Workplace pension schemes are a work-based pension in which employees save a percentage of their wage automatically into a pension each month, with the employer also contributing a percentage into the pension at the same time.
Under the guidance, which has the support of The Pensions Regulator, funds would be required to produce the enhanced governance compliance statement on annual basis.
Today’s publication provides a toolkit for pension scheme trustees. Companies should be ready for questions from investors, and pension funds need to start raising the topic with their managers,” said Richard Williams, chief investment officer
The dollar limit for catch-up contributions for 401(k) plans for individuals age 50 or older is increased from $6,000 to $6,500.