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UK publishes plan for introduction of CDC schemes

first_imgWhile the framework was based on the Royal Mail proposal, the DWP said it would “structure our legislation to allow us to move promptly to other forms of CDC benefit provision”, including for multi-employer arrangements and “decumulation-only” models. “Royal Mail and CWU have been campaigning together to bring about this legislation, building a cross-party alliance of supporters in both houses of parliament as well as working with government. We now look ahead to the next stage, and ultimately, delivering the UK’s first CDC pension.”Jon Millidge, chief risk and governance officer, Royal Mail “The pensions industry desperately needs innovation if we are to enable people to retire with dignity and security. The CWU… will be delighted to prove that CDC options will prove to be a watershed moment in pension provision and benefit working people way beyond our own membership.”Terry Pullinger, deputy general secretary for postal, CWUGuy Opperman, minister for pensions and financial inclusion, said of the government’s consultation: “There were encouraging signs of a growing interest in CDC [arrangements] among employers and commercial providers outside of the Royal Mail and CWU.“I expect this will increase further as all parties become more accustomed to this type of provision. There are 140,000 postmen and women working for Royal Mail in depots up and down the UK. It is clear these employees and the CWU are very engaged and supportive of CDC [schemes].”Inter-generational fairnessSome respondents to the DWP’s consultation were critical of the plan to introduce CDC schemes, highlighting perceived inter-generational unfairness.However, the DWP said it was “confident” that its chosen approach would “not create new inequalities in the occupational pensions system”, highlighting that imbalances between age cohorts exist in other forms of pension arrangement.It added that its regulatory regime for CDC plans would “require all schemes to have a sustainability and continuity strategy that assesses whether the scheme continues to provide value to members and properly addresses the risk of inter-generational imbalance”.The paper also advocated a “best estimate” approach to valuing scheme assets, and opted against requiring new CDC schemes to build a financial buffer to soften the impact of asset price volatility. However, it said that it would not outlaw the creation of buffers if other CDC providers wished to introduce one.CommunicationsThe DWP emphasised the importance of clear communications with members, particularly around the circumstances in which benefits could be increased or reduced. This would form an important part of CDC regulation, it indicated.David Fairs, executive director of regulatory policy, analysis and advice at TPR, said in a statement: “We will be working closely with government to ensure clear, effective and efficient regulation is in place and that communications to members are also clear and comprehensive.”Rob Harper, partner at consultancy firm Hymans Robertson, added: “Ensuring clear member communications and strong governance are vital if CDC is to succeed and I’m glad the government has recognised this in its response.“Pension provision is already far too complicated for many savers to fully understand and early transparency from employers and providers will aid member understanding of what CDC really means for them.”Questionable timelineIn his introduction to the DWP’s paper, Guy Opperman said legislation would be put forward “as soon as parliamentary time allows” – a caveat added to several other recent pension documents published by the department.Sir Steve Webb – who pushed for the introduction of so-called ‘defined ambition’ schemes during his time as pensions minister from 2010 to 2015 – warned it could still be many years before the first CDC schemes are launched. The UK government is set to legislate for collective defined contribution (CDC) schemes after more than a year of negotiation and consultation with industry stakeholders.In a paper published today, the Department for Work and Pensions (DWP) outlined its framework for the introduction of CDC schemes for the first time in the UK.The model was based on a plan put forward by Royal Mail and the Communication Workers’ Union (CWU), which have been lobbying for CDC legislation for the past year, after selecting it as the best option for settling a long-running dispute over pay and conditions.According to the DWP’s paper, all new CDC schemes would have to be approved by the Pensions Regulator (TPR), in a similar manner to the authorisation regime recently introduced for defined contribution master trusts. Royal Mail and its workers’ union have been campaigning for CDC legislation for more than a year“Even for the Royal Mail it is likely to be several years before a scheme could be up and running,” said Sir Steve – now director of policy at Royal London.“If other employers want to use a different model, this could need new primary legislation and we would probably be talking about the mid-2020s before further schemes could be in place.“I strongly suspect that the government has very limited legal resources as civil servants are being diverted to work on Brexit-related legislation, and this is limiting their ability to produce more comprehensive legislation on CDC.”The DWP’s consultation paper is available here.last_img read more

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Terry Set for Chelsea Exit

first_imgChelsea captain John Terry will leave the club at the end of the season after more than two decades there.He is their most decorated individual, with four Premier League titles, one Champions League, five FA Cups, a Europa League and three League Cups.He has made 713 Chelsea appearances since his 1998 debut – 578 as captain.“I feel I still have plenty to offer on the pitch but understand that opportunities here at Chelsea will be limited for me,” Terry, 36, said. Centre-back Terry, who has scored 66 goals for the club he joined as a 14-year-old, has made just four Premier League starts this season.He is the club’s third highest all-time appearance maker, behind Ron Harris and Peter Bonetti, and holds the club record for appearances as captainTerry, who made his debut for Chelsea as a 17-year-old in a 1998 League Cup match, has gone on to score 40 Premier League goals over 19 years.He has played almost all of his career at Chelsea, other than six loan appearances for Nottingham Forest in 2000.“I will, of course, always be a Blue and am desperate to end my final season as a Chelsea player with more silverware,” said Terry, whose team have a four-point lead at the top of the Premier League table.“I’ve always been conscious that I depart at the right time, in the right way, and I feel that the end of this season is the right time for the club and I.”Terry, the club and Premier League’s top-scoring defender, is one of just five defenders to have won the PFA Player of the Year award.He retired from international football in 2012 after winning 78 England caps and signed a one-year contract extension with the Blues in May 2016.“I’m eager to carry on playing and so will be looking to continue with a new challenge,” Terry added.“Words cannot describe the love I have for our football club and our amazing Chelsea fans. You mean the world to me and I will never forget the incredible journey we’ve been on.”Chelsea director Marina Granovskaia said: “He will always be held in the highest regard by everybody at Stamford Bridge and we look forward to welcoming him back in the future.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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Press Statement: Sports Minister appoints 11-Member Bid Committee

