Category: Press Releases

PRESS RELEASE : Government announces return to business as usual for aviation this summer [January 2023]
The press release issued by the Department for Transport on 31 January 2023.

Airport take-off slots to return to pre-pandemic levels.
- airport slots usage ratio for summer 2023 will return to 80:20, meaning airlines will need to use their take-off slots 80% of the time in order to keep them
- return to 2019 rules will still retain some flexibility, including a justified non-use provision to prevent so-called ‘ghost flights’
- air travel is recovering following the pandemic, with government continuing to support a return to business as usual
The UK government has today (31 January 2023) laid regulations before Parliament that brings airports slots rules for the upcoming summer season back in line with pre-pandemic levels, while retaining certain flexibilities to support the aviation industry’s recovery.

From 26 March 2023, airlines will once again need to use their slots 80% of the time in order to keep them – the ratio in place before passenger numbers dropped as a result of the pandemic. It’s a vote of confidence in the aviation industry as demand for international travel returns – with passenger numbers at UK airports reaching 85% of equivalent 2019 levels by October 2022.

The government remains focused on reducing disruption and ensuring a positive passenger experience for those taking a well-earned break this summer. As part of that, airlines will be able to hand back up to 5% of their slots before the start of the season, to help plan realistic schedules and avoid last-minute cancellations.

The Transport Secretary will announce the new measures during his keynote speech at the Airport Operators’ Association’s (AOA) annual conference today, where he is expected to say:

Today, I can confirm that slots rules will return to normal this summer. But we’re maintaining the safety net introduced during covid…and airlines can hand back 5% of slots to help minimise last minute cancellations.

Now we’re able to start a new, more optimistic, conversation about the future. About an industry no longer constrained by outdated practices, but modernising its infrastructure and operations. No longer the poster child for environmental decline, but committed to a future of sustainable flight. And no longer at risk of becoming a diversity desert, but attracting talent from all backgrounds.

These are just some of the areas where aviation has a golden opportunity to move from recovery to renewal. And I look forward to working with all of you to make that happen.

Airlines will also continue to benefit from increased flexibility over when they are justified not to use their slots, for example, where either end of a route is affected by COVID-19 restrictions. This will reduce the risk of environmentally damaging so-called “ghost flights” – empty planes flying just to make the slots usage ratio.

A bit like parking spaces for planes, slots are used to manage capacity at the busiest airports. A slot gives permission for an airline to use the full range of airport infrastructure (runway, terminal and gates, for instance) necessary to operate an air service at an airport on a specific date and time.

To retain their slots for the next equivalent season, airlines must use their slots a certain number of times – but during the pandemic the usage ratio was reduced to provide relief to airlines as they saw a drop in demand as result of COVID-19 restrictions. Without these alleviations, there would have been a rise in ‘ghost flights’.

The decision follows a period of consultation with the sector on how the government can best support its recovery while ensuring slots get used where demand allows.
January 31, 2023
PRESS RELEASE : The British Embassy in Mexico presents a report about corruption and migration [January 2023]
The press release issued by the Foreign Office on 30 January 2023.

In collaboration with the International Rescue Committee, the British Embassy in Mexico presents the report “Corruption Along Migration Pathways in Mexico”.

Between February and April 2022, the International Rescue Committee (IRC) interviewed more than one hundred people, including government officials, UN and NGO workers, shelter employees, and most importantly, migrants, asylum seekers and internally displaced persons (IDPS) to understand the impacts of corruption along migration routes in Mexico. The results were striking.

Corruption impacts migrants and IDPs at all points along their journey: it is a root cause of displacement, and is present from the moment migrants attempt to enter Mexico throughout their journey within and across the country. Corruption impacts migrants in different ways, from solicitation of petit bribes to complex and hugely profitable kidnapping-for-ransom schemes involving collusion between state actors and organized criminal groups.

Nearly every subject interviewed identified corruption as a serious challenge to migrants accessing their rights in Mexico, and many noted how corruption has a compounding effect: depleting migrants’ resources and pushing them into more dangerous pathways, which then makes them more vulnerable to further acts of corruption.

Further, corruption permeates the justice system, creating creating feedback loops where corruption fuels impunity, which then fosters further corruption.

