NAPF Annual Conference 2014: Senior industry figures have called for independent governance committees to be more like trustee boards in their activities, to protect member interests.
Schemes are being advised to assess the cost of completing an annual valuation of asset-backed contributions, after the Pension Protection Fund announced non-property ABCs will be considered in levy calculations.
Industry experts have called for the standardisation of pension scheme information, in the style of the uniform pension overviews found in the Netherlands.
Lothian Pension Fund has completed the first full year of governance reforms designed to increase representation for stakeholders and strengthen processes.
Employers may be liable to pay increased compensation relating to pension loss to employees dismissed unfairly, lawyers have warned, after a tribunal appeal found an earlier decision had miscalculated the sum owed to an NHS scheme member.
Consultants have again predicted greater interest in transfers out of defined benefit schemes following the proposed removal of inheritance tax on pension pots, while others doubted the changes would have much impact.
Scheme professionals have predicted devolved tax and welfare powers to Scotland, England, Wales and Northern Ireland could increase the cost of administering schemes which have members across the UK, though others doubt the impact.
Legal experts have reported that schemes caught by the recent change in the definition of money purchase are trying to amend their benefits structures to remove the additional risk of guarantees.
Schemes have been urged to move quickly to prepare for forthcoming changes to pension tax legislation, with the new ‘uncrystallised funds pension lump sum’ expected to prove popular among members.
Xerox Final Salary Pension Scheme is planning a resolution allowing it to continue to make repayments to its sponsor, but legal experts are split on whether such a move is necessary or will even be effective.
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