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Quarterly Pension Briefing

Quarterly Briefing Quarter 2 - 2021

Welcome to the second Pension Quarterly Briefing in which we provide information on a few significant events in the pension’s world.

The briefing is a supplement to the information contained on the Usdaw Pensions website, which contains a host of pension related information about workplace, personal and state pensions;  www.usdaw.org.uk/Help-Advice/Pensions

So what happened in the second quarter of 2021?

1. Auto-enrolment participation slows down in 2020

2020 was the first year to see unchanged levels of participation since the auto-enrolment scheme was introduced, according to new figures from the Office for National Statistics published on 10 May 2021.

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/bulletins/annualsurveyofhoursandearningspensiontables/2020provisionaland2019finalresults
 

2. Defined Contribution (DC) schemes to send two-page ‘simpler statements’ in 2022

The Department for Work and Pensions is consulting on regulations that would see DC pension schemes required to send simpler annual benefit statements to their members from April next year.

https://www.gov.uk/government/news/simpler-information-to-transform-pension-understanding-for-savers
 

3. The Pensions Regulator (TPR) publishes its latest three-year plan
 
The Plan encompassing everything from pensions security, tackling scams, dashboards, superfunds, and coping with the changing nature of defined contribution pension provision. The new plan outlines how TPR will protect millions of savers as UK recovers from pandemic

https://www.thepensionsregulator.gov.uk/en/media-hub/press-releases/2021-press-releases/new-plan-outlines-how-tpr-will-protect-millions-of-savers-as-uk-recovers-from-pandemic
 

4. Aegon report looks at causes of poor female financial wellbeing

Women are more likely to focus on short-term financial goals and this has an effect on their financial wellbeing.  Aegon found this to be the case among 962 adults it surveyed as part of its financial wellbeing index study. The study measured both their household wealth and the health of their money mind-set.

https://www.aegon.co.uk/content/ukpaw/news/aegon_report_looksatcausesofpoorfemalefinancialwellbeing.html


5. £1.8 million lost to pension fraud so far this year

Action Fraud is warning savers to remain vigilant and protect their pensions, as figures from the national reporting centre for fraud and cybercrime  reveal £1.8 million has already been lost to pension fraud this year;
 
https://www.actionfraud.police.uk/news/warning-from-action-fraud-to-protectyourpension-as-1-8-million-lost-to-pension-fraud-so-far-this
 

6. Multi-jobbers short-changed £76m a year in auto enrolment pensions

Workers on the lowest salaries with more than one job are losing out on £76m a year in employer pension contributions due to an ‘unfair’ system, according to a study from Scottish Widows

https://adviser.scottishwidows.co.uk/assets/literature/docs/23829.pdf

 

If you have any questions or require information on any pension related matter please contact the Pensions Department at Usdaw;[email protected]
 

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