of millions of learners.

Service Innovation in DC Master Trusts

The PMI’s DC Master Trust Group was established to help overcome barriers to offering a good service to members. As part of bringing the group together, the decision was made to include not just Master Trust providers but representatives to the supply chain. The delivery of good services requires many different components to work together in harmony. Without bringing together the component parts, we would not be able to work towards overcoming the barriers.

Does DC need de-risking?

When pension de-risking is mentioned, our minds immediately think of defined benefit (DB) schemes. This, of course, is a big issue and needs significant attention. However, we shouldn’t forget about defined contribution (DC) when de-risking. In fact, undertaking a DC derisking review could provide substantial rewards for both Trustees and Employers, including freeing up valuable resource, and saving money.

The Work and Pensions Committee’s pensions inquiry

The pensions freedoms were introduced five years ago. They relaxed rules on how pensions can be taken, and gave those in later life new choices on what to do with their savings. With new freedoms, however, have come new challenges for consumers and for the industry. Savers who left to navigate a complex market have sometimes paid a very high price.

In the summer, the cross-party House of Commons Work and Pensions Committee launched a three strand inquiry to examine the effects of the 2015 shake-up, and how it is working for savers.