The chief findings of this study demonstrate:
- Restrictive, deterrence-based Mexican and US migration policies create conditions that facilitate corruption, by placing migrants in vulnerable situations in which bureaucrats and security forces have ample opportunity for extortion, coercion and solicitation of bribes. Irregular migration status increases vulnerability and impedes access to justice.
- The chief modalities of corruption include extortion/bribery, kidnapping, and exploitation within migrant detention centres.
- There is ample evidence of collusion between local and federal authorities and organized criminal groups in more sophisticated corruption schemes, including kidnapping rings and selling of migration documents.
- Although state institutions exist to address corruption, and some internal measures have resulted in the dismissal of corrupt officials, generally those who engage in corrupt acts enjoy complete impunity. This is due to the ineffectiveness of complaint mechanisms, widespread distrust and fear of authorities by migrants, and corruption within the organisms tasked with receiving complaints.
While the challenge of corruption is deep-seated in Mexico and will require significant investment and norm shifting to be addressed, this study recommends the following measures be taken to address the issues:
1. Reduce the vulnerabilities of migrants and IDPs by investing in expanded humanitarian programming, reducing or eliminating migrant detention and other restrictions, and creating expanded and accessible legal pathways to regularization.
2. Combat impunity and build trust in state systems by investing in access to justice programs, including better data collection and easier access to information, increased availability of human rights defenders and lawyers throughout the migration routes, and training and capacity strengthening of state institutions.
3. Facilitate improved coordination between local and international civil society, IGOs, migrant groups, and federal, state and local governments.
4. Improve access to reliable, accurate, and easily digestible information about migration options to prevent deception and the spreading of rumours that lead to victimization.
January 31, 2023
PRESS RELEASE : Diplomatic Missions Visit Khan Al Ahmar Palestinian Community Threatened with Demolition [January 2023]

The press release issued by the Foreign Office on 30 January 2023.

Like-minded Heads of Mission and other representatives of diplomatic missions joined a visit to the Palestinian community of Khan Al Ahmar.

Representatives of Belgium, Brazil, Denmark, the EU, France, Germany, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, Spain, Sweden, Switzerland the UK and like-minded missions today visited the Palestinian community of Khan Al Ahmar to express their concern at the threat of demolition facing the village. Finland is also supportive of the below statement.

Today, 30 January, like-minded Heads of Mission and other representatives of diplomatic missions joined a visit organised by Israeli NGO B’TSelem to the Palestinian Bedouin village of Khan Al Ahmar. The community, in Area C of the West Bank, has been at risk of demolition by the Israeli authorities for several years.

Legal avenues to prevent the demolition of the village have been exhausted and we understand that the Israeli Government is due to submit its plans on 1 February in response to a court petition demanding its demolition.

Khan Al Ahmar is home to 38 Palestinian families and is also the location of a donor-funded school which serves five communities in the local area. The demolition of the village and the subsequent eviction of its residents could amount to forcible transfer in violation of Article 49 of Geneva Convention IV.

The international community has for many years worked to discourage the Israeli authorities from taking forward the proposed demolitions. Today’s visit was an opportunity to restate our concerns. Evictions and demolitions cause unnecessary suffering. We urge Israel to cease such actions.

January 30, 2023
PRESS RELEASE : Cutting edge data and AI tech to help government hunt down fraudsters [January 2023]

The press release issued by the Cabinet Office on 30 January 2023.

Data analytics experts Quantexa have been awarded a new contract to help the government recover fraud against the public purse.

The Public Sector Fraud Authority (PSFA), which was set up last year to help public bodies tackle fraud against the public purse, will work with Quantexa to use new data and cutting edge technology, including Artificial Intelligence, to find and prevent more fraud across the public sector. Quantexa’s technology is capable of processing billions of data points at high speed to identify suspicious activity.

The £4 million contract is part of a wider investment across government to take the fight to those committing fraud against the taxpayer – rooting out fraud and using modern tools and techniques to stop it before it happens.

Cabinet Office Minister Baroness Neville-Rolfe said:

Fraud against the public purse is unacceptable and we’re stepping up the fight against those who wish to profit off the backs of taxpayers.

Through the use of cutting edge technology, the Public Sector Fraud Authority will use data and AI to help us in the fight against fraudsters.

The Cabinet Office previously worked with Quantexa to reveal instances of potential fraud within the government’s Bounce Back Loan Scheme. This involved analysing an initial set of 250 networks of people, organisations, and places during which more than 100 million data items were processed.

PSFA CEO Mark Cheeseman said:

We know that fraudsters are a capable and committed adversary and the way they commit fraud is diverse and evolving. .

As criminals develop more sophisticated tools, we too must innovate and modernise our approach to prevent fraud.

