CFG launches Pension Maze and Pensions Manifesto
10th July 2014
CFG's latest flagship publication 'Navigating the Pension Maze 2014' was launched today at their London Members’ meeting.
CFG’s latest flagship publication in The Pension Maze series is an exciting endeavour to guide charities' financial leaders through the complex world of pensions. Six years on from the last edition much has changed in charities’ pensions practice as the 2004 changes have fed through the system, auto-enrolment has taken its grip on employees large and small. Coupled with the announcements made in the Chancellor's 2014 Budget and the raft of other recent pension reforms, the publication is more important than ever.
The Pension Maze explains to charities the bewildering array of complex pension issues and risk that charities face. It also serves to highlight those critical risk issues which are of concern to the sector and have wider policy implications.
John Tranter, Chair of CFG’s Pension Maze project, said:
“With liabilities growing for many charities, pensions are preoccupying more and more of their resources and management time. One of the most significant long term risks for those responsible for a charity’s financial position is their pension scheme, not just managing legacy issues but also coping with changes in legislation. The Maze gives guidance to variety of pension issues that charities face. It also serves to highlight those critical risk issues which are concerning the sector and have wider policy implications. This publication aims to be the 'go-to guide' for finance and human resource directors, chief executives and charity trustees to ensure their charity is on track to best manage their pensions.”
Alongside our new publication CFG is taking the opportunity to highlight the key asks that they will be making on behalf of the sector in the run up to the election. CFG's Pension Manifesto 2014 sets out clearly the issues of importance right now and offers some practical considerations and solutions for relevant parties including Government, the Pensions Regulator and others.
Caron Bradshaw, CEO of CFG says:
“Charity pensions are becoming an elephant in the room; problems growing in size and complexity but which few are equipped to face due to the enormity of the challenges. We’ve stepped forward to address the main issues before this pension time bomb explodes and undermines the sector’s ability to raise funds. We’re encouraged by the way Government and the Regulator have responded so far. This Manifesto plays a part in articulating the broad range of problems faced and what can be done about them.”
The Pension Maze publication was produced in collaboration with Foster Denovo, Premier Pensions and Spence and Partners.
Notes for editor:
- Charity Finance Group’s vision is to inspire the development of a financially confident, dynamic and trustworthy charity sector. CFG works with finance managers to enable them to give the essential leadership on finance strategy and management that their charities need; promoting best practice in charity finance, driving up standards, campaigning for a better operating environment and ensuring every pound given to charity works harder. CFG has more than 2,200 members, and collectively our members are responsible for the management of over £19bn in charitable funds
- “Navigating the Pension Maze 2014" was launched at the CFG London Members’ meeting on 10th July 2014.
- CFG’s 2014 Pension Manifesto 2014 sets out the key charity pension asks that CFG will be making to government in the run up to the next General Election and beyond.
- John Tranter is Director of Finance at The Children’s Trust and Non-Executive Director of Golding Homes.
- Foster Denovo is an award-winning financial advisory firm who provide a wide range of financial services. Our dedicated Charity team provide specialist pensions and employee benefits advice and support to over 180 charities and their staff. We are proud of longstanding relationship with both ACEVO and CFG which have helped us to understand the unique challenges that charity employers face. We recognise that auto-enrolment presents a number of challenges to Charity employers at a time when their budgets and resources are already stretched. Our unique auto-enrolment process is designed to help organisations fulfil their employer duties in a cost-effective and compliant way.
- Premier Pensions is an award winning, nationwide provider of employee benefits and financial services. Our clients come from all backgrounds and industry sectors. Premier has spent 10 years advising charities, ranging from large to small organisations with solutions designed to cater for the needs of all. Within the charity sector, Premier has provided advice on all forms of pension – Defined Benefit, Defined Contribution, auto-enrolment and complex pension issues such as de-risking. Client satisfaction is at the heart of our proposition and industry leading service standards have resulted in Premier winning some of the most prestigious pension adviser awards in the UK.
- Spence & Partners is a firm of actuaries that provide specialist pension support to third sector organisations. Director and company owner, David Davison, leads the Public Sector, Charities and Not for Profit pensions practice, heading an experienced team familiar with the issues charities face and with access to the modelling tools and communications skills necessary to guide Boards through a variety of solutions. Spence can provide actuarial and administrative services for pension schemes and specialist services for the charity sector including advice for participants in multi-employer schemes such as Pension Trust & Local Government Schemes, local authority outsourcing, pension accounting, auto-enrolment and pension implications of organisational restructures.
- For more information, please contact Sarah Woodfield in CFG’s policy team on firstname.lastname@example.org or on 020 7871 5476