As the year draws to a close, we look ahead to 2020…
1.An equal retirement age of 66 for both men and women by October 2020.
2. A state pension increase of almost 4% as a result of the triple lock from April.
3.A crackdown by TPR on inaccurate record keeping pushing schemes and trustees to implement improved data practices.
4.The McCloud case – further guidance from the Employment Tribunal for public service schemes on how to implement a remedy.
5.The Pension Schemes Bill brings us closer to the introduction of the first CDC scheme, increased protection around pension investments, extended power of TPR, introduction of dashboard regulation and tackling poor management of private pension schemes.
6.MaPS’ combination of skills and expertise will support the effective delivery of a successful pension dashboard.
7.PASA’s GMPe working group’s call to action encourages schemes to review their data ahead of the equalisation work to follow.
8.Improved member communications with wake-up packs including greater risk warnings by the end of January and more schemes putting members first with the simplified annual statement.
9.An increase in buy-ins and buy-outs for DB schemes, with pickier insurers and a renewed focus on data quality.
10.PPF’s published strategic plan for 2019-2022 prioritises sustainable funding during volatile times, building for innovation and a better service for their members and schemes.
11.The FCA’s renewed commitment to reducing the risk of harm from the transfer of DB pension rights to DC schemes, ensuring providers are aware of their responsibilities to protect members.
12.The introduction of investment pathways from 2020 as a result of the FCA’s Retirement Outcomes Review will further protect members entering drawdown.