Latest articles from Benjamin Mercer

USS directors sued over climate inaction and breaches of duty

High Court

Two university lecturers, backed by a number of branches of the University and College Union, have filed a wide-ranging legal action against the directors of the Universities Superannuation Scheme, accusing them of multiple failings with respect to the controversial 2020 valuation, and of inaction around climate change commitments.

Weekly Roundup: Post-Budget depression

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This week – the latest on all pensions-related measures from the Budget, the FCA pushes ahead with its Long-Term Asset Fund regime, government accused of misleading parliament over the cost of public sector pensions, and strikes set to continue at University of Dundee over DB scheme closure.

Budget: Govt not expecting tax relief take-up and millions for McCloud

Dreamstime

Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.

DB master trust self-certification regime launched

News on the go

On the go: A self-certification regime for defined benefit master trusts was launched on Wednesday that will provide “useful information” for trustees considering a move to such schemes.

Budget 2021: Sunak announces further changes to DC charge cap

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Chancellor of the exchequer Rishi Sunak announced on Wednesday that the government will consult “within the next month” on further changes to the charge cap intended to encourage more investment in illiquid assets by defined contribution schemes. But experts have said this is “missing the point”.

Strikes to continue at Dundee Uni due to DB scheme closure

Pexels

Strike action at the University of Dundee is set to continue in October over proposals to move workers from a defined benefit to a defined contribution plan that unions say will leave members 40 per cent worse off in retirement.

Actuaries demand ‘comprehensive guidance’ on TPR’s notifiable events

News on the go

On the go: The Association of Consulting Actuaries has called for “comprehensive guidance” to be published before the Pensions Regulator’s new notifiable events regime comes into force, citing the “significant penalties” that apply for non-compliance.

Weekly Roundup: Even more inflation

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This week – PPF cites inflation and Covid as biggest concerns, government delays simpler annual statements until next October, HM Treasury publishes its green finance roadmap, and DHSC proposes overhaul of NHS Pension Scheme member contributions.

TPR to demand more asset information from schemes in 2023

Flickr

The Pensions Regulator has confirmed it will press on with reforming the asset class information it collects via the scheme return, in a consultation response published on Thursday.

Inflation and Covid uncertainty temper PPF performance

Simon Dawson/Bloomberg

Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.