The March 2016 budget is surpassing all before in pensions tax speculation. Some commentary has verged on the melodramatic! Context is required. This article sets out the context: it is intended to be policy-neutral.
A short while ago I blogged on the FCA’s Asset Management Market Study Terms of Reference, published in November. That blog (part 1) can be found here http://blog.ptluk.com/asset-management-time-for-a-cold-shower. I followed that up with another blog (part 2) on the various names used to describe annual investments charges. That can be found here http://blog.ptluk.com/a-laymans-guide-to-the-ongoing-annual-investment-charge.
In the terms document, FCA argues that the market, worth £6.6tn in 7000 funds managed by 1784 managers, is dysfunctional.
The most recent SORP is both bonkers and impractical
January 25, 2016
Any Other Business: The mounting complexity of pension trusteeship has been met by a surge of information and intelligence sources. But how can trustees be successful prospectors as they mine the industry for useful nuggets?
Unparalleled change across the industry has challenged trustees to keep up with the legislators over the past 18 months.
The proliferation of information now available – via websites, online guides, seminars, webinars, teach-ins, dial-ins and conferences – will have helped many trustees through difficult periods, but with so many new options available trustees may struggle to cut through the noise to the information they really need.
Richard Butcher, managing director at professional trustee company PTL, said trustees have to be disciplined and mindful of the commercial environment in which they are operating.
“The landscape has woken up to the fact that trustees are a source of business,” he said. “Everybody is setting things up… to try and get trustees round the table so they have the opportunity to ply them with wine and sell their wares.”
This means that “you could spend every hour of every day reading volumes of stuff and attending volumes of meetings”.
Butcher advised that trustees seek out a range of views beyond the remit of their service provider, to gain views and insights which could become useful tools to challenge schemes’ incumbent advisers.
Instead of wading through “volumes of stuff”, Butcher said “definitive change” affecting a scheme, whether legal, regulatory or a strategic development, could be a springboard for learning something new.
To read the full article CLICK HERE- See more at: http://220.127.116.11/pitmans-trustees/panning-for-gold-in-an-age-of-information/?preview_id=10113&preview_nonce=98cd5068f4&preview=true#sthash.8XLIvjeE.dpuf
Do less, get more...That can't be right, can it? Surely it should be 'the more you put in the more you get out' – something that was instilled into me as a child, particularly around exam time.
DC pension schemes are risking letting down members because they lack a strategic objective.
To mitigate this, PTL has created a DC scheme mi
ssion statement and blueprint which defines a strategic objective and clear principles for trustees to set the standards of their DC pension scheme against.
First published in Pension Funds Online
Alison Bostock draws on her experiences to address the topic of Value for Money in pensions
As Independent Governance Committees and defined contribution (DC) trustees grapple with what Value for Money really means, I was reminded of a special occasion from over 20 years ago that draws similar comparisons.
My parents had organised a family dinner at a renowned Michelin-starred restaurant in Mayfair to celebrate my qualification as an actuary.