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Quarterly Pension Briefing

Quarterly Briefing Quarter 1 - 2022

This briefing is a supplement to the information contained on the Usdaw Pensions website, which contains a host of pension related information about workplace, personal and state pensions;  www.usdaw.org.uk/Help-Advice/Pensions


Peoples Pension Saving Adequacy Report

Millions of people across the UK “wrongly” believe they are saving enough for retirement because they are contributing the amount set out by auto-enrolment regulations, according to B&CE, provider of The People’s Pension.
https://thepeoplespension.co.uk/wp-content/uploads/Pension-Adequacy-The-Pension-Savers-Perspective.pdf

Over a third of people would accept lower pension savings for ethical investments

A report by the High Pay Centre suggests that people think companies’ social and environmental records should be important determinants of where their pension savings are invested. 
https://highpaycentre.org/high-pay-centre-briefing-pension-saver-views-on-the-social-and-environmental-impact-of-investments/

Stronger Nudge to Pensions Guidance

Following consultation by the Department for Work and Pensions between 9 July 2021 and 3 September 2021 on proposed regulations implementing a Stronger Nudge to pension’s guidance the Government has responded by committing to ensure that, when preparing for retirement, savers are encouraged to access appropriate pensions guidance and to make it more accessible for those who want it.
Free and impartial guidance is provided by Pension Wise, for individuals aged 50 or above, and with a Defined Contribution (DC) pension.
https://www.gov.uk/government/consultations/stronger-nudge-to-pensions-guidance/outcome/government-response-stronger-nudge-to-pensions-guidance#chapter-7-summary-of-key-changes

Watchdog says people underpaid state pensions left ‘in the dark’ over entitlement

A report by the House of Commons Committee of Public Accounts said the state pension payment system was ‘unfit for purpose’ and called for clarity on how receiving a lump sum would affect people’s existing benefits – such as pension credit, housing benefit, and social care.
https://committees.parliament.uk/publications/8560/documents/86473/default/
 
Men found to save £90k more than women after age 50

A report commissioned by Pension Bee has found that Men save £90 thousand more than women after age 50 mainly due to the additional unpaid care responsibilities undertaken mainly by women.
https://www.pensionbee.com/resources/pensionbee-older-females-miss-out-on-90k-of-retirement-savings.pdf
 
New Pensions Ombudsman factsheet for members

In March the Pensions Ombudsman published a factsheet for members on complaining to the party/parties at fault before the Pensions Ombudsman will investigate a complaint. The factsheet gives guidance for members on when and how to bring a complaint under a pension scheme’s Internal Dispute Resolution Procedure (IDRP), and the timelines for making a complaint to the Ombudsman.
 
https://www.pensions-ombudsman.org.uk/sites/default/files/publication/files/Complaining%20to%20the%20parties%20at%20fault%20factsheet%20March%202022.pdf
 

If you have any questions or require information on any pension related matter please contact the Pensions Department at Usdaw; [email protected]
 

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