The Cabinet Office, Home Office, Department for Education and Ministry of Defence have each opened consultations into the first phase of the McCloud remedy, covering regulations that will see all legacy schemes close to future accrual from March 2022. However, new consultations on phase two of the remedy will be launched next year.

On the go: Employers have once again hit out at the University and College Union over strike action set to commence on Wednesday.

The Pensions Regulator has cleared consolidator Clara Pensions to begin accepting transfers, opening up a new endgame option for defined benefit schemes.

On the go: A think tank has suggested that members of the Universities Superannuation Scheme should be able to choose to transfer out part of their pension benefits to a self-invested personal pension scheme.

On the go: Employers have expressed support for some elements they would like to see outlined in the second consultation on a new defined benefit funding code, which is expected in the next few months.

Data crunch: Derisking activity picked up in the third quarter of 2021, as bulk annuity transactions reached their highest point of the year.

On the go: A large majority of pension lawyers believe that superfund transfers will become a strong consideration for defined benefit schemes with weak sponsors, as an alternative to the Pension Protection Fund or bulk annuity transactions, research has shown.

The Teachers’ Pension Scheme is facing a number of potential high-profile complaints to the Pensions Ombudsman over alleged maladministration, including a grievance about a £98,000 overpayment, Pensions Expert can reveal.

The Cabinet Office has launched a consultation on how the McCloud remedy is to be implemented for members of the civil service pension scheme, while the GMB union has joined the list of those challenging it in the courts.