Jonathan Griffith’s Post

The government's proposed reforms for defined benefit (DB) schemes is the latest piece in the pensions jigsaw 🧩 The changes promise balance enhanced options for trustees with prioritising the security of member benefits 🔒 Find out how the proposed reforms may influence your endgame considerations and general planning for the future of your DB scheme in Womble Bond Dickinson's latest article 👉 https://ow.ly/akKs50Rb70g #PensionsLaw #UKPensions #PensionScheme #DefinedPensionSchemes #EmployeeBenefits Gavin Ellison | Tracy Walsh

Good shout Kris. The Advice Gap issue no better exemplified. £13,000 average pot size. Yes, take advice but if the cost of that advice is inhibitive (which it would be for most) at least take simplified advice. It's still regulated, value for money and the best option for so many people. We do it here at Zippen. Unless you know anything about pensions or personal finance, please don't go execution only. Yuk!

Good summary article here in the Irish times on the changes in public sector pensions. This shows how really financially significant these are for the for the overall health of the nations balance sheet and how even apparently minor, but well thought-out changes here for future joiners can in the long-term bring big improvements in tax-payer finances. This is the ultimate long game. https://lnkd.in/gcFgKaxc?

💸 MONEY MISTAKE MONDAYS 💸 😱 £19.4 billion in lost pensions in the UK, comprising 1.6 million pots with an average size of £13,000. 🗣 Does your partner/family know about your pensions? 🤔 Are your pensions all in one place or scattered around different companies? 📝 Do you have a list written down with all your pensions on? 💰 For most people after their house, their pension is their biggest asset. They often run into the 10's or even 100's of thousands and yet they don't know anything about them. 🗣 If this rings true for you then speak to an advisor and get some clarity on your situation. Don't be like the 1.6 million people in the article!

This is a welcome consultation from FCA, TPR and DWP. Costs are just part of the equation. Investment performance and service are fundamental for savings to work well for customers. I believe expanding the framework to include non-workplace pensions is crucial to provide savers with a comprehensive view of their options. Having this feature on commercial dashboards from the outset will enable individuals to compare pensions across the entire market to make informed decisions.

In case you want some holiday reading, the Value for Money framework consultation for contract-based schemes (on which TPR, DWP and FCA have worked together) has been published, with equivalent legislation for trust-based schemes due in the upcoming Pension Schemes Bill: https://lnkd.in/euEvEgq9 #tltpensions #valueformoney

Pensions Age have issued a useful article summarising where we currently are with pooling of assets in the LGPS. Jeff Houston from BW gives his expert opinion on progress and some of the key challenges faced: https://lnkd.in/eH7szmqF

Spring Budget 2024: Pensions, ISAs and savings From a financial planning perspective this week's budget was low on headlines. Making way through the pre-election banter, Justin Rourke, Head of Advice, Armstrong Watson Financial Planning, dives into the detail to understand how this might impact your pensions and savings... https://lnkd.in/eyPeqsTZ #budget2024 #financialplanning #savings

A confusing political agenda has developed in recent years for UK workplace pension schemes. My latest post examining the challenges facing asset managers looks at the current muddled political thinking about the purpose of pensions. Those who have signed up to the Mansion House reforms aim to invest 5% of their portfolios in unlisted equities by 2030. But is it the job of pension schemes to help a government to invigorate a mismanaged economy? Hiding under this political agenda is a more important question for the nearly 11 million auto-enrolled UK citizens - are these schemes giving them value for money? Is fixed income going to be the real winner now it offers decent yields? Do the economics of private equity and debt still add up in a higher interest rate environment? And will the greatest opportunities for asset managers be created by a robust value for money framework? My post endeavours to answer some of these questions. Read it and let me know what you think! #pensions #definedcontribution #valueformoney #mansionhousereforms https://lnkd.in/e6Mr_6n4

Understanding lifetime allowance (LTA) protections under the new pensions regime 🛡️ With the LTA gone from April 2024, new rules apply – but all previous protections stay intact! Our Technical Manager, Martin Jones, outlines what you need to know about the changes, and why clients may gain a higher lump sum and higher LTA than normal: https://lnkd.in/euZ4eDue