A wish list for Christmas pensions. What you said…
Professional pensions asked its Pension Buzz respondents to choose which topic or topic to include on a pension-themed Christmas wishlist this year. Here are the responses we received …
Politics
- A timeline for implementing the recommendations of the 2017 Automatic Enrollment (AE) Examination.
- The idea of ââthe retirement “statement season” will be abandoned
- Accounting standards amended to remove pension assets and liabilities from company accounts
- A freeze on new consultations until the implementation of the changes compared to those issued in 2020 and 2021
- A pair of scissors to cut unnecessary paperwork
- A life commission later
Pension dashboards
- More clarity around dashboards
- Pension dashboards to be canceled
Legislation and regulations
- A break from any new legislation
- Revision of winding-up rules to make it easier for plans to secure their commitments
- A gradual increase in minimum employer contributions
- The end of political gossip
- A reversal of retirement freedoms
- Less regulation, bureaucracy and government intervention
- EI premium rate increase
- Increase in minimum EI contributions
- Less regulation and checkboxes
- No change from official bodies or regulators for five years
- Reverse the reform of the retail price index
- Remove the rules for “own risk assessment”
- Reduce excessive periods
- Do more to prevent scams
- Better rationalize pension legislation
Investment / economy
- Management fees capped at ten basis points
- Pandemic Inflation Retreat
- New investment options adapted to the requirements of pension plans in terms of income, ESG and climate change
- Real positive returns
- Stable markets and low inflation
- Grants that are still going up
Stewardship
- Long-term stewardship and sustainability are unambiguously defined as fiduciary duties
Tax
- Simplification of the pension tax
- Abolition of the annual allowance (AA)
- An increase in the lifetime allowance
- Tax simplification so that plans can focus on members rather than bureaucracy and compliance
- Increase AA
State pension
- That the government pay a decent state pension
- The triple lock is retained
- Private pensions abolished and decent state pension benefits provided to all
Defined benefits
- The end of forced disclosure of documents for closed defined benefit (DB) plans
- So that the DB funding code does not âpenalizeâ immature open plans with strong covenants
- A better way to value liabilities
- More pressure on sponsors to make meaningful contributions to debt reduction
Data
- A data cleansing wizard
- Clean data
Commitment
- Better understanding of pensions by participants
- Significant communication greeted with enthusiasm by all
- A magic button that engages employees with pensions
BPF
- A magic wand to make BPF disappear
- A turnaround on the requirement to equalize historical transfer values
- Get rid of the GMP equalizer
- Speed ââup GMP equalization
- Introduce a simpler approach to GMP conversion
- GMP equalization to go
ESG
- That the rules of the working group on climate-related financial disclosures do not oblige investment managers and companies to change their behavior
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