Engaging individuals to plan and to save for their retirement is the most pressing challenge in the current pensions landscape. The decline of defined benefit pensions and the increase in defined contribution pensions is transferring the responsibility for securing an adequate income in retirement from employers to individuals. Yet many individuals do not know what level of savings they need to have an adequate income in retirement.
The UK Government has taken some successful steps to start to address savings issues, through the implementation of Automatic Enrolment. But there are still a number of actions individuals, employers, the pensions and advice industry, and Government could take to improve individuals’ financial capability and help them to understand what an adequate retirement income could look like for them, and how to meet their retirement income goals.
There has perhaps never been a busier time in UK pensions policy, with changes afoot that touch almost every aspect of a pension scheme’s funding and operation. The IFoA Pensions Board has been at the very centre of the key debates, from the Pensions Schemes Bill and TPR’s new Code of Practice to GMP equalisation and consolidation. Perhaps most importantly, we have raised our voices loud and applied our unique technical expertise, to the critical national issue of Defined Contribution Scheme adequacy, seeking to ensure that people are able to enjoy a comfortable retirement .”
Mark Williams, Chair, Pensions Board
Pensions Policy Papers
CP20/3: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations1 October 2020
- 23 December 2019
- 24 September 2019
CP19/5 Retirement Outcomes Review: Investment pathways and other proposed changes to our rules and guidance5 April 2019
- 3 April 2019
- 4 February 2019
- 28 January 2019
- 17 January 2019
- 26 October 2018
IFoA response to PPF consultation on assumptions to be used for valuations under section 143 and section 179 of the Pensions Act 20021 September 2018
- 7 September 2018
- 9 August 2018
- 21 August 2018
IFoA response to House of Lords Economic Affairs Select Committee Call for evidence into use of the retail price index21 August 2018
- 18 July 2018
- 16 July 2018
IFoA response to tPR and FCA Regulating the pensions and retirement income sector_ our strategic approach19 June 2018
- 31 May 2018
IFoA response to Work and Pensions Committee Collective defined contribution pension schemes inquiry1 February 2018
- 16 January 2018
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Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.