Latest articles from Benjamin Mercer

TPR funding statement flags uncertainty impact for valuations

Calculator

High levels of uncertainty surrounding inflation, interest rates, mortality, energy prices and economic growth will put additional pressure on trustees completing their tranche 17 valuations this year, according to the Pensions Regulator’s annual funding statement.

Contribution notice of £3.6mn hints at ‘new era’ of TPR powers

Justice scales (teaser)

Legal commentators have hailed what could be the start of a “new era” in the Pensions Regulator’s enforcement powers after its determinations panel handed down a contribution notice for more than £3mn to two individuals connected with the Meghraj Group Pensions Scheme.

Institute and Faculty of Actuaries issues climate risk alert

News on the go

On the go: The Institute and Faculty of Actuaries has published a new alert warning of the risk that actuaries may not be appropriately considering or communicating the impact of climate change, and has committed to releasing new guidance in this area.

Altus and ITM move first on next stage of dashboards journey

News on the go

On the go: Financial services software company Altus and platform technology specialist ITM have been confirmed as the first participants in the Pensions Dashboards Programme’s “Alpha” stage to move forwards to the next development stage.

Weekly Roundup: Your Uber sharia pension will be arriving eventually

Bloomberg

This week – ADCU union sues Uber over its lack of sharia-compliant pensions, Clara-Pensions expects to announce its first transactions in Q3, professional trustee market tipped to grow over the next five years, and PASA publishes pre-employment guidance to deter fraudsters.

‘Pot follows member’ legislation needed to solve small pots problem

Podcasts

Podcast: Henry Tapper, executive chair of AgeWage, and Tom McPhail, director of public affairs at the Lang Cat, discuss small pots, commercial consolidators, and more McCloud woe for the Local Government Pension Scheme.

Police Scotland warned of staff exodus after pension changes

Flickr

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.

PLSA issues further clarification on HMRC’s GMP guidance

News on the go

On the go: The Pensions and Lifetime Savings Association has posted a memo clarifying certain aspects of HM Revenue & Customs’ guidance on the tax treatment of guaranteed minimum pensions equalisation, looking specifically at the treatment of the interest element.

Professional trustee market expected to grow and consolidate

Dreamstime

Data crunch: The professional trustee market is expected to grow further over the next five years as up to 90 per cent of schemes make appointments, but the number of large companies is expected to almost halve, according to new research.

USS and University of Southampton make AVC blunder

News on the go

On the go: The Pensions Ombudsman has partially upheld a complaint against the University of Southampton and the Universities Superannuation Scheme trustee after a communication lapse saw a member continue to make annual voluntary contributions after her policy had ended.