Retirement Policy Committee

Industry challenge

Covid-19 has provided a new and difficult set of challenges for industry and their underlying consumers. Regulatory change requirements need to be interpreted and implemented accordingly.

Group purpose

The Retirement Policy Committee aims to review and respond to proposals and changes which impact the UK Retirement Market, and consumer outcomes. To also consider the technical challenges in relation to operational procedures and interpreting and responding to regulatory changes in relation to retirement.

Areas of focus

• Investment Pathways, Auto-enrolment, Pensions Tax Relief, Pensions Dashboard, Pension Scams, Operational Issues
• Review of Mansion House reforms conducted and subsequent discussions taken place with the Committee, attended the recent Mansion House Pension Summit and subsequent round table event.
• Responded to DWP consultations – The Occupational and Personal Pension Schemes (General Levy) Regulations Review 2023, Ending the proliferation of small pension pots and Helping savers understand their retirement choices
• HMRC Lifetime Allowance abolition workshops attended – subsequently paper created and sent after discussion with HMT to highlight industry concerns and propose alternative solutions to the transitional requirements.
• Working group held to review LTA abolition draft regulations. Big attendance and significant areas of concern identified and documented. Ongoing interaction with HMRC through roundtables and individual discussions on high volume areas of concern. Handling a large ongoing volume of technical queries from members in this area.
• Attended the first meeting of a small industry initiative run by Schroders – the Lifetime Savings Summit which is focused on providing solutions to meet the fundamental challenges that most people face in understanding and managing their money. This meeting was focused on defining the issues – future meetings to consider potential solutions during 2024 to create a lifetime savings model.
• Ongoing input into the VfM framework through the industry roundtables currently running
• Meeting with DWP held to discuss the Decumulation Framework and the best way to approach this at an industry level.
• We have now started running TISA’s new retirement training course – DC retirement options.
• Potential cross-industry group in the process of creation to discuss changes to the EMT Reporting Template to include pension specific requirements such as AS TM1 data requirements for Statutory Money Purchase Illustrations.
• New training course developed and implemented – DC retirement options. Retirement training courses updated to reflect new rules on Life Time Allowance from 2023 and 2024
• Involvement with HMRC/Industry group on various member technical queries
• TISA has participated in an interview with NEST for new NEST research/report covering household resilience and pensions
• Joint Industry Group meeting (PLSA/ABI/ACA/APL/PASA) held to discuss current pension related issues
• Meetings held with members and FCA to discuss inconsistencies in FCA PS22/15: Improving outcomes in non-workplace pensions – FCA have agreed to update the rules to reflect the inconsistencies which relate to exemptions for firms to issue Cash Warnings and offer a Default investment option in certain scenarios
• NMPA industry working group instigated by TISA – HMRC have since corrected their stance to confirm when a protected retirement age applies to transfers
• Ongoing discussions underway regarding new AS TM1 rules that come into effect from October 2023 (new Statutory Money Purchase Illustration rules) and the associated challenges for industry in receiving volatility data for illustration calculations from asset managers. We are currently collaborating with the Association of Member Directed Pension Schemes (AMPS) to explore an industry wide implementation solution to the issues.

A J Bell Securities Limited
abrdn
Aegon UK PLC
Altus Consulting
Aviva UK Insurance
Barclays Wealth
Baringa Partners LLP
Blackrock Investment Management (UK) Limited
Bravura Solutions
Burges Salmon
Canada Life Ltd
Close Brothers Asset Management
Coutts & Co
Cushon
Defaqto
Delta Financial Systems
Digital Moneybox Ltd
Dunstan Thomas Holdings Ltd
Equiniti
Equisoft
Evelyn Partners
Eversheds Sutherland (International) LLP
Fideltiy International
GBST Wealth Management

Hargreaves Lansdown
HSBC
Interactive Investor
L & G plc
Northern Trust
Penny Technology Limited (aka Penny)
Nucleus Financial Group Limited
Pershing
Pinsent Masons LLP
Phoenix Asset Management
Prudential
Quilter PLC
Scottish Widows Plc
Seccl Custody Limited
Seven Investment Management
Simplify Consulting
SS&C
St James’s Place Wealth Management Syndaxi Chartered Financial Planners
Tenet Group
the lang cat
The Penny Group
Virgin Money PLC

Renny Biggins,
Head of Retirement leads on this work at TISA

Chair: Steven Cameron, Aegon

Deputy Chair: Alastair Black, abrdn

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