Government attempts to mitigate the risk its new insolvency legislation poses to defined benefit pension schemes have only been partly successful, and company moratoriums could still see schemes lose out on valuable contributions, experts have said.
Widespread industry support for regulator’s Covid-19 response
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June 29, 2020
On the go: Industry professionals are “overwhelmingly positive” about the Pensions Regulator’s response to Covid-19, though they remain pessimistic about future prospects, according to a report from the Pensions Management Institute.
OECD encourages regulators to be flexible in response to pandemic
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June 26, 2020
On the go: Policymakers should allow for regulatory flexibility in their approach to recovery plans to make sure that people saving for retirement stay the course during the Covid-19 crisis, the OECD has recommended.
Work and pensions committee urged to open inquiry into scams
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June 26, 2020
On the go: The head of a transparency pressure group has written to the chair of the work and pensions committee to request it opens an inquiry into the scope and extent of pension scams.
Seven-year scam poses ‘serious questions’ for TPR
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June 25, 2020
The Pensions Ombudsman has finally brought to a close a seven-year case that left members of three pension schemes looking to recoup losses in excess of £14m. However, questions have been raised about the effectiveness of the Pensions Regulator in this case.
BoE governor reignites row between superfunds, insurers and regulators
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June 25, 2020
In an intervention that laid bare a deep divide both in the industry and between regulators, Bank of England governor Andrew Bailey has reignited a long-running feud between traditional insurers and advocates of new superfund models, while casting doubt on the Pensions Regulator’s ability to oversee consolidators.
High Court rules ‘drafting errors’ sufficient to justify switch to CPI
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June 23, 2020
A High Court decision has found in favour of a pension scheme switching to the consumer price index from the retail price index, but only because of a drafting error in the scheme’s rules.
MPs urge regulator to reassure struggling employers
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June 22, 2020
On the go: The Work and Pensions Committee has called for clarity from the Pensions Regulator over its Covid-19 enforcement procedures, voicing concerns that some “conscientious employers” will be reluctant to take advantage of easements.
Aviva strikes £150m buy-in with General Healthcare Group
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June 22, 2020
On the go: Insurer Aviva has secured a £150m buy-in contract with the General Healthcare Group & Life Assurance Plan.
2020 set to be a record-breaking year for longevity swaps
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June 22, 2020
On the go: Demand for longevity swaps is expected to set new records in 2020, reflecting in part a slight slowdown in the bulk annuity market, according to a report by Willis Towers Watson.