The Society of Pension Professionals

Earlier today the Financial Conduct Authority published their 100+ page policy statement on the regulatory framework for pensions dashboard service firms. Pensions dashboards will allow consumers to find their pensions and view basic information about them in one secure place. Earlier this year, the Government changed the law to bring the new activity of operating a pensions dashboard within the FCA’s regulatory remit, meaning that a firm wishing to operate a dashboard must be or become FCA authorised, get their permission to undertake the new regulated activity and meet their requirements. The policy statement published today summarises feedback to a previous consultation on the subject as well as the FCA's response to that feedback. Policy statement: https://lnkd.in/eSB2VXpx #pension #pensions #dashboards #retirement #SPP #regulation #pensiondashboards

Great to see Pensions Expert today, with a thoughtful yet lively piece on the Financial Conduct Authority's Value for Money consultation from The Society of Pension Professionals Brian McBride (also Head of Conduct Regulatory Development at M&G plc). Brian expertly highlights that, "...while The Society of Pension Professionals (SPP) believes that there are some significant early issues to address, we support many of the proposals being put forward and the overarching objective of improving value for members." The article is available here: https://lnkd.in/eDkZmBvE #pension #pensions #retirement #FCA #Valueformoney #financial #investment #publicpolicy #policy #regulation

There is still time to register the joint The Society of Pension Professionals and O:pen event next Monday, November 11th, where we will be discussing inclusion and diversity within #pensions with Chair of The Pensions Regulator, Sarah Smart. The event will be held in a hybrid format at the London offices of Hogan Lovells and online, with speakers: - Sarah Smart, Chair, The Pensions Regulator - Daniel Gerring, Partner, Travers Smith - Atul del Tasso-Dhupelia, Partner, PwC - Shayala McRae, Principal, LCP The event will begin with a fireside chat with Sarah Smart, led by Daniel Gerring, where we will hear Sarah’s personal story, including why EDI holds such significance for her, as well as an exploration of her future goals and the key priorities of The Pensions Regulator. This will be followed by a panel discussion with Sarah, Daniel, Atul and Shayala as they share their unique perspectives on EDI in the pensions industry and answer audience questions. Following the session, all in-person attendees will have the opportunity to connect and continue the conversation with a networking reception. Don’t miss this opportunity to be a part of a vital conversation in shaping the future of our industry. Registrations are open to everyone and completely free, so don't miss out! https://lnkd.in/epc5dYKs #sppevents #edi #pension

Due to unfounded #Budget2024 speculation, some people took their 25% tax free cash lump sum from their pension pot earlier than planned. As Ruth Jackson-Kirby highlighted in the Daily Mail last week, many schemes offer a 30-day cooling off period for anyone regretting their decision, offering a potential means of restoring the money to their pension pot. However, if they can't utilise the cooling off period, and want to return the money, Amit Shanker, Chair of The Society of Pension Professionals Administration Committee, warns in the same article that, "Anyone who has taken out money in this way needs to be very careful with their next actions, as there are strict and complex rules that could lead to serious tax consequences." Wise advice indeed. https://lnkd.in/eaBh5-fG #pension #pensions #SPP #tax #taxes #taxplanning #finance #retirement

Great to see Steve Hitchiner so rapidly highlighting that the #Budget2024 announcement about pensions being subjected to Inheritance Tax (IHT) is not entirely unexpected, given the SPP highlighted this possibility in its report, "Pensions Tax Relief: separating fact from fiction" published earlier this month. Thanks to The Scotsman, GB News, MSN, Professional Pensions, PensionsAge, Pensions Expert, Actuarial Post, IFA Magazine, Law360 and others for covering this. https://lnkd.in/eF7FTkc4 #inheritancetax #IHT #tax #financial #pension #pensions #spp #Budget2024

