All Costs and charges articles – Page 4
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PodcastsPodcast: LGPS faces affordability, engagement and policy challenges
Podcast: The Pensions and Lifetime Savings Association’s 2022 local authority conference unearthed the challenges facing the Local Government Pension Scheme and its employer members, including affordability, engagement and policy reforms. Recorded from the conference floor, Pensions Expert was joined by PLSA’s head of defined benefit, LGPS and investment Tiffany Tsang and West Midlands Pension Fund’s director of pensions Rachel Brothwood to discuss new research into the LGPS and what can be done to help employers.
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NewsNI Police Pension Scheme breaches cost cap
On the go: The Police Pension Scheme for Northern Ireland has breached its cost-control mechanism ceiling as a result of the McCloud remedy, according to data from the Government Actuary’s Department.
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NewsLecturers’ USS lawsuit frustrated by centuries-old precedent
A lawsuit against Universities Superannuation Scheme directors alleging climate inaction and breaches of duty has failed on a technicality dating back to 1843, though the judge in the case did find that beneficiaries of a pension fund corporation do sometimes have the right to sue directors.
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NewsTPR, FCA to push for ‘consistent and structured’ approach to VfM
The Pensions Regulator and the Financial Conduct Authority are to push for a “consistent and structured” approach in the proposed new value for money framework governing defined contribution schemes, shifting the focus away from costs and towards “long-term value for pension savers”.
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NewsAltmann: Pension providers prioritise fees over people
On the go: Pension providers pay too much attention to short-term fee income rather than long-term product solutions to the pensions gap, a former government pensions minister has warned.
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NewsRailways scheme urges patience as it reviews early retirement
On the go: The Railways Pension Scheme is reviewing its early retirement factors and is advising members considering taking early retirement that they should wait until the review is completed before making their decision.
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NewsHymans Robertson calls for AE credits to tackle gender gap
Hymans Robertson has called for the creation of auto-enrolment credits in a bid to tackle the gender pensions gap, which would see the government paying pension contributions for people taking career breaks.
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NewsITV hit with £133mn warning notice by TPR
The Pensions Regulator has slapped a £133mn warning notice on broadcaster ITV after it failed to provide adequate support to the Box Clever pension scheme by the regulator’s deadline.
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NewsNo AE reform, but Queen’s Speech measures spark protests
There was no mention of automatic enrolment reform in the Queen’s Speech, but bills around local boycotts, online safety and a revamped audit and reporting framework will all impact the industry, experts have said.
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NewsScheme costs ‘could increase’ under plans to promote illiquids in DC
The Department for Work and Pensions’ plans to promote investment in illiquid assets could end up increasing costs for members and raise the regulatory burden on schemes without improving retirement outcomes, consultants have warned.
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NewsMcCloud sees more public sector schemes breach cost-cap ceiling
Three more public sector schemes have breached the cost-control mechanism as a result of the McCloud remedy, the Government Actuary’s Department has confirmed.
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NewsElectricity pensioners launch campaign amid inflation fears
The Association of Electricity Supply Pensioners has launched a campaign to protect the benefits of more than 100,000 members of the Electricity Supply Pension Scheme, amid fears that pension increases that do not match inflation could amount to significant losses.
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PodcastsPodcast: ‘Pot follows member’ legislation needed to solve small pots problem
Podcast: Industry consensus is needed to support a ‘pot follows member’ solution to the small pots problem, with previous attempts to solve it having failed, says Henry Tapper, executive chair of AgeWage. He is joined by Tom McPhail, director of public affairs at the Lang Cat, to discuss small pots, commercial consolidators, and more McCloud woe for the Local Government Pension Scheme.
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NewsPolice Scotland warned of staff exodus after pension changes
Police Scotland is reportedly facing a staff exodus after changes to pension lump sum rules led 1,800 staff to query the size of the figure they will receive under the new system, with 400 having already decided to leave the service.
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NewsMcCloud remedy causes three of four schemes to breach cost cap
The Government Actuary’s Department has published the cost cap valuations of four public sector schemes, confirming that the cost of implementing the McCloud remedy has led to a breach of the cost control mechanism, cancelling previously-agreed benefits increases.
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NewsGMP guidance ‘helpful’ but ‘could have gone further’ on conversion
The government’s supplementary guidance on guaranteed minimum pensions equalisation was broadly welcomed by the industry as it could save trustees “time and money”, but some have cautioned that the section on conversion will make little difference without legislation.
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NewsHMRC to address GMP conversion tax issues ‘in the coming weeks’
The government has promised supplementary guidance on guaranteed minimum pensions conversion “in the coming weeks” and confirmed it is working on legislative changes, as the debate on the second reading of the pension schemes (conversion of GMPs) bill concludes in the House of Lords.
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NewsUCU calls for an end to USS cuts in light of improved finances
On the go: The University and College Union has called on employers to reverse plans for what it called “brutal cuts” to staff pensions, in light of a “drastic improvement” in Universities Superannuation Scheme finances.
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NewsCharge cap proposals criticised as govt launches illiquids consultation
The government has said it will “take time to consider” industry concerns around its proposals to exclude performance fees from the charge cap, and has launched a combined consultation into other ways in which to encourage defined contribution schemes to invest in illiquid assets.
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NewsLabour accuses government of undermining pensions ‘consensus’
On the go: Labour’s shadow secretary of state for work and pensions, Jonathan Ashworth, has accused the government of breaking with pensions “consensus” and undermining workers’ protection with its planned pension reforms.