All Law & regulation articles – Page 105
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Features
Notts to report itself to TPR after employers botch data
The Nottinghamshire County Council Pension Fund is set to report itself to the Pensions Regulator after failing to produce some of its annual benefit statements on time.
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News
Changes to authorisation affecting some master trusts
Last-minute changes made to the master trust authorisation process by the Pensions Regulator have made it hard for a number of schemes to apply, a senior master trust figure has said.
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High Court: Schemes must equalise GMPs
Defined benefit schemes must equalise guaranteed minimum pensions between men and women, the High Court has ruled, in a decision that could cost FTSE 100 companies alone an estimated £15bn.
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NewsFord set to offer partial transfers
Ford has agreed to offer members of its defined benefit scheme the right to partially transfer out half of their pension as cash at retirement, allowing former employees greater flexibility in their benefits.
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Nest looks to online gaming for self-employed pensions
Master trust Nest is trialling incentive-based approaches, including methods used in online gaming and prize draws, with the aim of raising the rate of self-employed workers who save into a pension.
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UK pension system still lagging on adequacy and sustainability
The UK pensions system has major shortcomings in its adequacy and sustainability, and could be improved by rowing back some of freedom and choice, according to research comparing retirement provision around the globe.
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Fairs: Commercial consolidators pose new challenges for regulator
The Pensions Regulator has stated its support for the introduction of defined benefit consolidators, but is still grappling with key risks and challenges including the timing of necessary legislation and the impact consolidators may have on the marketplace.
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TPR and FCA launch joint strategy
On the go: The Financial Conduct Authority and the Pensions Regulator have launched a joint regulatory strategy to deliver better outcomes for pension savers and those entering retirement.
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Joint watchdog strategy to include consumer journey review
The Financial Conduct Authority and the Pensions Regulator have launched a joint regulatory strategy to deliver better outcomes for pension savers, with priorities including a planned consumer journey review and a focus on driving value for money.
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NewsOpperman aims for bumper summer pensions bill
The minister for pensions and financial inclusion, Guy Opperman, has stated his intention to deliver a “very substantial” bill addressing multiple areas of pensions regulation in the summer of 2019.
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Government to legislate for CDC
The Work and Pensions Committee has published a letter from Guy Opperman, minister for pensions and financial inclusion, which indicates the government’s intention to lay primary and secondary legislation for collective defined contribution schemes.
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PPF benefit top-up met with anger from solvent FAS members
The Pension Protection Fund’s plan to top up compensation where members receive less than half of their original pension unfairly misses out some members of the Financial Assistance Scheme, according to a pensions campaign group.
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Regulator issues Scottish teachers' scheme with improvement notice
On the go: The Pensions Regulator issued the Scottish Teachers’ Pension Scheme 2015 with an improvement notice earlier this year, following the scheme’s failure to provide benefit information statements to around 14,000 members.
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TRIG endorses new initiative for transfer framework
On the go: The cross-industry Transfers and Re-registration Industry Group has thrown its support behind an initiative aimed at raising governance standards over pension transfers.
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Employers support pension tax relief reform
The majority of employers think that the existing pension tax structure is too complicated and needs simplifying, according to research by the Association of Consulting Actuaries.
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Master trust members unfazed by AE increases
Savers auto-enrolled into a pension scheme are not dropping out of their plan any faster when nudged toward saving more money each month, according to the Pensions and Lifetime Savings Association.
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PPF to top up pensions to 50% ahead of legislation
On the go: The Pension Protection Fund is to begin topping up the benefits of members whose compensation has fallen below half of their original entitlement “as quickly as possible”, after a European court found its current payment structure unlawful.
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How open banking can help pensions
The pensions industry is on the cusp of its own 'open banking'-style revolution in the way that consumers interact with their finances and manage their pensions, according to experts.
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Fined Salvus trustees left £1.4m uninvested for 3 years
Four trustees of the Salvus Master Trust have been fined by the Pensions Regulator after they failed to invest £1.4m of member contributions over three years.
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62% of schemes and sponsors say CMA could go further
Sixty-two per cent of trustees and employers believe the Competition and Markets Authority has not gone far enough in its recommendations for the investment consulting and fiduciary management market, according to an XPS Pensions survey.