All Law & regulation articles – Page 110
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News
DWP proposes power for regulator to impose civil fines of up to £1m
The Department for Work and Pensions has proposed granting the Pensions Regulator the ability to fine employers and associated parties up to £1m where they are found guilty of serious breaches and reckless behaviour.
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Disclosure standard aims for strengthened trustee buy side
Investment consultants could be required to disclose scheme data allowing clients to judge the quality of their advice under a new performance framework, which has already attracted positive early statements from two top 10 firms including 'big three' member Mercer.
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Smart Pension fined for failure to report missing contributions
On the go: Smart Pension's trustee has been fined by the Pensions Regulator for failing to report unpaid pension contributions to members and the watchdog.
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Warned scam victims must take responsibility, code says
The Pension Scams Industry Group has emphasised that scam victims must take responsibility for fraudulent defined benefit transfers where they have been previously warned by their providers.
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Government rejects calls for default decumulation pathways
The government has rejected the Work and Pensions Committee’s recommendation for default decumulation pathways, but has agreed that there is a strong case for pensions dashboard compulsion.
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Trustees warned to be vigilant before approving superfund deals
Trustees eyeing a transfer into one of the UK’s nascent superfunds must consider the viability of the acquiring consolidation vehicle before consenting to a ‘buyout-lite’ deal, the Pensions Regulator’s executive director of frontline regulation has warned.
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Less than a third of trustees think TPR will monitor fairly
Just 31 per cent of trustees are confident the Pensions Regulator will police funding agreements fairly and effectively in future, according to a survey by consultancy Willis Towers Watson.
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Industry calls for regulatory speed and stronger approach to scams
The pensions industry has voiced concerns over regulatory weaknesses and a lack of urgency when tackling scams and regulating defined benefit to defined contribution transfers.
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TPR suspends trustee after fraud investigation launched
On the go: The Pensions Regulator has suspended a pension scheme trustee after detectives launched a fraud investigation.
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Government sets out proposals for trustee ESG investment duties
Trustees will be expected to publish a statement on how they take account of scheme members’ ethical views, if proposed requirements floated in a government consultation are implemented.
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Self-employed should not be auto-enrolled, says trade body
The Association of Independent Professionals and the Self-Employed has said that auto-enrolment should not be extended to the self-employed as a way of providing them with retirement income.
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SNP bill seeks PPF support for orphan liabilities
A private members’ bill submitted by Scottish National Party MP Alan Brown last week could see the Pension Protection Fund taking on so-called orphan liabilities from multi-employer pension schemes.
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Regulator sees merit in criminal sanctions for DB sponsors
The Pensions Regulator is prepared to deploy tough new powers promised by the Department for Work and Pensions’ defined benefit white paper, although it admitted that there will be a high bar for beginning any criminal proceedings against sponsoring employers.
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NewsPlumber wins workers' rights case
The Supreme Court has upheld a verdict that Gary Smith, a former contractor who carried out work for Pimlico Plumbers between 2005 and 2011, was indeed a worker at the company and was consequently entitled to workers’ rights there.
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Industry backs alternative to mandatory clearance
Requiring companies to prepare a formal statement on how corporate activity might affect their pension schemes could help protect members from being put at risk, a survey of restructuring professionals has suggested.
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ITV cleared to appeal Box Clever judgment
On the go: ITV has been granted permission to appeal a court decision upholding the Pensions Regulator's ability to issue a financial support direction against the broadcaster in relation to the Box Clever scheme.
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Guy Opperman outlines hopes to harness fintech
Pensions and financial inclusion minister Guy Opperman says he hopes to harness fintech to boost saving for the self-employed, while aiming to bring in legislation for defined benefit regulation next year.
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PPF chief hints at closing superfunds’ regulatory advantage
Consolidation vehicles hoping to hoover up assets from deficit-weary employers could see their prices forced upwards by tough levy requirements and insurance-style protections, the chief executive of the Pension Protection Fund has said.
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Recruitment agency admits illegally opting workers out of scheme
On the go: Seven members of senior management at recruitment company Workchain have pleaded guilty to gaining unauthorised access to computer data in order to opt the agency’s temporary workers out of its pension scheme.
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More than half of charity DB schemes are now closed to accrual
Charities are catching up with private sector employers as the number of defined benefit schemes closed to accrual jumped to 58 per cent at February 2018 from 43 per cent a year earlier, according to consultancy Hymans Robertson.