So, what do #TaylorSwift and #Oasis have in common with #pensions #dashboards according to The Society of Pension Professionals Pensions Dashboard lead Paul McGlone? Find out in this fascinating Professional Pensions article: https://lnkd.in/eJ8zftHQ #pensions #pension #dashboards #pensiondashboards #SPP #Oasis #TaylorSwift

What do pension professionals think is required to best deliver real-world ESG impacts? Earlier this month, The Society of Pension Professionals (SPP) held an event on the future of Environmental, Social and Governance (ESG) issues in the UK pensions market.  During the event, over 100 pension professionals were asked, “What would be required in the future to best deliver real-world ESG impacts?” None of the respondents chose the option of further disclosure requirements, almost half (47%) agreed that “more focused manager engagement” was best and more than a third (35%) opted for “a change in the law”. 16% of respondents chose “clearer guidance on best practice” as their favoured option. SPP member and Aon UK Head of Responsible Investment, Craig Campbell, who chaired the event, said; “It was good to see that pension professionals are so supportive of improving manager engagement to deliver real-world ESG impacts. Given the substantial increase in ESG disclosure requirements in recent years, it is perhaps not surprising that there was no support for additional disclosure requirements to be imposed. What's clear is that pension professionals remain very much committed to ESG principles and outcomes. We have achieved a great deal but there remains much more to do.” #pension #pensions #retirement #ESG #governance #climatechange #netzero #TCFDs #financial #disclosures

A fantastic evening with members of The Society of Pension Professionals Early Careers Professionals group at Travers Smith this evening. We heard from various experts on the importance of diversity, equity and inclusion. This included the many benefits of apprenticeships, inclusive communications, neurodiversity in the workplace and the various pensions saving gaps. Thanks to our speakers: * Derrie Monteith, Associate and Pension Administration Operations Manager, Barnett Waddingham * Laura Stewart-Smith, Head of Client Engagement, Workplace Savings, Aviva * Niraj Shah AIA, Investment Analyst, LCP * Charlotte Feld, Consultant, Pensions, Travers Smith * Sophia Singleton, SPP President and Head of DC, XPS Group * Fred Emden, SPP CEO Thanks also to the 70 or so Early Careers Professionals who joined us. #diversity #inclusion #inclusivity #neurodiversity #pensions #pension #financialservices #SPP #EDI

The Society of Pension Professionals (SPP) together with the Association of Pension Lawyers (APL) recently held an event for their members to explore the key considerations for Defined Benefit (DB) run-on. Almost 400 pension professionals were asked, “To what extent would you expect run-on to be a viable long-term strategy for the schemes you support?” 9% of respondents agreed with the statement, “Yes, for most of my schemes this may be a viable option” whilst more than two thirds (69%) agreed, that “this would only be a serious consideration for some of my schemes.” Nearly a quarter (22%) agreed with the statement “No, for all or most of my schemes, risk transfer remains the only viable long term strategy.” The Society of Pension Professionals member Natalie Mee, Partner, CMS UK, who chaired the event, said; “The SPP polling demonstrates that there is no one-size fits all solution for pension schemes. For some, DB run-on may be the best option, for others it’s risk-transfer.   The fact that so many schemes enjoy strong funding and strong covenant support means they now have genuine choice when it comes to making their endgame decision and that’s something we should all welcome.” Thanks to Corporate Adviser, Professional Pensions, Investment & Pensions Europe (IPE) and others for covering in the media this week. https://lnkd.in/d2636k9b #DB #definedbenefit #pension #pensions #pensionscheme #retirement #investment #endgame #runon #risktransfer #covenant #SPP

Congratulations to Johanna Baxter MP, Neil Coyle MP, Damien Egan MP, Amanda Hack MP, Gill German MP, David Pinto-Duschinsky MP for being elected to the Department for Work and Pensions (DWP) Select Committee this week - and of course, to Debbie Abrahams for being elected Chair last month. The Society of Pension Professionals looks forward to working with you all on pensions related policy issues in the months and years ahead. https://lnkd.in/es92q3dS #SelectCommittee #pension #pensions #policy #DWP #SPP