The Pensions Regulator plans to conduct checks on trustees’ knowledge to assure governance standards in the industry, and has promised to consider appropriate action where they fall below expectations.
Pension schemes make limited allowances for RPI changes
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February 7, 2020
On the go: Large pension schemes are not expecting a great impact from proposed changes to the retail price index, with limited allowances included in their sponsors’ 2019 accounts, according to Willis Towers Watson.
Industry questions regulators misalignment on chair statements
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February 6, 2020
Analysis: Industry experts have questioned why regulators have taken different approaches when it comes to the disclosure of funds costs and charges in chair statements.
High Court rules against pension indexation change
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February 6, 2020
On the go: An IT company has seen the High Court dismiss a request to change the indexation used to uprate benefits in its final salary scheme to the consumer price index.
TPR carries out auto-enrolment checks on large employers
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February 5, 2020
On the go: The Pensions Regulator is carrying out compliance spot checks on some of the UK’s largest employers, who were among the first required to comply with auto-enrolment in 2012.
Govt and regulators urged to review chair statements
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February 5, 2020
Podcast: Government and regulators should rethink schemes’ chair statements, as they have become a regulatory compliance tool for the pensions industry, according to Darren Philp, director of policy and communications at Smart Pension, and Judith Fish, professional trustee at Dalriada Trustees. The experts discuss, among other subjects, the recent fine received by the Financial Conduct Authority from the Pensions Regulator due to pension failures.
Schemes to contribute £1m to Financial Reporting Council levy
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February 5, 2020
On the go: Pension schemes are being asked to contribute £1m to the Financial Reporting Council levy, which will rise to £47.2m in 2020-21 from £41.7m in 2019-20.
FCA drops cost requirement for all contract-based funds
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February 4, 2020
On the go: The Financial Conduct Authority has ditched a requirement for workplace pension providers to disclose and illustrate the impact of charges on all of their defined contribution funds, after industry concerns were raised in consultation.
Kent Council Fund recoups £139m from Woodford investment
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January 31, 2020
On the go: The Kent County Council Superannuation Fund will receive £139m from its investment in Woodford Investment Management’s flagship fund, though this still leaves the scheme with a £99m shortfall.
TPR: Companies must engage early with regulator on CVA’s
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January 31, 2020
On the go: Firms considering a company voluntary arrangement must engage early with the regulator in the process and provide full information, the Pensions Regulator has warned.