By bringing together expertise and tools from the public sector and private sector we will raise our ambition and challenge ourselves to increase our impact on this often unseen and underestimated crime.

The PSFA was backed by £25 million of funding. It will be the centre of the government’s Counter Fraud Function and It has been tasked with modernising the government’s counter fraud response, working with departments and public bodies to improve their fraud defences and using leading practice and modern techniques to protect taxpayer money.

It has set a first-year target of £180 million of recognised fraud benefits, which it is on course to hit.

The Government Counter Fraud Function brings together the c.13,000 people who work in departments and public bodies to fight fraud. This includes those working to understand and mitigate fraud risk within their organisations and those who work in the public sector to fight economic crime.

January 30, 2023
PRESS RELEASE : £1 million fund for fresh ideas to boost health at work [January 2023]
The press release issued by the Department for Work and Pensions on 30 January 2023.

Government launches competition for businesses to bid for share of £1m to stimulate innovation in Occupational Health.
- Organisations to receive up to £100,000 to help with challenges small businesses and self-employed face with ill health at work
- Projects to focus on research and development to increase access and capacity in Occupational Health
A £1 million fund for new ideas to boost health and welfare at work for Small and Medium Enterprises (SMEs) and the self-employed was launched today.

Successful bidders will receive up to £100,000 to back their projects from 19 May 2023, with the Government looking for innovative solutions to drive better access for SMEs and the self-employed to Occupational Health (OH) services. Applicants are being encouraged to demonstrate how they would deliver improvements to OH, harnessing technology such as artificial intelligence or data collection, to deliver better health outcomes for employees of SMEs.

Better health provision for staff helps employers look after their workforce, meaning more are likely to stay in work. While larger employers often have better access to OH services, for smaller businesses and the self-employed the lack of support for people with health needs can potentially lead to more people becoming economically inactive.

Applications can be from those who work alone or with others from business, research organisations, research and technology organisations or the third sector, with the Government looking for proposals to:
1. Discover new and innovative ways for the OH market, which supports people to stay well in work, to deliver services that drive better access for SMEs and self-employed
2. Discover new and innovative ways that the OH market can deliver services and better serve the demand for OH
3. Deliver innovations that can be scaled up for businesses to have an impact in the OH market through new services and better use of technology
The competition is a joint venture between the Department for Work and Pensions (DWP) and The Department for Health and Social Care (DHSC), as part of the Joint Work and Health Unit, and in conjunction with Innovate UK, an arm of UK Research and Innovation. The fund will be open to applications from 30 January 2023 and run until 15 March 2023.

Minister for Disabled People, Health and Work, Tom Pursglove MP, said:

Good occupational health within workplaces is vital in supporting our overall health and standard of living. We spend so much of our lives at work, and it is imperative that our employers can give us the support we need to maintain our physical and mental health. This in turn means we can give our best at work.

Through the launch of our new £1 million fund, I look forward to seeing innovative, workable solutions to help SMEs deliver the best for their employees, creating healthier, welfare-driven working environments that will ultimately drive growth and improve people’s working lives.

The new Fund to Stimulate Innovation in Occupational Health (OH) competition will be delivered in the form of a Small Business Research Initiative, a well-established, output driven funding tool run by Innovate UK.

Minister for Care, Helen Whately, said:

This new £1 million fund will help us find better ways to support the health of our workforce – especially looking at small businesses and the self-employed.

Making sure people stay well enough to work is so important – it means a bigger workforce, boosted productivity, and better quality of living.

Successful bidders will look at innovative new ways to support people in their field of work, help them to live healthier, happier lives while driving growth in our economy.

For more details about the Fund to Stimulate Innovation and how to apply, please visit this link.
January 30, 2023
PRESS RELEASE : Mine-hunting ‘mother ship’ arrives in Plymouth [January 2023]
The press release issued by the Ministry of Defence on 30 January 2023.

A specialist ship to support Royal Navy operations – a mother ship to launch drones to find and destroy undersea threats – has arrived in Plymouth today.
New ship to host autonomous mine hunting systems arrives at HMNB Devonport.

Vessel to undergo a period of modification before joining the Royal Fleet Auxiliary.

Intended to be operational in Spring 2023.

A specialist ship bought to support Royal Navy mine-hunting operations – a mother ship to launch drones to find and destroy undersea threats – has arrived in Plymouth today.

