We have a 'net pay variance' basis of £3.00, and also a payslip issue in March (tax year end) and April (new tax codes).
Our consultant has proposed keeping the investment manager name in the title e.g. LGIM property fund. We thought the whole idea of white labelling was to remove the manager names (albeit that detail would be shown somewhere in the background leaflets). So my question is do other DC funds white label and keep the name of the manager included in the option detail.
We white label our DC funds and as part of their introduction we decided that we did not want to have the investment manager's name in any of them.
We have white labelled funds for our DC funds and don't use the manager names in the fund names. However, we separately provide information (on the Fund website) about what white-labelling is and who the current provider is as the quarterly fund factsheets make it very clear who provides the platform and who manages the underlying funds that make up our white-labelled funds. We initially thought that having white-labelled funds would save us having to communicate things like changes to the fund managers, but in practice we have found that it makes no difference.
...the number of Committees we have as well as slim down the number of Directors on the Corporate Trustee.Our Scheme is a little unusual in that we are sector-wide scheme for non-associated employers. We are also last man standing.
If we decide to go ahead, we will likely need to use an external consultancy for some support.
I wonder if any Pensionsweb members have recently (within the last couple of years) been through a Board/Committee restructure and, if so, whether they got any consultancy support? Ideally we are looking for a recommendation as we are a little nervous of using a consultancy that has no experience of less run of mill structures. They all talk a good game but whether they are actually any good is another matter!
Sorry, no first hand experience of a consultancy for this. A last man standing scheme for non associated employers is definitely not run of the mill. Good luck: it sounds like the right thing to do.
I am afraid I cannot offer direct help as we have not reviewed our trustee structures, but I wonder whether you might be better looking outside the mainstream consultancy sector for support eg one of the independent trustee businesses like Law Debenture of PS Independent Trustees, or someone like Muse Advisory who set themselves out as governance specialists. I have never used any of these companies so cannot give any view on how good they are - just a thought.
We do for pensioners but not for deferreds.
Yes - In all cases.
Changes will be accepted from an e-mail address where the member has previously registered this with us or where the instruction received by the TPA has been sent from the company e-mail system.
AHC's Karen Partridge gave her account on the UK's decision to leave the EU. If you would like to read Karen's blog, you can do so by visiting www.ahc.com.
On referendum day I was out early to vote to remain and I thought that the majority would also vote to remain. The result is bad for the British economy and will be bad for most or all economies in the EU. Sterling has already dropped dramatically and the UK has lost our AAA credit rating. I expect that there will be a short recession, followed by slower growth than we would have had. I don't think it is fair for the young, who mainly voted in, that people older than me mostly voted out and carried the day. But.. we believe in democracy, the majority who voted voted Out and now that has to happen.
In the past some of you have mentioned cash in lieu on opting out of the scheme on account of Fixed Protection etc and that is fairly straightforward, but is anyone looking to try and pay a cash balance where post April 6th an employees normal scheme contribution (employer and employee) exceeds what will be their personal allowance. ( e.g adjusted income £200k, hence tapered allowance £15k: but pensionable salary say £180k x 10% total pension contribution = £18k: cash balance =£3K). It seems to me there are too many moving parts and timing issues even with a straight 10k person but I'd be interested if anyone has yet come up with a strategy. If not what are the options?
We have announced no plans yet and we won't until after the Budget. In the situation you describe I think that the solution could be just to pay £10k fixed pension contribution every year without trying to work out the TAA, and pay the remainder as cash. Probably best not to sue the words cash balance which is widely used with a different meaning altogether.
We are allowing cash in lieu on that basis. We estimated what members TAA would be based on 2015/16 earnings and 3 year carry forward allowances and wrote to affected members giving them various options including part pension part cash in lieu.
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