The Weekly Wrap: July 20 edition

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A round-up of the pensions news stories published across the FT Group this week, from a rookie investor taking the reins at a multi-billion pound Korean fund, to the long struggle of Toys R Us workers for compensation.

Mandatory tenders welcomed by pensions industry

Mandatory tenders welcomed by pensions industry

UK pension schemes will be required to conduct competitive tender processes before hiring their first fiduciary manager, under recommendations set out by the Competition and Markets Authority on Wednesday.

How would a lack of government support affect dashboard progress?

Analysis: Reactions to speculation that the secretary of state for work and pensions wants to scrap the pensions dashboard project have been unsurprisingly negative.

Select committee hails CDC as 'new Beveridge' for UK pensions

Collective defined contribution schemes could usher in a new era of progress for the welfare state, according to the Work and Pensions Committee’s latest report, as the influential group of MPs seeks to increase pressure on government to facilitate the swift creation of CDC schemes.

Luxfer Group offers IFA to deferred members

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Global materials technology company Luxfer Group has launched an exercise offering deferred members of its defined benefit scheme the opportunity to discuss their benefit options with an independent financial adviser.

Rentokil blames internal administration for £25k fine

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Business services group Rentokil Initial has blamed its internal pensions administration for failures involving the Initial Hospital Service Limited No.1 Pension Scheme, which led to a £25,000 fine from the Pensions Regulator.

Comment & Analysis

Review: Look Where You’re Going – The Life of Alan Pickering

Perhaps a professional trustee is an unlikely candidate for a published biography. But Paddy Briggs’ 'Look Where You’re Going', provides a fascinating insight into the remarkable life of Alan Pickering CBE.

What the DWP's new DB funding code could mean for trustees

Lorraine Harper

The Pensions Management Institute's Lorraine Harper discusses the revised regime for scheme funding set out in the Department for Work and Pensions' white paper on defined benefit pension schemes, published earlier this year.

IDWG cost disclosures are only the beginning

Paul McGlone

The code submitted by Chris Sier's working group on cost disclosure should make a material and positive difference to the industry, writes the Society of Pension Professionals' president Paul McGlone, but schemes have an obligation to make use of this new information.

Videos & Podcasts

Should the FCA have brought in a charge cap for drawdown?

Podcast: Last month, the Financial Conduct Authority released its long-awaited Retirement Outcomes Review. Daniela Silcock, head of policy research at the Pensions Policy Institute, and Nathan Long, senior pension analyst at Hargreaves Lansdown, discuss the FCA's consultation, including its decision not to impose a charge cap for drawdown products.

What next for the Pensions Regulator?

Podcast: Last month, chief executive of the Pensions Regulator Lesley Titcomb said she would be leaving the watchdog at the end of her contract in February 2019. The announcement came only a few months after the release of the government's defined benefit white paper, which outlined a vision for a stronger regulator with new powers. Sir Steve Webb, director of policy at pension and investment provider Royal London, and Janet Brown, partner at law firm Sackers, discuss Titcomb's legacy and the future of the regulator.

Regulator explains quicker, clearer, tougher

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Video: The Pensions Regulator has promised to be quicker, clearer and tougher in its new approach to regulating DB schemes, but what does it actually mean? Nicola Parish, executive director of frontline regulation, talks DB criminal sanctions, corporate activity and superfunds in this interview with Pensions Expert.

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