The Fund closed out the fiscal year on March 31, 2020 with an audited value of $194.3 billion, but strong investment returns have raised the pension fundestimated ’s value to a new high — $226.4 billion as of September 30, 2020. Plan members should be encouraged to seek independent financial advice and consider all relevant factors before making important financial decisions. Pension Update. The public consultation on our Missing Members’ Guidance closed on September 20, 2020. NHS Pensions Updates – May 2020 Update for NHS Pensions coronavirus (COVID-19) response In response to the coronavirus (COVID-19) outbreak, we have taken, and continue to take, proactive steps to ensure we support members, employers and colleagues. Retirement Online. December 2020 Participant Update Newsletter. Just before I joined FSRA, the entire operations team was issued laptops, packed up what was possible and began working entirely from home. Prior to the pandemic, Pension Operations relied almost entirely on paper files. Both model plans we track gained ground last month, with Plan A adding close to 5% and Plan B close to 2% during the month. UK: Pensions Update – June 2020 3 March 2021 Welcome to the June 2020 edition of the UK: Pensions Update. 14 February 2020 Recent developments - including the PFEW’s involvement in the first Scheme Advisory Board (SAB) Technical Working Group (TWG) meeting – concerning the pensions situation have occurred and I feel it is necessary to offer an update. It has been a busy year for everyone. Approximates or estimated answers are acceptable. Pension Update November 2020. The Guidance outlines FSRA’s supervisory approach regarding certain requirements associated with the defined benefit (DB) provision of a pension plan, which is frozen and has purchased annuities in respect of all of the DB entitlements under the plan and almost all of those annuities meet the requirements of Section 43.1 of the Pension Benefits Act (PBA). The ASB amended Section 3500 and released them as Final Standards with an effective date of December 1, 2020 (“New CV Standard”). Over the last few months, we have begun shifting some of our work to multi-disciplinary teams that bring together pension expertise from across all of Pensions and develops specific expertise. Canada Pension Plan 2021 Update: Big Changes Coming. The videos will be released on social media every Thursday, starting from tomorrow. Key issues . © Financial Services Regulatory Authority of Ontario, Financial Services Regulatory Authority (FSRA) - Multi-Year Accessibility Plan (MYAP) 2020-2025, Credit Unions and Caisses Populaires Sector, 20% penalty waiver on late PBGF assessment payments is ending on December 31, 2020, Meet Jennifer Rook, FSRA’s Head, Pension Operations & Regulatory Effectiveness, IPPs and DPs can now elect to be exempted from the PBA, Our final Missing Members Guidance is now posted, Revised CIA standards for determining pension plan commuted values, Reminder on our Guidance: Approach to Requirements After Certain Annuity Purchases for Defined Benefit Plans, Uploading your most current plan text to the Pension Services Portal, Heads up: A new DC wind-up process is in the works, Pension Sector Emergency Management Response, allow employers of certain individual pension plans (IPPs) or designated plans (DPs) to elect to exempt their plans from the application of the PBA, its regulations and FSRA’s rules, Missing Members Technical Advisory Committee, Approach to Requirements After Certain Annuity Purchases for Defined Benefit Plans, Call for nominations to a new special purpose committee to identify ways within the existing regulatory framework to foster a vibrant employment-based pension pillar in Ontario. A pension or state pension is a tax-free pot of cash you, your employer and sometimes the Government pays into for your retirement. En aucun cas, vous ne devez vous séparer de votre titre de pension original. Both model plans we track [1] gained ground last month, with Plan A improving 2% and plan B up almost 1%. You can now use . The LGPS is an important part of your employment benefits. I hope these factors will assist the Pensions team at FSRA in navigating its initial years. It’s been an interesting year for the stock market. A. Ben Tanaka 12 Comments Updated: December 4, 2020 2020. Plan administrators should provide information on the assumptions and methodology used to determine the commuted value to former members so that they can make an informed decision when electing between a deferred or immediate pension or taking a commuted value transfer. I found my 年金定期便！ Another year, another pension update. How are you developing your team to meet the challenges of the ever-changing regulatory landscape? A. Covid-19 has been an incredible challenge for the Pension Operations and Regulatory Effectiveness team. This feature is available to most Tier 2 - 6 members. The Committee considered a variety of models that could be established. The Approach guidance outlines, as an example, a set of circumstances, where FSRA may consider burden relief from certain PBA filing requirements. For more information, please visit or contact Pension Inquiries at: [email protected]. We are asking plan administrators to please upload their current plan text (and any amendments to it) to the Pension Services Portal.This will help improve our business operations by increasing the availability of your information for our staff and helps us to engage with you in a more meaningful and efficient way. Q. Retirement Online. You had to hit the ground running when you joined FSRA in April, how did covid-19 impact Pension Operations? Pension Update. It’s a government’s responsibility to take care of … Alex Duncan. The team, and Joey, Sharon Polischuk, Kaithlyn Cuartero and Hashim Iqbal in particular, have worked throughout the summer and fall to pack up files to prepare them to be transformed from paper files to a digital library! Assessments that have not been paid by December 31, 2020 and which qualified for the penalty being waived until then, will have the 20% penalty applied to them. The basic state pension for 2020/21 is a maximum of £134.25 – your husband may get more than this amount in top-ups, but you need to compare your basic state pension with his basic state pension for this. As a reminder, prior to January 1, 2021, Regulation 187/20 amending Regulation 909 waives the 20% penalty payable on late PBGF assessment payments if the assessment amount plus interest is paid on or before December 31, 2020. New Canada Pension Plan Updates And Changes 2020. 1. A great example of this is our work on the Pension Benefits Guarantee Fund Assessment process. New Canada Pension Plan Updates And Changes 2020. tamar January 4, 2020 No Comments. Pension Update. FSRA has moved the processing of PBGF assessments to Royal Trust Corp. In April, Jennifer Rook joined the FSRA’s Pension team as Head of Pension Plan Operations and Regulatory Effectiveness. Q. The most significant assumption changes in the New CV Standard are in respect of the applicable discount rates and the pension commencement age. If you wish to print out this information, please select the document below: Staffordshire pension update 2020 (631 KB) Welcome. The Pension Operations team is key to fulfilling FSRA’s mandate to promote good administration of pension plans and to protect and safeguard the pension benefits and rights of pension plan beneficiaries. May 2020 Pension Finance Update June 2, 2020. We have challenged members of our Pensions team to share their thoughts on topical issues in a series of 30-second challenges. November 2020 Pension Finance Update. The state pension is set to rise by £4.40 a week next year, which is the smallest increase possible. In a few short days, the team had to transform almost all its processes and practices. Pension update Summer 2020 Printable version. Plan administrators and their agents should ensure that the New CV Standard is applied when determining commuted values with calculation dates on or after December 1, 2020. Voices for Pension Security. Towards the fall, the stock market had many ups and downs due to the presidential election. Retirees’ worst nightmare: Federal backing of pension funds at risk. The forms will be available on the FSRA website next week. 20% penalty waiver on late PBGF assessment payments is ending on December 31, 2020; Meet Jennifer Rook, FSRA’s Head, Pension Operations & Regulatory Effectiveness; IPPs and DPs can now elect to be exempted from the PBA; Our final Missing Members Guidance is now posted ; Revised CIA standards … This allows everyone to engage in a discussion on challenging issues or more complex situations, continue to evolve as a team as a principles-based and outcomes-focused regulator and to hear the different perspectives. Improving regulatory efficiencies and effectiveness is one of FSRA’s priorities. If you would like specific advice on any of these issues, or on anything else, please contact a member of our Pensions team. Rebounding stock markets gave pension finance a boost in May. Newsletter 119 published by HMRC in April 2020, containing updates and guidance on pension schemes. November 2020 Participant Update Newsletter. Click here to view the Dec 2020 Benefits Update for important Plan information. In October 2019, FSRA published its Approach to Requirements After Certain Annuity Purchases for Defined Benefit Plans. Read More. Completing wind-up applications quickly whenever possible, is part of our ongoing work to improve efficiencies for the sector. Jen talks about what it was like