Transport union RMT has reignited calls for all Transport for London employees undertaking work on a contract basis to be allowed to join its defined benefit pension fund.
Schemes must look at historical context when considering and communicating benefit changes, lawyers have urged, after the High Court ruled earlier this month that technology company IBM breached its duty of good faith with employees when closing its defined benefit scheme.
Defined benefit schemes could see a short-term increase in requests from members to switch their benefits into defined contribution schemes, due to potential government plans to restrict such transfers, benefit consultants have predicted.
Schemes are considering whether to set benefits provided to same-sex husbands and wives at or above the statutory minimum, lawyers have reported, with the first marriages taking place last week.
Trustees and schemes will face substantial administrative burden after the European Commission announced revisions to its incoming pension fund directive, including a requirement to continually evaluate environmental risk, which have been deemed “too prescriptive” by experts.
Local government scheme members are rushing to take their entire additional voluntary contributions as tax-free cash after widespread communication campaigns, before the option is expected to expire as LGPS reforms come into effect tomorrow.
News analysis: Defined contribution scheme representatives will see governance responsibilities increase after the pensions minister announces further reforms to ensure members get value – with a backdrop of industry debate on the charges cap.
The EC has today proposed revisions to the IORP II directive which will introduce new governance requirements, encourage investment in long-term assets and require cross-border schemes to be fully funded.
Scheme managers hope a new pensions modeller will stop members opting out as result of local government pension scheme changes by showing them how their benefits will be affected by the reforms.
Schemes are thinking twice about undertaking bulk transfers of benefits to avoid the risk of passing on individual tax charges to members as they await final official rules.
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