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Law & Regulation
Salary sacrifice: Commons vote strikes down cap change and exemptions
The proposed salary sacrifice cap on pension contributions is back down to £2,000 after the government’s majority helped it reject amendments made by the House of Lords.
Industry expert committee convened to work on fiduciary duty guidance
A former editor of Pensions Expert is among a 14-strong panel of industry representatives convened by the government to develop statutory guidance around fiduciary duty and investment decision-making.
Special report: The Pension Schemes Bill in the House of Lords
The landmark legislation begins its report stage this week, with peers still debating more than 180 amendments to the Pension Schemes Bill. Pensions Expert explores what is up for discussion over the next two weeks.
Lay trustees remain important as sector consolidates, government says
An external voice is needed “to ask the difficult questions that sometimes professionals either don’t want to hear or don’t quite understand”, says Des Healy of the DWP at a conference in Edinburgh.
Bell defends salary sacrifice cap and rejects incentive concerns
“The wider changes on salary sacrifice are happening because you should want a government that keeps tax reliefs under review,” pensions minister Torsten Bell said.
Government to limit scope of mandation clause, pensions minister says
Torsten Bell says the Pension Schemes Bill will be amended to ensure that the mandation clause only relates to the Mansion House Accord and cannot be used for other purposes.
Latest from The Pensions Regulator
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Trade groups support ‘minimum standards’ for administrators
The administration standards body supports proposals to subject providers to minimum standards across risk management, continuity planning, and other areas.
Smiths News faces TPR action over collapsed firm’s DB scheme
The media distribution company could receive a bill from the regulator related to the DB scheme of a former subsidiary, which entered administration after being sold in 2020.
Regulator’s CDC code welcomed, but more work needed
TPR’s consultation on a combined code of conduct for single-employer and multi-employer CDC schemes closes this week, a move that commentators said should be more manageable and straightforward than separate codes.
Regulators urged to collaborate on DC transfer rules
The FCA’s consultation on rules for DC pension transfers and digital modelling tools has triggered an industry-wide call for a cohesive approach to DC regulation.
OBR data challenges government claims on salary sacrifice cap
New data analysis shows that many people the government has claimed are “protected” from changes to salary sacrifice will still lose out when the cap is introduced in 2029, according to LCP’s Steve Webb
DWP explores ‘extended measures’ to combat pension scams
Pensions minister Torsten Bell has said the government plans to “strengthen protections and combat any areas of evolving risk”, with areas of focus expected to include transfer regulations.
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