LRD guides and handbook July 2014

Workplace pensions - a guide for trade union reps

Introduction

Introduction [pages 4-6] (1,011 words)

The coalition government’s radical shake up of both workplace and state pensions is continuing at a startling pace, raising new issues for trade ...
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Chapter 1

1. THE PENSIONS REVOLUTION [ch 1: page 7] (402 words)

The start of the pensions revolution can be accurately dated to 1 October 2012 when it was announced through a government press release headed: ...
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Beyond auto-enrolment [ch 1: pages 7-9] (231 words)

Regulating workplace pensions [ch 1: page 8] (301 words)

Quality [ch 1: pages 9-10] (345 words)

Pensions timetable — key milestones [ch 1: pages 10-11] (370 words)

Chapter 2

2. A BASIC FRAMEWORK FOR RETIREMENT PENSIONS [ch 2: page 12] (199 words)

The new basic framework for retirement pensions in the UK is taking shape. Auto-enrolment into workplace pensions is bedding in at larger workplaces, ...
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The new State Pension [ch 2: pages 12-13] (446 words)

Winners and losers [ch 2: pages 13-14] (285 words)

Transition [ch 2: pages 14-15] (639 words)

Pension age [ch 2: pages 14-15] (339 words)

Inequality [ch 2: page 16] (243 words)

2014 Budget changes [ch 2: pages 17-18] (523 words)

Implications for members [ch 2: page 18] (135 words)

The Guidance Guarantee [ch 2: pages 18-19] (312 words)

Auto-enrolment — developments to date [ch 2: page 19 ] (296 words)

Summary of employer duties under auto-enrolment [ch 2: page 20] (141 words)

Who is being auto-enrolled [ch 2: pages 20-21] (325 words)

Inclusivity [ch 2: page 21] (304 words)

What sort of pensions are workers being auto-enrolled into? [ch 2: page 22] (291 words)

Minimum contributions [ch 2: pages 22-23] (310 words)

Transfers of employment [ch 2: pages 23-24] (358 words)

Chapter 3

3. DEFINED BENEFITS SCHEMES - THE ‘FULL PENSION PROMISE’ [ch 3: pages 25-26] (648 words)

Defined Benefit schemes offer the “full pension promise”, according to the Pension Schemes Bill. They provide a predetermined retirement income ...
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New pension framework for the public sector [ch 3: pages 26-28] (745 words)

Public sector scheme highlights [ch 3: page 28] (247 words)

Local Government Pension Scheme [ch 3: pages 29-30] (521 words)

Regulating public sector pensions [ch 3: page 30] (89 words)

Public sector pension transfers [ch 3: pages 30-31] (517 words)

Managing private sector Defined Benefit pensions [ch 3: pages 31-32] (511 words)

Assessing risk in Defined Benefit pensions [ch 3: pages 32-33] (358 words)

Valuations [ch 3: pages 33-34] (231 words)

Sustainable growth [ch 3: page 34] (211 words)

Annual funding statements [ch 3: pages 34-35] (277 words)

Key funding principles for Defined Benefit schemes [ch 3: pages 35-36] (253 words)

Pensions protection [ch 3: page 36] (206 words)

“Derisking” [ch 3: pages 36-38] (736 words)

Contracting out [ch 3: page 38] (243 words)

Taking the legal route [ch 3: pages 39-40] (511 words)

Transfers out of Defined Benefit schemes [ch 3: page 40] (267 words)

Chapter 4

4. DEFINED AMBITION, SHARED RISK AND COLLECTIVE BENEFITS PENSIONS [ch 4: pages 41-42] (394 words)

Pension scheme membership is finally expanding again but in the private sector that generally means workers joining a defined contribution (DC) ...
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Scheme design left to pension providers [ch 4: page 42] (282 words)

Why consider a Defined Ambition or Collective Benefit pension? [ch 4: pages 42-43] (398 words)

Hybrid pensions [ch 4: pages 43-44] (274 words)

The Defined Ambition framework in more detail [ch 4: pages 44-45] (516 words)

Collective Benefits schemes [ch 4: pages 45-46] (464 words)

Collective Defined Contribution schemes [ch 4: pages 46-47] (349 words)

Potential take up [ch 4: page 47] (170 words)

Collective Defined Contribution pensions: The basic idea [ch 4: page 48] (349 words)

Chapter 5

5. PROMOTING QUALITY IN DEFINED CONTRIBUTION PENSION SCHEMES [ch 5: pages 49-50] (517 words)

Defined Contribution (DC) pensions offer no “pensions promise”, to use the language of the Pension Schemes Bill. But they are the kind that most ...
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Communications and information [ch 5: pages 49-52] (612 words)

Improving Defined Contribution contribution levels [ch 5: pages 52-54] (905 words)

The default investment fund [ch 5: pages 54-55] (672 words)

Choosing investments in a DC scheme [ch 5: pages 54-56] (449 words)

Review of investment strategy [ch 5: page 57] (161 words)

The Pensions Quality Mark [ch 5: page 57] (190 words)

Value for money and charges [ch 5: pages 57-58] (435 words)

Transparency and disclosure [ch 5: pages 58-59] (157 words)

Impact of charges [ch 5: page 59] (251 words)

Controlling charges [ch 5: pages 59-60] (497 words)

What members get for their money [ch 5: pages 60-61] (457 words)

Active member discounts [ch 5: page 62] (390 words)

Pension pots and refund options [ch 5: pages 62-63] (342 words)

Preparing for retirement [ch 5: pages 63-65] (853 words)

Annuities [ch 5: pages 65-66] (654 words)

Alternatives to annuities [ch 5: pages 67-68] (483 words)

Pension release and pension liberation fraud [ch5 : page 68] (207 words)

Chapter 6

6. GOVERNANCE [ch 6: page 71] (752 words)

Concerns about pension scheme quality, particularly the growing defined contribution (DC) section of the market (see Chapter 5) have persuaded the ...
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The trustee model [ch 6: page 71] (245 words)

Member-nominated trustees [ch 6: pages 71-72] (377 words)

Trustee knowledge and understanding [ch 6: pages 72-73] (508 words)

Improving governance in contract-based schemes [ch 6: pages 73-75] (829 words)

Independent Governance Committees [ch 6: pages 75-76] (536 words)

Voluntary management committees [ch 7: pages 77-78] (589 words)

Improving governance in trust-based schemes [ch 6: pages 78-79] (463 words)

Scheme size [ch 6: page 79] (93 words)

New requirements for trustees [ch 6: pages 79-80] (439 words)

Improving governance in master trust multi-employer schemes [ch 6: page 81] (496 words)

Investment and funding [ch 6: page 82] (185 words)

Influence [ch 6: page 82] (226 words)

Stewardship [ch 6: pages 82-83] (362 words)

Governance in the public sector [ch 6: pages 83-85] (483 words)

Local Government Pension Scheme [ch 6: pages 85-86] (564 words)

European-level changes [ch 6: pages 86-87] (240 words)

Further information

Further information [page 88] (208 words)

The main regulators of workplace pensions are: ...
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