U.K. pension scheme reforms promise funds consolidation for trustees
By 
Ruth Prickett2024-08-08T20:34:00
The U.K. government has signaled new rules for pension trustees and funds consolidation to boost investment, but questions remain on employee financial literacy.
Chancellor of the Exchequer, Rachel Reeves, is planning imminent changes to trustee duties as part of the Pensions Schemes Bill, which forms part of the government’s “big bang of reforms to unlock growth,” she recently announced.
The changes include new duties for trustees of occupational defined contribution (DC) schemes, as well as provisions to make it easier for employees with multiple pension pots to consolidate them, and the introduction of compulsory “value for money” tests for providers. These could come into force early next year.
Related articles
-
PremiumExperts: Further reforms needed beyond revamped London Stock Exchange rules
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
-
PremiumMixed reactions to new U.K. pensions code of practice
Lawyers and accountants in the United Kingdom have welcomed the publication of The Pensions Regulator’s new pensions code of practice but warned it might not improve the management of those that are not already well run.
-
ArticleU.K.’s Pensions Regulator getting serious about enforcement
Considered “feeble” no more, the United Kingdom’s Pensions Regulator is ramping up enforcement actions against individuals or organizations not in compliance with the law.
More from Regulatory Policy
-
ArticleWhat is AI washing and why companies need to stop exaggerating their AI prowess
The buzz around generative AI has reached fever pitch over the past few years—to such an extent that it’s practically a death knell for any company to say it’s not investing massively in gen AI to transform their business. There’s only one problem: many companies are either being misleading or ...
-
News BriefApple, Google face compliance crossroads as states push digital safeguards
A new law in Texas will go into effect next January that requires Apple and Google to verify the age of their app store users. This marks another piece of legislation from the state level intended to protect children, and the second such law specifically from Texas to limit children’s ...
-
Basic PageConsumer electronic supply chain at risk, FCC says in proposing new rules
Thousands of computers and other consumer electronic devices imported into the U.S. that were certified as safe by foreign laboratories have been identified as having links to the Chinese government or military, Brendan Carr, chair of the Federal Communications Commission, said Thursday in announcing an order to close the security ...