Law & RegulationRSS

Regulator repeats anti-scam warning after £5m lost to fraudsters

News On the Go

On the go: The Pensions Regulator has repeated its warning about scammers after a report revealed more than £5m has been lost to fraud since February.

FCA writes to 7,700 steelworkers and bans contingent charging

News On the Go

On the go: The Financial Conduct Authority is to write directly to 7,700 former members of the British Steel Pension Scheme to invite them to revisit the advice they received, while going ahead with a ban on contingent charging for defined benefit transfers.

Brunel achieves carbon intensity reduction target

Brunel Pension Partnership has achieved its target of reducing the carbon intensity of its active portfolio by 7 per cent a year in time for the UN’s World Environment Day, but smaller schemes saddled with pooled products may lack the clout required to emulate them.

Nissan proposes DB scheme closure as sponsor pressure mounts

Nissan Sunderland

Workers at Nissan’s manufacturing plant in Sunderland could be facing a cut to their benefits, with the carmaker proposing to close its defined benefit scheme, while experts said the Covid-19 pandemic could push more sponsors to follow suit.

CMA gives trustees six months to submit compliance statements

News On the Go

On the go: The Competition and Markets Authority has updated its timeline for compliance with orders in its investigation into the investment consultant and fiduciary management sector, reminding trustees that they have until January 7 2021 to submit statements to the markets regulator.

Trustees advised to focus on going concern in schemes’ accounts

News On the Go

On the go: Consideration of going concern in the preparation of pension scheme financial statements requires greater focus from trustees due to the coronavirus crisis, accountancy bodies have warned.

USS divests from coal, tobacco and weapons manufacturers

Coal power station (teaser)

The UK’s largest pension scheme has announced it is to divest from selected coal, tobacco and weapons manufacturers, following years of campaigning by members and activist groups.

Carlsberg DB scheme to be absorbed into newly formed brewery

News On the Go

On the go: Carlsberg will remain the sole sponsor of its UK defined benefit pension scheme after it is absorbed into a joint venture with fellow beer producer Marston’s.

Firefighters considering pension compensation claims

News On the Go

On the go: The Fire Brigades Union is looking at potential compensation claims for its members in public sector pension schemes who were victims of age discrimination.

LGPS has £2bn invested in alleged ‘illegal Israeli settlement’ companies

Thirty-three Local Government Pension Scheme funds retain investments worth more than £2bn in arms manufacturers and in companies accused of supporting illegal Israeli settlements, as some of these schemes opt for engagement instead of divestment.