When deployed, the platform will support the safeguarding of UK waters from the threat of mines at sea, operating a range of uncrewed systems that will help keep personnel at a safe distance.

Based at His Majesty’s Naval Base Clyde, the 96.8 metres long vessel – the length of two Olympic swimming pools – will work side-by-side with autonomous mine-hunting systems already operated by the Royal Navy out of Faslane under Project Wilton.

Purchased from Island Offshore, the vessel – currently named MV Island Crown, but due to be renamed as it joins the fleet – arrived at HMNB Devonport, where it will undergo minimal conversion work, primarily to support installation of military communication systems and Royal Fleet Auxiliary (RFA) operations, before being handed over to the RFA later this year.

Defence Procurement Minister, Alex Chalk KC, said:

This is another significant step forward in the modernisation of Royal Navy capabilities and use of autonomous systems to complement our crewed fleet.

This vessel will play a crucial role in the detection of undersea threats, keeping our personnel out of harm’s way while they conduct vital operations.

Delivered at pace, the capability will assure freedom of access for the UK ships and submarines (including the Continuous At Sea Deterrent), while crucially reducing risk to personnel.

Operated by specialist teams on board, these innovative systems will allow the Royal Navy to protect UK waters, also providing support to the North Atlantic and European waters if required.

Commodore Steve Prest, Director Navy Acquisition, said:

The delivery of this ship is an important step in the Navy’s transformation to conducting mine countermeasures using distributed offboard systems-of-systems.

The ship will be used to extend the range of our Maritime Autonomous Systems from coastal waters to conducting offshore survey operations in Defence of the homeland.

The uncrewed systems will include the joint French-UK Maritime Mine Counter Measures (MMCM) system, the Combined Influence Sweep (SWEEP) system and Medium Underwater Autonomous Vehicles (MAUVs).

The purchase of the £40 million ship was carried out by Defence Equipment and Support (DE&S), the procurement arm of the MOD.

DE&S Director General Ships, Vice Admiral Paul Marshall, said:

Our team undertook extensive research and market analysis to identify a vessel for the Royal Navy that would meet the vital capability it needs, and could be delivered at pace whilst also provide value for money to the taxpayer.

The result of that agile working is the delivery of a highly effective ship which will be converted to purpose at HMNB Devonport. Once militarised, it will play a key role in countering the evolving threats posed by mines at sea.

The ship is intended to enter service in Spring 2023.
January 30, 2023
PRESS RELEASE : Birmingham scaffolder, David McGuinness from Sutton Coldfield, given 11-year ban for abuse of Covid-19 financial support [January 2023]

The press release issued by HM Treasury on 30 January 2023.

David McGuinness, 41 of the Sutton Coldfield area of Birmingham, was sole director MC-Dalt Scaffolding Services Ltd, which was incorporated in 2017 with its registered office in Erdington in Birmingham.

In May 2020, McGuinness applied for and received a Bounce Back Loan of £50,000 on behalf of the company. Bounce Back Loans were a government scheme to help keep businesses afloat during the Covid-19 pandemic, whereby companies could apply for loans of up to 25% of their 2019 turnover, up to a maximum of £50,000.

He then applied to dissolve the business two months later, which led to the Insolvency Service opening an investigation.

Investigators found that McGuinness had stated the company’s turnover as nearly £300,000 when its accounts for 2019 showed turnover of less than £20,000. The company would therefore have only been entitled to a Bounce Back Loan of around £4,000.

Compounding this, instead of using the Bounce Back Loan money for proper company use, the day after receiving the funds he instead transferred nearly £15,000 out of the company’s account, with the bank reference ‘Dave’. A further £35,000 was transferred to various third-parties.

When applying to dissolve the company, McGuinness was legally required to notify interested parties and creditors, such as a bank with an outstanding loan, within seven days and that a failure to do so could result in a criminal prosecution. He did not follow this advice however.

On 13 December 2022 the Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from David McGuinness after he did not dispute he had abused the Bounce Back Loan scheme by claiming money to which his business was not entitled.

His ban lasts for 11 years and began on 3 January 2023. The disqualification prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court.

Peter Smith, Deputy Head of Insolvent Investigations at the Insolvency Service, said:

The Bounce Back Loan scheme was set up to support businesses in genuine need during the pandemic, and David McGuinness clearly abused it by making false declarations to his company’s bank.

This lengthy disqualification is a sign that we take such abuse extremely seriously and will act to tackle wrongdoing by these directors.