joining FSRA in the middle of a global pandemic and what is in the pipeline for Pension Operations. Scheduled monthly pension payments Click here to read about the Fund’s pension … The EWSS provides a flat-rate subsidy to qualifying employers. A new wind-up team (for DB and DC wind ups) is also being established to support the revised process and improve the existing workflows. Si l'intérêt pour les formules de pension complémentaire est indéniable, le consommateur se pose néanmoins beaucoup de questions à leur sujet : quelle formule choisir ? The LGPS offers the following two tax-efficient ways for you to pay more. In this Pensions Update. We would like to remind plan administrators that Section 3570 of the New CV Standard, applicable to MEPPs and Target benefit plans, is not applicable when determining commuted values for Ontario-regulated members of those plans. The Pension Operations and Regulatory Effectiveness team reviews several complex applications and transactions. How did the pandemic accelerate the adoption of digital technologies for your team? Looming insolvency of Central States pension plan has stakeholders calling for bipartisan solution. (update janvier 2020) Epargne-pension, comment s'y prendre? Voices for Pension Security. Basic state pension (annual) 6 April 2020 to 5 April 2021: £175.20: £9,110.40: £134.25: £6,981: 6 April 2021 to 5 April 2022: £179.60* £9,339.20: £137.65* £7,157.80: Change: £4.40: £228.80: £3.40: £176.80 *Figures rounded to the nearest 5p. C'est important. ICAN Update on Sept 2020 ATSWA Exam and March/July Professional Examination September 9, ... What to do if your Employer does not Remit your Pension Contributions into your Retirement Savings Account or does not have Group Life Insurance September 29, 2019 August 28, 2020 PensionNigeria General Pension Tips Pension News . We are continuously working to improve our regulatory effectiveness and that includes providing timely responses and review of applications to FSRA. Estimate Your Pension in Retirement Online. At the Ministry of Finance, I was primarily responsible for leading a team in developing policy for and implementing changes to the legislative framework for Ontario registered pension plans. Despite the challenges, there have been silver linings. This will be a more modern and facilitative way for plan administrators to remit their payments. Please note that your PBGF Assessment Certificate filing and payment due date is nine months after the last day of a pension plan’s fiscal year end. Cookies on GOV.UK. How did your role at the Ministry of Finance prepare you for your role at FSRA? A quel âge commencer ? The EWSS has replaced the Temporary Wage Subsidy Scheme (the "TWSS") with effect from 1 September 2020 and will operate until 31 March 2021. If an assessment is payable, please print the assessment invoice and be sure to mail the cheque and assessment invoice to the address included on the invoice which is: ROYAL TRUST CORP IN TR FOR THE PENSION BENEF. Part of this work includes improving regulatory effectiveness by streamlining processes and leveraging technology and reducing regulatory inefficiencies where appropriate. 2 The Update • Summer 2020 Contact Us: Toll-free: 1-866-805-0990 • Albany, NY area: 518-474-7736. Pension update december 11 2020; Pension Update - December 11, 2020. 1. Ultimately, better data and trend analysis is required to inform whether a registry would achieve its objectives relative to the cost of building it and the risks of possible data breaches. Add to that the need to continue processing the thousands of inquiries and transactions that come in and balancing work with unexpected family demands. Stocks enjoyed their strongest month of the year in November, propelling pensions toward positive territory for the year. A. Leveraging technology was already a priority. Q. From December 2018 to October 2020, the State Pension age is increasing to 66. Epargne-pension, comment s'y prendre? By design, pension plans like the OREPT are heavily invested in the United States’ Equity and Bond Markets … Employee pension contributions can be deducted … 21 November 2020. October 2020 Participant Update Newsletter. Coming from the Ministry of Finance where she held the role of Director, Pension Policy Branch, Jen provides direction in the development, implementation and leadership of Pension Operations strategies, frameworks, processes, tools and services to further FSRA’s mandate. A compter de février 2021, le bulletin de pension ne sera plus envoyé par voie postale aux pensionnés nés de 1940 à 1949. On January 1, 2021, the regulation temporarily waiving the 20% penalty payable on late PBGF assessment payments will expire. You can help! Pensions Weekly Update – 11 November 2020. Read More. FSRA began collecting aggregate data