GMP ruling implementation will be ‘Herculean’ task for schemes

A ruling on guaranteed minimum pension equalisation will see trustees having to revisit 30 years of pension transfers, which will be a “Herculean” task for administration teams amid missing data and poorly kept records.

Weekly roundup: Insolvency, insolvency, insolvency

Welcome to Pensions Expert’s roundup of a week that focused, somewhat depressingly, on the pensions implications of a wave of expected corporate insolvencies. And of course, guaranteed minimum pensions.

TPS phased withdrawal plan arrives too late for hundreds of schools

Teachers’ organisations and pension professionals have given a lukewarm welcome to the Department for Education’s proposal to allow independent schools to retain Teachers’ Pension Scheme membership for existing staff, while at the same time offering private plans for new staff.

Experts wary on BoE governor’s DC pandemic recovery call

The governor of the Bank of England has suggested rules should be relaxed to allow defined contribution schemes to play a part in the post-Covid economic recovery, but experts warn some structural problems remain.

Comment & Analysis

Pressure builds on small DC schemes to consolidate

Martin, Emma (teaser)

Covid-19 looks to be accelerating the trend towards consolidation in the defined contribution industry, and the UK government is keen to see the transition take place at an even faster pace, writes Sackers’ Emma Martin.

Shaming those who cop to breaches sweeps cyber problem under rug

Snowdon, Gubler (teaser)

Trustees firing or criticising administrators for reporting cyber breaches damages trust and transparency, write PASA’s Margaret Snowdon and Kim Gubler, in response to reports of ransomware attacks that could — and do — happen to anyone in the industry.

Changes to pre-packs step in the right direction

Anne-Marie Winton (teaser)

The Insolvency Service has stepped in to strengthen the position of defined benefit schemes in pre-pack administrations, but the new veto right is not universal, writes Anne-Marie Winton of Arc Pensions Law.

Videos & Podcasts

Regulatory uncertainty puts workforce reform at risk

Twitter podcast logo

Podcast: The apparent contradiction between the Treasury’s new exit payment cap and existing Local Government Pension Scheme regulations risks limiting employers’ ability to restructure their workforce, warns Alison Murray, partner and head of public sector actuarial at Aon. She is joined by Linklaters counsel Anna Taylor, in a conversation also covering a new responsible investment bill and a proposed solution to the Section 75 problem.

The three-step plan to fix the NHS pension scheme

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Podcast: Peter Glancy, head of policy development at Scottish Widows, and Helen Morrissey, corporate PR specialist at Royal London, discuss a solution for the administration issues at the NHS Pension Scheme and the idea of using pensions as deposits for first-time buyers.

Arguments for DC consolidation stronger than for DB

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Podcast: The pace of defined contribution consolidation could accelerate on the other side of the coronavirus pandemic, but mergers are a less obvious boon for define benefit, say Squire Patton Boggs partner Kirsty Bartlett and Hadassah Shulman, senior associate at Taylor Wessing.