first_imgThe Sports Minister Hon Mahama Ayariga, on the authority of the president John Mahama, has appointed an 11 member committee with 6 ambassadors to serve as Ghana’s bid committee to ensure the nation wins the right to host the 2017 Africa Cup of Nations.The Committee and ambassadors’ work will end after CAF announces the host of the AFCON 2017 in January 2015. The Committee members are; Ernest Thompson, the Chairman, who also doubles as the Director of SNNIT, Abedi Pele, the vice Chairman, Fred Crentsil – GFA Vice President, Randy Abbey, Herbert Mensah (Football Administrator and businessman), Dr. Nyaho Nyaho Tamakloe, Lepowura MND Jawula, Nana Sam Brew Butler (All former GFA Chairmen), Alex Mould (CEO of GNPC), Rex Danquah, the secretary, who also doubles as a Consultant and Sports Expert and Alhaji Abdulai Yakubu, the Chief Director of the Ministry of Youth and Sports).The Ambassadors are ex-Black Stars players Stephen Appiah, Tony Yeboah Tony Baffoe, Ibrahim Sunday, Abdul Razak and former WBC Featherweight champion, Azumah Nelson.last_img read more

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MacMaster bill for roadside stands now law

first_imgGov. Rick Snyder recently signed Rep. Greg MacMaster’s House Bill 4732 into Public Act 125 of 2013, a law that waives some state building code requirements so small roadside farm produce stands don’t have to install plumbing. Pictured attending the signing were Stacy and Triston Cole of Cole Farms in Mancelona, Rep. Greg MacMaster, and his wife, Kim MacMaster. 22Oct MacMaster bill for roadside stands now law Categories: Newscenter_img Michigan farmers can more easily sell their goods to people from small or temporary roadside produce stands now that Gov. Rick Snyder has signed Public Act 125 of 2013 to reform certain building code requirements Triston and Stacy Cole of Cole Farm in Mancelona joined Rep. Greg MacMaster for the signing of House Bill 4732. Triston approached MacMaster about creating the legislation to waive the rules for plumbing and other building code requirements based on the smaller size and type of facility.“This bill reduces regulation on agri-business, especially startups and small farms looking to expand,” Triston Cole said. “This bill keeps farms family-owned and operated, and increases direct sales to the public. This also will help to continue to strengthen the relationship between the community and our local farmers, as well as increase awareness of local farming activity.”MacMaster said the regulations put an overly burdensome requirement on the farmer for what should be fairly simple and straightforward part of farmers providing healthy food options for people.“The small stands and tents that farmers use to protect vegetables and other produce so people can eat fresh, wholesome food shouldn’t fall under the full-blown rules for full-size building structures,” said MacMaster, R-Kewadin. “Excessive government paperwork and mandates don’t need to be part of picking up some tomatoes, peppers or a dozen ears of corn from the local farm stand on the drive home.”Typically, the stands in question are approximately 200 to 300 square feet in size – the new law exempts those up to 400 square feet from the plumbing requirement. Building permits and other safety requirements remain in place.Ryan Romeyn of Providence Farm in Central Lake also applauded the regulation reforms in the new MacMaster law.“This is great news and will be a great improvement to give farmers and consumers greater flexibility in marketing and purchasing locally grown products to benefit our local economies in Michigan,” Romeyn said. “Our farm is preparing to expand our roadside market, and this law will provide many more options that are economically viable. This will benefit farm families, farm employees, local residents and vacationers.”The law also exempts tents of the same size from the code in its entirety, but does require a form of secure anchoring for all structures.MacMaster can be contacted by calling toll free (855) DIST-105; by email, GregMacMaster@house.mi.gov; or through is office website, www.repmacmaster.com.last_img read more

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Rep Hughes Muskegon County official testify on assessor legislation

first_img LANSING – Rep. Holly Hughes, R-Montague, and Muskegon County Equalization Director Donna VanderVries testified in support of House Bill 4888 before the Senate Committee on Local Government on Tuesday.HB 4888 would allow an assessor to maintain the local property assessment roll electronically, instead of on paper only“This is a fairly simple bill, which came about from working with Donna,” Rep. Hughes said. “Every year township and county assessors have to print out the assessment rolls, but if even one mistake is made then the entire roll has to be reprinted. That’s hundreds or thousands of pages and with it added costs.”“This bill addressed a critical need and will help bring storage of assessor rolls into the 21st century,” VanderVries said to the committee.Following testimony by Rep. Hughes and VanderVries, the Michigan Department of Treasury, Michigan Assessors Association and Michigan Townships Association all shared their support of HB 4888.The committee did not vote on the legislation. 02Feb Rep. Hughes, Muskegon County official testify on assessor legislation Categories: Hughes News,Newslast_img read more

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