on missing members from plans this summer on a voluntary basis – at the time that a plan is filing its Annual Information Return . I have a clear understanding of the reasons behind the legislative framework which is incredibly helpful given FSRA’s focus on principles-based regulation. (update janvier 2020) L'épargne pension : comment s'y prendre? Here is our brief weekly summary of key legal and regulatory developments relevant to occupational pension schemes, which you might have missed, with links for further information. Pension Schemes Bill 2019-21 Progresses 3. NHS Pensions Update – August 2020 NHS Pensions coronavirus (COVID-19) response For the latest information on guidance and easements we have introduced to help support employers at this time, please visit our Coronavirus (COVID-19) contingency planning page on the Employer Hub where we have included lots of useful information and links to other relevant areas of the website. Streamlining of processes allows us to refocus our time and effort on inquiries and reviewing and approving transactions which will improve our services levels. Joey Shiner, Shawn Roche and David Pahn diligently attended the office throughout, doing whatever was necessary to allow the rest of the team to continue addressing inquiries and reviewing and processing various transactions. In the absence of written confirmation from FSRA that this Approach guidance is applicable in advance of the relevant filing deadline, all required statutory filings required under the PBA will be expected to be filed on time. Welcome to this newsletter for contributing members of the Local Government Pension Scheme (LGPS). Plan administrators must first contact FSRA to determine if this Approach guidance applies to their plan. For more information, see question #22 of FSRA’s Pension Sector Emergency Management Response. In almost everything we do there is likely a digital solution we could leverage to improve our regulation of pension plans. Extensions granted on PBGF Assessment Certificate filings do not apply to your PBGF payments. Image source: Getty Images . I continue to have strong relationships within government, a thorough understanding of government processes and an appreciation for the issues the government may have an interest in. benefit using the salary and service information we have on file for you. The cheque should be made payable to “Pension Benefits Guarantee Fund”. James Chase November 18, 2020. Message from CEO Rod Matheson; Accessing Services from ATRF; Changes to International Pension Payments; 2021 Cost-of-Living-Adjustment (COLA) Your Pension Information Statements are Arriving Soon; Pension Update May 2020 Currently selected; Pension Update December 2019 ; Quick Links ATRF Asset Management Changes (Bill 22) Pension Update … The Board of the Pension Protection Fund (PPF) v Dalriada Trustees Limited, Following its announcement that the Coronavirus Job Retention Scheme (CJRS) would be extended and the Job Support Scheme shelved, the government has now, Following the UK's exit from the EU, the government has, The High Court has handed down its judgment in, The Pensions Regulator (TPR) has launched a new campaign, encouraging pension scheme trustees, providers and administrators to make a public, TPR has also made some minor updates to its. Pension update summer 2020: Worcestershire Pension Fund. In the spring, the COVID pandemic caused negative reactions in the markets. State pension payments are protected by a triple lock guarantee. the Fund’s value well above what it was at the close of I think being part of the discussion where a decision is made is also important for overall engagement, alignment to the vision and our ability to deliver on our mandate. “One of the strongest rebounds in modern history lifted . We will be providing more details on the new process in mid-January along with other IT updates that are in the pipeline. The Employment Wage Subsidy Scheme (the "EWSS") and pension contributions. The Government of Ontario amended the Pension Benefits Act (PBA) to allow employers of certain individual pension plans (IPPs) or designated plans (DPs) to elect to exempt their plans from the application of the PBA, its regulations and FSRA’s rules. April 28, 2020 RE: PENSION UPDATE Dear UFCW Member, We are writing to update you on the status of the Oregon Retail Employees Pension Trust (OREPT) in which you are a participant. Look out for our forthcoming #PensionsTensions videos! On top of that, we receive an incredibly high volume of transactions and inquiries annually. Can you share some of the initiatives that will improve service levels and streamline processes? As the pension landscape shifts, those transactions are likely to become more complex. Over the last few months, we have been working with