DB & DeriskingRSS

More advice needed on ‘fiendishly complicated’ pension freedoms

Financial advice

Pension freedoms have presented members with “fiendishly complicated” choices and pension providers are being put off providing more guidance because of the blurred boundary between guidance and advice, a hearing of the Work and Pensions Committee has heard.

Government actuary proposes cost control mechanism reform

Calculator

Martin Clarke, the government actuary, has proposed changing the cost-control mechanism used in the reformed public service pension schemes in a bid to tackle the “perverse outcome” of the 2016 valuation.

Universities back alternative proposals to reform USS

Graduation day

Employers representing 95 per cent of the Universities Superannuation Scheme membership have backed measures proposed by Universities UK, including enhanced employer covenant provision, in a bid to end the impasse over the scheme’s 2020 valuation.

TPR’s intervention guarantees £730m protection for Sanofi scheme

News on the go

On the go: The Sanofi Pension Scheme has received a new guarantee package from its sponsor, including additional protection of up to £730m in the event of insolvency in the next 20 years, following intervention from the Pensions Regulator.

Timms urges action on fraudsters posing as Dalriada trustees

Reuters, Fotoware

Work and Pensions Committee chair Stephen Timms has written to the City of London Police asking why no urgent action has been taken against fraudsters masquerading as representatives of Dalriada.

Third of high-risk DB transfers would pass new scam test

News on the go

On the go: One in three high-risk defined benefit transfers would not be flagged under new scam rules proposed by the government, according to research from XPS Pensions Group.

Morrisons’ pension schemes complete buy-ins

News on the go

On the go: The £5.1bn Morrison and Safeway Care Schemes, which include the Wm Morrison 1967 Section of the Morrisons Retirement Saver Plan and the Safeway Pension Scheme, entered into two new buy-in policies during the year to January 2021.

Treasury slammed for McCloud errors, but members will foot the bill

HM treasury logo (teaser)

The Public Accounts Committee has issued a scathing report highlighting the Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.

Calls for NHS pension reform to tackle 'medical staffing crisis'

News on the go

On the go: The British Medical Association has used a Public Accounts Committee report criticising the Treasury’s implementation of public sector pension reforms to call for further changes to the NHS Pension Scheme in order to tackle the medical staffing crisis.

AMNT updates red line voting policies due to regulatory changes

News on the go

On the go: The Association of Member Nominated Trustees has updated its red line voting policies to reflect industry and regulatory changes since the campaign was first launched in 2016.