Law & RegulationRSS

No way to avoid the indexation ‘rules lottery’ as inflation bites

Podcasts

Podcast: Eversheds Sutherland partner Stuart Earle and Aon partner Lynda Whitney discuss inflation, the botched attempt to raise the normal minimum pension age, and a new value for money framework.

Royal Mail CDC scheme closer to reality as consultation launches

Fotoware

Royal Mail has launched a consultation on its new collective defined contribution scheme, detailing the structure of the new pension fund, which the postal company is aiming to launch in 2022.

Weekly Roundup: The lecturers are revolting

Fotoware

This week – UCU announces strike ballot over USS dispute, National Audit Office reveals DWP has underpaid 134,000 pensioners, insurers urged to protect trustees against GMP claims, and task force bids to boost schemes’ voting powers.

Govt proposes GMP revaluation rate of 3.25%

News on the go

On the go: The Department for Work and Pensions is proposing to lower the guaranteed minimum pension fixed rate revaluation for early leavers by 0.25 percentage points.

TPR warns small schemes: Prove value or wind up

News on the go

On the go: The Pensions Regulator has warned smaller defined contribution pension schemes they will need to demonstrate their value to members or wind up, as more stringent rules come into force next month. 

Guidance ‘stronger nudge’ still poses more questions than answers

FCA

Regulators are unclear about how the take-up levels of pensions guidance should look like as a result of the “stronger nudge”, since parts of the proposal have yet to be tested, the Work and Pensions Committee has heard.

‘Years of human errors’ led to £1bn state pension underpayments

DWP

The Department for Work and Pensions has underpaid 134,000 pensioners — 90 per cent of which are understood to be women — by more than £1bn, according to a report from the National Audit Office.

Taskforce lays out measures to boost schemes’ voting powers

Dreamstime

The Taskforce on Pension Scheme Voting Implementation has called on the Department for Work and Pensions and the Financial Conduct Authority to create templates and requirements aimed at boosting asset owners’ ability to vote, especially in pooled funds.

Insurers called to protect trustees against GMP claims

Bloomberg

The lack of statutory protection afforded to trustees means the insurance industry will have to shield these professionals against claims related to guaranteed minimum pension equalisation in cases where benefits are secured with annuity providers, legal experts have warned, while uncertainty about trustees’ obligations remains.

Regulators propose DC-wide ‘value for money’ framework

Dreamstime

The Pensions Regulator and the Financial Conduct Authority will be forcing defined contribution schemes to disclose more data around their investment performance, scheme oversight, and costs and charges, as they unveil a discussion paper looking at creating an “holistic framework” for assessing value for money in this sector.