FSRA’s IT team to automate our process for applications to wind-up a defined contribution (DC) plan. to estimate your NYSLRS pension . Japan Pension Update 2020. Although the regulation waived the 20% penalty on late payments, interest still accrues on the outstanding amount, as of the due date (which is nine months after the last day of a pension plan’s fiscal year end). We have carefully considered all the input and have now published the final Guidance Principles and Practices Regarding Missing Members and Waiver of Biennial Statements for Missing Former and Retired Members. Lloyds - past transfers to be revisited 2. For the year, Plan A is down 10% and Plan B is down 3% through the first five months of 2020: Assets . We appreciate the comments around the value of a registry or other centralized database of missing members. In the future, there are plans to raise the State Pension age to 68. And we are currently updating the Pension Services Portal to allow us to receive various applications electronically, cut down our review times and deliver more timely responses and approvals to plan administrators and plan beneficiaries. Alex Duncan, National Secretary of the Police Federation of England and Wales has issued the following update for members on the subject of pensions. We are working to find a solution to allow pension plans to remit payment electronically, as opposed to by cheque. Pension. In 2019, the status of your OREPT was healthy (green). James Chase December 7, 2020. Thank you to everyone that provided their feedback and to our Missing Members Technical Advisory Committee who worked with FSRA to develop the Information and Approach Guidance. As a reminder, missing member data remittance will be mandatory at a date to be determined in 2021. A. A. If you would like to have that little bit extra during your retirement, you might want to think about paying extra contributions to increase your pension benefits. This data will be helpful in developing potential future solutions and we encourage administrators to continue to submit the requested data. That’s why FSRA began collecting information on missing members as part of the Annual Information Return filing process (see paragraphs below). FSRA appreciates that plans may record data differently and wish to provide accurate information. 1 Lloyds Banking Group Pensions Trustees Limited v Lloyds Bank plc & ors [2020] EWCh 3135 (Ch) 2 See our . UK Pensions Update: Special Edition (October 2018): High Court Confirms Schemes Must Equalise GMPs. A compter de juillet 2020, le bulletin de pension ne sera plus envoyé par voie postale aux pensionnés nés à partir de 1950. We are reviewing our processes more broadly. FSRA’s supervisory approach is to consider on a case-by-base basis the regulatory benefit of DB filing requirements and whether specific burden relief may be warranted. He said: "I am aware of recent unhelpful posts appearing on social media regarding the ongoing police pension challenge. The pandemic brought that priority into even clearer focus moving it beyond the large projects. Adam Othman | December 19, 2020 | More on: NA. We use some essential cookies … Ireland: Pensions Autumn Update 2020 14 November 2020 . Ontario pension regulations were amended in December 2019 to provide for the determination of commuted values in accordance with section 3500 of the Standards of Practice of the Actuarial Standards Board (“ASB”), published by the Canadian Institute of Actuaries, as amended from time to time (“Section 3500”). 3. Here is our brief weekly summary of key legal and regulatory developments relevant to occupational pension schemes, which you might have missed, with links for further information. GUAR.-P.ONTARIO PO BOX 9501, STN A TORONTO, ON M5W 2K3. Q. How does the triple lock work? This will take some time, but it is a matter of looking at what we do, and why we do what we do. Sources: National Pension Scheme (Occupational Pensions) Amendment Act 2019 Commencement Notice 2020; National Pension Scheme (Occupational Pensions) Amendment Act 2020; “Bermuda Approves Amendments to Mandatory Occupational Pension Program,” International Update, U.S. Social Security Administration, February 2020; Social Security Programs Throughout the World: The … To date, approximately 335 plans have submitted their data. Employers who wish to exempt their IPPs or DPs from the PBA must complete and submit a PBA Exemption Election Form and the applicable consent forms to FSRA. Nothing new, just some new numbers and a chance for people who haven’t really thought about their nenkin before to … Update on the Completion of the Cost Control Element of the 2016 Valuations and changes to employer contribution rates following the 2020 Valuations Summary.
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