On the go: Defined benefit pension scheme trustees cumulatively spend 3,000 days each year monitoring processes that could be avoided by adopting a technology-led approach, new analysis shows.
On the go: The Ministry of Justice is consulting on new rules for the Fee-Paid Judicial Pension Scheme in response to recent court cases, with 4,600 judges being owed past pension contributions.
On the go: The trustees of United Biscuits’ defined benefit pension scheme are waiting for a final ruling from the Court of Justice of the European Union, after the advocate general sided with HM Revenue & Customs on a long-lasting battle on value added tax.
UK pension schemes are being asked by the pensions minister to report on the readiness of their data for the dashboards project, but specialists argue the lack of legislation and data standards could make it difficult to obtain accurate responses.
Trustees of defined benefit pension schemes will have to report decisions to allow sponsors to skip or delay deficit payments to the Pensions Regulator from July, as the watchdog drew fire for not insisting on this transparency from the start of its Covid-19 easements.
On the go: The Pensions Regulator has appointed 91 trustees to ensure the proper administration of pension schemes between January and March, according to new data.
Pensions industry bodies are lobbying the government to make changes to the Corporate Insolvency and Governance Bill, which unless revised will “inevitably lead to more pensioners not receiving their benefits in full and greater strain on the Pension Protection Fund”.
On the go: The impact of the coronavirus pandemic on the UK labour market will cause a 32 per cent increase in the number of dormant pension pots in 2020, according to new research.
On the go: Consideration of going concern in the preparation of pension scheme financial statements requires greater focus from trustees due to the coronavirus crisis, accountancy bodies have warned.
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