January 30, 2023
PRESS RELEASE : Sad passing of Cllr Arthur Lamb – Tributes from Cumbria County Council [January 2023]

The press release issued by Cumbria County Council on 24 January 2023.

It is with great sadness that the death is announced of Cllr Arthur Lamb, the Conservative member for Cleator Moor and Frizington. Cllr Lamb, who died suddenly on January 22, was the youngest member on Cumbria County Council, at just 31.

Cllr Lamb was elected to the county council in 2017, his division including the parishes of Arlecdon & Frizington, Cleator Moor, Ennerdale & Kinniside, and Lamplugh. He was Shadow Cabinet member for Customers, Transformation and Fire & Rescue.

Cllr Lamb, who worked for the NHS, was a keen cricketer, described as “a cornerstone” of Whitehaven Cricket Club, who, among many of his duties, coached the club’s juniors. A dedicated, popular and principled councillor, Cllr Lamb was a highly popular member of the county council.

Conservative Group Leader, Cllr Hilary Carrick, said: “There are no words to describe my sadness at hearing the tragic news of Arthur’s untimely passing. Quite simply, he was an amazing young man who was universally loved and respected. He was a very talented politician and hugely effective County councillor who worked tirelessly for the local community that he loved. Arthur had a maturity and wisdom that exceeded his years and his considered contributions, positivity, dedication, enthusiasm and cheeky grin will be hugely missed. Our thoughts and heartfelt condolences go out to his family and friends at this very difficult time.”

Cllr Stewart Young, Leader of Cumbria County Council and speaking on behalf of the Labour Group said:

“News of Arthur’s untimely death came as a huge shock to everyone. He was well known and well liked on the County Council. His election in 2017 in what was previously a safe Labour seat, came as a surprise even to Arthur, but he threw himself into the role and was an able and effective representative. Members from all sides of the political divide will join his family and friends in mourning his passing.”

Cllr Peter Thornton, Deputy leader for Cumbria County Council and speaking on behalf of the Liberal Democrat Group added:

“It seems unbelievable that someone with such a zest for life should be taken so young. It is a tragic loss for Arthur’s family, friends and the people he represented so well in Cleator Moor East and Frizington. We offer our deepest sympathies to his family and friends at this sad time.”

January 30, 2023
PRESS RELEASE : Hundreds of thousands more workers to receive job support boost in spring [January 2023]
The press release issued by the Department for Work and Pensions on 30 January 2023.

Helping more people progress into higher paid jobs will support the UK’s labour market and economic growth.
- More working people on income-related benefit will receive additional help from the end of February to boost their earnings, helping families improve their prospects and finances
- Over 120,000 more low-income workers will receive tailored support and be supported to earn more
New regulations which come into force on Monday (30 January) mean more than 120,000 working people on Universal Credit across Great Britain will receive a job support boost this spring.

The Administrative Earnings Threshold (AET) determines which group a Universal Credit claimant is placed in based on how much they earn. This in turn impacts the level of support they receive to find work and develop a career, and the types of activities they must undertake, such as searching for opportunities to take up more or better paid work or researching new career options.

From the end of February, an increase to the threshold will mean more Universal Credit claimants will be moved from the ‘Light Touch’ group to the ‘Intensive Work Search’ group, helping them to get better-paid work and boost their long-term prospects. Combined with a previous increase in September, this will mean around a quarter of a million more people will have been moved into ‘Intensive Work Search’.

New claimant commitments will be tailored to individual circumstances and will consider caring responsibilities and any health conditions.

Secretary of State for Work and Pensions, Mel Stride MP said:

A hallmark of a compassionate society is giving those on low incomes the tools to progress and earn more. It is important that we continue to deliver targeted support so that those in work have access to the expertise and guidance of our dedicated work coaches.

By raising the Administrative Earnings Threshold, we are forging a robust labour market building on positive changes we have already made and supporting even more people to progress in the workplace.

Additional claimants will benefit from more face-to-face time with a work coach, allowing them to access opportunities to increase their earnings, whether that is developing their skills, progressing in their current sector, or by starting a new role.

The new AET is the equivalent of an individual working 15 hours per week, or a couple working 24 hours per week between them, at the adult National Living Wage rate.

This year, the Government will also be driving forward an agenda to ensure the labour market remains robust, reviewing workforce participation at pace to understand what action can be taken to drive down economic inactivity.

