On the go: The Welsh government has been left with “no option” but to cover the pension tax bills of senior doctors, mirroring measures introduced in England. The health minister for Wales has branded the situation “totally unacceptable”.
DB & Derisking
Contractors take advantage of LGPS loophole on exit payments
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January 23, 2020
The pensions industry is still waiting for the government to close a loophole allowing outsourcers to claw back surplus from the Local Government Pension Scheme even when they have not paid into the plan.
Lords bill on TPR dividend approval and scrapping PPF cap resurfaces
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January 23, 2020
On the go: A bill that would give the Pensions Regulator approval over company dividend payments and remove the cap on compensation payments made by the Pension Protection Fund has returned to the House of Lords.
Pensions experts predict RPI limbo for years to come
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January 22, 2020
Experts have condemned delays in publishing a long-awaited consultation on reforms to the retail price index, since its outcome could radically alter the fortunes of pension funds and pensioners.
FCA launches pensions advice market review
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January 22, 2020
On the go: The Financial Conduct Authority is set to embark on a fresh crackdown on financial advisers, where it will analyse whether savers are receiving unsuitable pensions advice.
Smaller-sized bulk annuity deals to increase in 2020
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January 21, 2020
On the go: Fewer multibillion bulk annuity deals are expected in 2020, although the number of smaller transactions is set to increase, according to research from Willis Towers Watson.
Pension schemes bill to cost industry £818m in first year
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January 21, 2020
The pensions industry faces an annual cost increase of £818m as a result of changes brought in by the pension schemes bill, with the new defined benefit funding regime and the pensions dashboard requiring the lion’s share of this investment.
AA considers DB scheme closure
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January 21, 2020
On the go: The AA is considering closing the last section of its defined benefit scheme still open to future accrual, with 2,800 employees expected to be transferred to one of its defined contribution plans.
British Steel trustees cleared by Pensions Ombudsman
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January 17, 2020
The Pensions Ombudsman has rejected a number of complaints against the trustees of the old British Steel Pension Scheme, after concluding that communications to members were not misleading and did not amount to scaremongering.
PPF: More than half of defined benefit schemes still in deficit
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January 17, 2020
On the go: Fifty-seven per cent of defined benefit schemes in the UK are in deficit, with an aggregate shortfall of £160bn, according to the latest edition of the Pension Protection Fund’s Purple Book.