Latest articles from Benjamin Mercer

TPR to amend single code as industry slates new requirements

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The Pensions Regulator’s combined code of practice has been dealt a blow after widespread industry criticism forced it to scrap new rules on unregulated investments, while the fate of its proposed “own risk assessment” remains uncertain.

Isle of Man civil servants to choose between DB and DC

News on the go

On the go: Civil servants on the Isle of Man are to be given a choice between an existing defined benefit scheme and a new defined contribution arrangement, the island’s government has announced.

Actuaries propose changes to public sector pension increases

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The Association of Consulting Actuaries is calling on the government to change the way it calculates pension increases for unfunded public sector schemes, proposing that these are based on economic growth rather than inflation, as this would be “fairer” for future generations of taxpayers.

DC providers default funds weather ‘torrid’ 2020

PA Wire

A new report from Punter Southall has revealed the best-performing defined contribution default providers during Covid-19, with Nest and L&G leading in the consolidation phase, Smart Pension topping cumulative performance in the growth phase, and L&G Multi Asset doing best in the retirement phase.

TPR to prosecute former owner of Norton Motorcycles

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The Pensions Regulator has announced its intent to prosecute the former owner of Norton Motorcycles for illegally investing money into the business from three pensions schemes of which he was the sole trustee.

Housing associations to suffer following SHPS valuation

News on the go

On the go: Housing associations are facing average contribution rate increases of 17 per cent following the Social Housing Pension Scheme’s 2020 valuation, a full 50 per cent higher than expected under the current deficit repayment plan, LCP has said.

Weekly Roundup: Triple lock, ticking clock

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This week – Fears abound over September’s triple lock adjustment, the ombudsman criticises Aon and Willis Towers Watson over a benefits error and gives an employer a firm ticking off, and the DWP sets up a working group to explore a ‘statements season’.

Covid-19 could have killed the PLSA

Podcasts

Podcast: Richard Butcher, managing director of PTL, reflects on his tenure as Pensions and Lifetime Savings Association chair, in an episode covering GMP guidance, master trusts and bespoke indices for environmental, social and governance investments.

Ombudsman criticises Aon, Willis Towers Watson over benefits error

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The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.

Ombudsman finds Covid is not an excuse to renege on auto-enrolment

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The Pensions Ombudsman has ordered a company to pay £1,000 to five staff members for “distress and inconvenience” after it deducted pension contributions without paying them into the scheme.