Weekly Roundup: USS is the Hotel California

iStock

This week – USS valuation wrangle continues, FRC reprimands an actuary over misconduct, Sunak urged to ‘level up’ the Mineworkers’ Pension Scheme, and multi-jobbers losing out on £76m in pension contributions.

Actuary receives £65,000 fine from FRC due to misconduct

Paperwork

The Financial Reporting Council has issued a £65,000 penalty and imposed a severe reprimand to an actuary, due to misconduct relating to services provided to Coats Group between 2005 and 2012.

UUK proposes USS governance reform, 20-year moratorium on exits

Cambridge University

Universities UK, the employer group representing 340 Universities Superannuation Scheme members, has raised the prospect of a 20-year moratorium on scheme exits in a bid to show a greater commitment to covenant support.

TPR warns against hasty reactions to Covid-19 mortality figures

iStock

The Pensions Regulator has warned against hasty reactions to the Covid-19 pandemic, saying it is still “early days” in our understanding of how the virus has impacted longevity and life expectancy assumptions.

Weekly Roundup: Give him the chair!

Stack of paper (teaser)

This week – DWP admits failings in DC chair’s statements, concerns over the rise in sole trusteeship, new TPR chair endorsed despite conflict of interest fears, and LCP’s warning over dying DB sector.

TPR, PPF propose tiered approach in asset information reform

Pexels

The Pensions Regulator and the Pension Protection Fund have issued a joint consultation into proposals to change the asset class information TPR collects via the scheme return.

Comment

Long-term funding: Are we on the right track?

Ajeet Manjrekar

River and Mercantile’s co-head of solutions, Ajeet Manjrekar, details a three-step plan that allows schemes to have a derisking framework consistent with regulatory expectations, while enabling effective decisions.

Protecting pensions against pandemic-enhanced cyber criminals

Girish Menezes

Premier Pensions head of administration Girish Menezes details how the pandemic has made pension fund data vulnerable to cyber attacks, and explains what schemes and administrators can do to better protect their members’ information.

How do pension schemes meet TCFD obligations?

Sion Cole

Sion Cole, head of UK fiduciary business at BlackRock, details how climate-adjusted analytics are key to mapping pension schemes’ climate risk exposures.

Videos & Podcasts

Illiquids not necessarily the answer for DC

Podcasts

Podcast: Brian Henderson, partner and director of consulting at Mercer, and Shola Salako, professional trustee at Dalriada, discuss alternatives to illiquids in defined contribution pension portfolios, putting the S in ESG, and fixing the problems with chair’s statements.

Treasury admin fund could help tackle McCloud

Podcasts

Podcast: Ray Martin, director at HS Sole Trustees, and Kim Gubler, chair of the Pensions Administration and Standards Association, discuss TPR’s new climate change agenda, the NAO’s warning about the burdensome McCloud judgment, and a bizarre proposal for a national pension fund.

Fairs: TPR’s criminal powers policy will evolve with experience

Podcasts

Podcast: The Pensions Regulator’s policy around the use of its controversial new powers “will evolve” in response to evidence, court cases and industry experience, its director of regulatory policy, analysis and advice, David Fairs, has revealed.