Overview
Defined contribution (money purchase) pensions are making the headlines.
Defined contribution (DC) pensions are at the centre of three key developments that are shaping the future of pension provision in the UK:
- workplace pension reform (automatic enrolment) is bringing millions of new members into DC pension savings - many for the first time
- Budget 2014 has already changed the DC landscape and will bring further and even more radical changes to DC pensions with effect from April 2015
- regulatory focus - employers, providers and trustees are dealing with a raft of regulatory challenges on DC pensions, including the Pension Regulator's Code of Practice and the DWP's charge capping regime and increasing focus on member value for money
How we help
The complex nature of DC schemes requires support from across legal disciplines, for example in relation to investment issues, HR policy and managing member data. Our cross-firm expertise ensures you get the holistic advice you need. We can help you:
- navigate through the complex Budget 2014 changes including flexible drawdown, tax free cash and new 'at retirement' options
- implement legally compliant automatic enrolment solutions and ensure that the complicated interactions between payroll, administration, pensions, employment and I.T. systems are covered
- create effective and easy-to-understand communications covering all aspects of DC pensions
- comply with increasingly demanding regulations and governance requirements
- merge and wind-up DC arrangements to consolidate and streamline benefit provision
Our pension and benefits experts have extensive experience in advising employers, providers and trustees on DC pensions. If you have any questions on anything to do with DC pensions, please contact one of the key contacts listed below or any of your usual client service team members.
