Heywood Pension Technologies’ Post

May 2024 Pensions Headlines: Insightful Reads on the UK General Election and TPR corporate plans for the next few years. Dive into two excellent articles discussing the UK general election's impact on pensions and The Pensions Regulator’s (TPR) corporate plans for the upcoming years. The UK pensions landscape is dynamic, especially with the potential for a new government. Key questions loom, such as whether Labour will reverse the Lifetime Allowance (LTA) abolition. Such changes could significantly increase the already complex UK pensions framework. I’m eager to see how these developments unfold. Read more here: https://lnkd.in/eSYUDbSt #Pensions #UKPolitics #TPR #LifetimeAllowance #UKGeneralElection #Finance #RetirementPlanning

Yesterday, the Department for Work and Pensions (DWP) published guidance setting out a staged timetable for connection to the Pensions Dashboards today. The Pensions Dashboards Programme (PDP) are back on track and the countdown to connection has begun! In this update, Pensions Dashboards Lead John Dale explains the new staging profile for connecting to pensions dashboards, what schemes need to do now to start preparing and how Heywood can help. Read the update here: https://lnkd.in/gDyxwhRu

Following the removal of the Lifetime Allowance framework from pensions tax legislation on 6 April 2024, trustees and employers should be taking a closer look at their scheme rules to see if any updates need to be made.   Commenting in Professional Pensions, partner Beth Brown discusses what pensions schemes may need to think about.   Read more by following the link below.   #UKpensions #LifetimeAllowance

His Majesty Treasury’s (HMT) qualifying pensions dashboard services (QPDS) enabling legislation comes into force today 🚨 This development is an important step on the legislative journey to dashboards - enabling leading firms to start crystallising their plans. Developing a QPDS is a hefty undertaking, requiring around 3 years to develop, so those providers who have yet to start their journey towards delivering a QPDS need to start now. We know from research that consumers want to be able to see all their pensions and wider financial universe all in one place, and that this is how businesses can achieve better outcomes for their customers. Read our full post for a breakdown of what's next in the pensions dashboard timeline ⬇ https://lnkd.in/eYz2jKHj

An important milestone on the road to live commercial Pensions Dashboards. If you aren't already speaking to us about how we can help you be ready for when Dashboards go live then get in touch as there is a lot of work to be done! #pensionsdashboards

If you want an overview of what all the manifestos say on pensions and other issues related to later life, have a look at this excellent summary from the PPI.

📚📜 Industry news: Noteworthy advancements in DB pension scheme funding 📚📜 Exciting updates are coming from both The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) regarding their actuarial models. In a recent move, the two bodies have adjusted their models to account for benefit payments and future accruals. This step aims to create greater alignment in defined benefit (DB) funding estimates, as recently reported by Pensions Age. The required adjustments follow the Work and Pensions Committee's (WPC) recommendation that TPR and the PPF collaborate more closely with the Office of National Statistics (ONS). Historically, discrepancies have been found between their datasets, leading to an unclear picture of DB scheme funding. The three organisations have now issued a joint statement ensuring changes that should bring more consistency, showcased in the latest PPF Purple Book. #PensionFunding #ActuarialScience #DefinedBenefits #actuarialjobs #staractuarial #actuaryjobs

📚📜 Industry news: Noteworthy advancements in DB pension scheme funding 📚📜 Exciting updates are coming from both The Pensions Regulator (TPR) and the Pension Protection Fund (PPF) regarding their actuarial models. In a recent move, the two bodies have adjusted their models to account for benefit payments and future accruals. This step aims to create greater alignment in defined benefit (DB) funding estimates, as recently reported by Pensions Age. The required adjustments follow the Work and Pensions Committee's (WPC) recommendation that TPR and the PPF collaborate more closely with the Office of National Statistics (ONS). Historically, discrepancies have been found between their datasets, leading to an unclear picture of DB scheme funding. The three organisations have now issued a joint statement ensuring changes that should bring more consistency, showcased in the latest PPF Purple Book. #PensionFunding #ActuarialScience #DefinedBenefits #actuarialjobs #staractuarial #actuaryjobs

Large pension schemes in the U.K. must connect their plans to the government's long-awaited Pensions Dashboard Program by the end of April 2025, according to new guidance. https://lnkd.in/dXYyTQi4

In this week's edition of #LCPBulletin, the Pensions Regulator firms up on data requirements for statement of strategy, the Pensions Regulator publishes 2024 scheme funding analysis, Pensions dashboard identity service provider confirmed, and more: https://lnkd.in/eR-p5Yai