In 2021 the Universal Credit taper rate was reduced from 63% to 55% and the Work Allowance was increased by £500 per year so claimants can keep more of what they earn. The National Living Wage is also increasing by 9.7%, bringing it to £10.42 an hour from April.

This rise to the AET will build on this work to ensure work pays and will be complemented by a new In Work Progression offer which will be rolled out to all Jobcentres by the end of March, focused on helping claimants in the ‘Light Touch’ work group to progress.

People impacted by the change will be contacted with more details via their Universal Credit journal. Claimants will receive this journal message at the end of their first full assessment period after Sunday 26 February.
January 30, 2023
PRESS RELEASE : Minister unveils plans to start closing the pensions inequality gap [January 2023]
The press release issued by the Department for Work and Pensions on 30 January 2023.

Minister for Pensions Laura Trott announces shake-up of private pensions to create fairer, more predictable, and better-run pensions.

Measures include consultation on new Value for Money framework, defined contribution scheme charge cap reforms, further work on small pots, and extension of Collective Defined Contribution (CDC) pension schemes.
- These plans will help address the pension inequality gap which has risen since the decline of Defined Benefit (DB) and the emergence of Defined Contributions (DC).
Minister for Pensions Laura Trott has today (Monday 30th January) unveiled a package of measures to deliver value for savers and boost fairness, predictability, and adequacy across the private pensions sector.

The measures include a consultation on a new and much anticipated Value for Money (VFM) framework, developed in partnership with The Pensions Regulator and the Financial Conduct Authority, which sets out how schemes will be expected to provide savers with better value from their investments and a quality level of service.

Minister for Pensions Laura Trott MP MBE said:

There is a pension inequality gap between those who had secure retirements thanks to DB, to much more uncertainty now. Since 2012, Automatic Enrolment has transformed the pensions landscape in the UK for the better, but we know there’s more to be done to ensure a fairer future for savers.

Being in an underperforming pension scheme can lead to someone missing out on thousands of pounds. The Value for Money framework and our new measures will improve security and create better returns for savers, so they can enjoy the retirement they’ve worked so hard for.

Today’s proposals include plans for:
- Schemes to disclose their investment performance, costs and charges, and quality of service via clear and comparable metrics to the benefit of savers;
- Reforms to the charge cap, giving schemes more flexibility to invest in so-called “illiquid assets” such as start-up companies, renewables and infrastructure;
- Feedback on workable solutions to tackle the issue of small pots;
- An extension of Collective Defined Contribution (CDC) schemes, most significantly to include multi-employer models
Executive Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator, David Fairs said:

Ensuring every pound that savers put into their DC pension pot delivers value for money is vital to help people achieve the best possible retirement. The measures announced as part of this far-reaching reforms package deliver on our commitment to put savers at the heart of all we do.

Our joint Value for Money framework will drive greater transparency and standardisation of reporting across the DC pensions market, allowing trustees to make more informed decisions and improve long term outcomes for savers. I urge the industry to take part in these important consultations.

Executive Director of Markets at the Financial Conduct Authority, Sarah Pritchard said:

Pensions are complex, and savers need to be able to trust that their providers have the information they need to make the right choices. These proposals will help ensure that they take a wide ranging and long-term view – value for money is not just about costs and charges.

We will continue to work with Government, other regulators, and industry to deliver long term value and support savers in their retirement.

Value for Money

The VFM framework will improve transparency, comparability, and competition between defined contribution pension schemes and help deliver the best possible value and long-term outcomes for pension savers.

It will require pension schemes to disclose key metrics and service standards shifting focus from a dominant consideration of costs only, to enable a holistic assessment of VFM.

Illiquids

These measures – due to come into force in the Spring – will require schemes to provide transparency to savers over their approach to illiquid assets and disclose information on their overall investment asset allocations.

This will unlock the potential for savers to see improved returns over a longer period, while also providing a boost to UK growth initiatives.

Small Pots

The average worker will have around 11 jobs over the course of their career, meaning they may accrue multiple small pension pots. This creates a risk of members losing track of their pension savings and creates cost and inefficiency in the system. The call for evidence will seek feedback on workable solutions, enabling savers to achieve better outcomes at retirement.

CDCs

The introduction of CDC schemes last year– which see both the employer and employees contributing to a collective fund from which individual retirement incomes are drawn – was a landmark moment for UK pensions.

The new consultation, launched following discussions with a wide range of stakeholders and interested organisations, will explore what new types of multi-employer CDC schemes should look like and how to maximise their benefit for UK savers.
January 30, 2023