{"id":241531,"date":"2025-10-26T14:43:26","date_gmt":"2025-10-26T14:43:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/241531\/"},"modified":"2025-10-26T14:43:26","modified_gmt":"2025-10-26T14:43:26","slug":"dwp-supports-pension-overhaul-that-could-give-millions-of-savers-bonus-payments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/241531\/","title":{"rendered":"DWP supports pension overhaul that could give millions of savers bonus payments"},"content":{"rendered":"

The Pension Schemes Bill will tackle schemes delivering poor returns for savers, combine smaller pension pots, and create bigger and better pension funds.\"DWPDWP supports pension overhaul that could give millions of savers bonus payments<\/p>\n

The Department for Work and Pensions has backed a pension system overhaul that could give millions of savers bonus payments from surplus cash.<\/p>\n

The Pension Schemes Bill will tackle schemes delivering poor returns for savers, combine smaller pension pots, and create bigger and better pension funds. And savers could one day see bonus payments.<\/p>\n

TPT Retirement Solutions, a mid-sized provider that manages \u00a311.1bn of pension assets, said on Thursday it had secured funding to launch a DB scheme consolidator \u2014 or superfund \u2014 to complete \u00a31bn of transactions. The TPT proposal would allow pension schemes to \u201crun on\u201d, rather than acting as a bridge to a buyout, and enable profits to be shared.<\/p>\n

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\u201cThe plan is to use the surplus that arises from running the superfund to augment member benefits\u201d said David Lane, chief executive at TPT.<\/p>\n

\u201cOngoing, more dynamic sharing of value can be useful over long time periods, for example if the inflation situation changed radically\u201d said Raj Mody, an independent pensions expert.<\/p>\n

Lane said the amount shared with members would depend on a range of factors \u2014 including a scheme\u2019s funding level on entering the superfund and investment performance \u2014 but that over a 25-year period \u201cthe majority of the surplus would accrue to the members\u201d.<\/p>\n

David Fairs, partner at consultancy LCP, said the regulator had set a \u201chigh bar\u201d for the launch of superfunds.<\/p>\n

He added that schemes that planned to run on \u201cclearly have a different risk profile\u201d than those that are a bridge to buyout.<\/p>\n

The Pensions Regulator said it welcomed innovation \u201cthat has potential to improve outcomes for savers and provide choice for trustees\u201d.<\/p>\n

Speaking earlier this year, Labour Party<\/a> Minister for Pensions Torsten Bell said: “We are ramping up the pace of pensions reform. Workers deserve to get better bang for each buck saved, and these sweeping reforms will make sure they do.<\/p>\n

“Pension saving is a long game, but getting this right is urgent so that millions can look forward to a higher income in retirement.”<\/p>\n","protected":false},"excerpt":{"rendered":"The Pension Schemes Bill will tackle schemes delivering poor returns for savers, combine smaller pension pots, and create…\n","protected":false},"author":2,"featured_media":241532,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,14265,133,131,132],"class_list":{"0":"post-241531","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-dwp","12":"tag-finance","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/241531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=241531"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/241531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/241532"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=241531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=241531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=241531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}