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Law & Regulation
Torsten Bell to remain as pensions minister following reshuffle
There will be continuity in the Department for Work and Pensions as Torsten Bell and Pat McFadden keep their roles following the cabinet reshuffle under new prime minister Andy Burnham.
Pension transfer reform needs rethink to ensure consistency, industry says
Respondents to a government consultation have warned that some elements need more work, including a requirement for ceding schemes to assess the appropriateness of a receiving arrangement.
Surplus release: Time to put plans and policies in place
The Department for Work and Pensions, HM Revenue & Customs, the Pensions Regulator and the Financial Reporting Council are all working together to construct the surplus release framework for defined benefit pension schemes.
In Depth: Inside the government’s pensions policy bonanza
From Value for Money to surplus release via scale and consolidation discussions and levy arguments, Monday’s roadmap announcement has given the pensions industry a lot to think about.
Highlights from Torsten Bell’s speech to launch the updated reform roadmap
Key excerpts from pensions minister Torsten Bell’s address at Mansion House on 13 July, in which he set out the need for cohesive action across the government’s reform agenda.
Guided retirement: Is delaying implementation good or bad?
Last week’s regulatory update saw the guided retirement timetable adjusted to coincide with the CDC rulebook – but will this put some retirees at a disadvantage if support services are delayed?
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Labour ‘committed’ to pension reforms despite leadership uncertainty, says Bell
Implementation of the Pension Schemes Act and related reforms will not be affected by debates over the future leadership of the Labour Party, according to the pensions minister.
LGPS funds face growing resources squeeze, Aon poll finds
Nearly three-quarters of Local Government Pension Scheme (LGPS) funds do not have enough staff with the right skills to carry out day-to-day operations, according to an Aon poll.
Government cracks down on pension scams through overhaul of transfer rules
A targeted safeguard to end the alleged misuse of small self-administered schemes has been proposed, with the government citing average losses of £38,400 a person.
Trustees warn that TPR strategy must protect member voice
The Association of Member Nominated Trustees has broadly backed the direction of the regulator’s five-year strategy, but warned that consolidation, professionalisation and UK growth objectives must not weaken member representation or fiduciary duty.
AI governance is ‘key’ to success of pension reforms
Robust governance, strong controls and meaningful human oversight will be critical if trustees and providers are to harness AI effectively while maintaining member trust, according to tech firm Lumera.
Fit for the Future: Government finalises pooling rules with new deadlines
Following feedback from across the LGPS, the government has extended the deadline for pools to receive regulatory authorisation and revised the authorisations it expects them to achieve, as well as moving deadlines relating to the transfer of assets to the control of pools.
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