7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.
In this 7 Days
- New Pensions Minister announced
- TPR publishes blog on helping savers to access their DC pensions
- PLSA publishes “celebratory guide” to mark 100 years
In the Government reshuffle last week, Laura Trott was promoted to Chief Secretary to the Treasury. On 16 November 2023, the DWP announced that Paul Maynard has replaced her as the new Pensions Minister. Paul Maynard has been the MP for Blackpool North and Cleveleys since 2010.
On 15 November 2023, TPR published a blog on helping savers to access their DC pensions savings. The blog reflects a speech by Louise Davey, Interim Director, Regulatory Policy, Analysis and Advice, which was published on the same day, and builds on a recent speech by Nausicaa Delfas, TPR Chief Executive, which considered five principles on “what good looks like” for DC decumulation.
The blog considers some of the challenges to achieving those principles, including how value for money should be assessed in relation to decumulation, the need for more innovation in terms of both the products offered and in engaging savers, and what to do about savers holding multiple pots.
TPR explains that its vision, which is shared by the Government, is that, over time, all workplace schemes should become full-service providers, ie providing services for saving into a pension, accessing pension savings and post-retirement support. It notes that some DC schemes will not have the skills, capability, or appetite to do this, and trustees running those schemes should be “asking themselves tough questions and consolidating in savers’ interests”.
TPR is intending to hold a series of virtual roundtables in the new year. These will inform the interim guidance which TPR intends to publish in 2024, which will aim to provide “clarity on key issues and encourage the sector to develop their offer early”.
To celebrate the PLSA’s centenary, it has published a new guide – “PLSA at 100: The past, present and future”. The guide gives an interesting overview of the history of pensions and considers the future of retirement savings, as well as reflecting over the PLSA’s past and future.