All Law & regulation articles – Page 20
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NewsNuclear sector DB schemes reform to go ahead after 5-year delay
The House of Lords has approved amendments to the energy bill that will allow the two nuclear public sector schemes to be reformed in line with government policy, five years after originally planned.
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NewsGovt refuses to commit to increase auto-enrolment contributions
The government has refused to commit to increasing minimum auto-enrolment contributions, despite acknowledging that the current statutory contribution of 8 per cent is “unlikely to give all individuals the retirement to which they aspire”.
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NewsNew DB funding code could cost employers up to £34bn
The Pensions Regulator estimates that the defined benefit funding code could have a cost for employers of up to £34bn, which has prompted consultancy LCP to call on the government to give more time to sponsors to adjust to the new regime.
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NewsTPR delays investment data collection from DB schemes
The Pensions Regulator will not be collecting data on fiduciary management and investment consultants from defined benefit schemes as part of its 2023 scheme return, which can present a “gap in compliance”, experts have warned.
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NewsFCA launches retirement income advice review
On the go: The Financial Conduct Authority is to review the level of advice consumers are receiving from independent financial advisers on meeting their income needs in retirement.
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NewsLDI funds sold £23bn of gilts during market turmoil
Liability-driven investment funds sold £23bn of gilts in three weeks during the market turmoil in 2022, with pooled funds being forced sellers, Andrew Bailey has revealed.
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NewsTPR urges trustees to support DC savers amid economic challenges
The Pensions Regulator has said savers must be supported during current economic volatility amid concerns the value of some defined contribution pots has fallen.
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NewsDavid Fairs leaves TPR to ‘pursue new challenges’
On the go: David Fairs is leaving his role as executive director of regulatory policy, analysis and advice at the Pensions Regulator in March this year.
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People NewsOmbudsman Anthony Arter awarded in New Year honours
On the go: The Pensions Ombudsman, the chief executive of NatWest, and the former chair of the Investment Association are among those who have been given awards in the King’s New Year honours list.
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NewsPensions Ombudsman orders rogue trustees to repay £12.6mn
The Pensions Ombudsman has ordered a trio of pension scheme trustees to repay £12.6mn, after it found “multiple breaches of trust and many acts of maladministration”, which caused the loss of funds and impacted members’ pensions.
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NewsPPF urged to consider FCA authorisation
The Department for Work and Pensions has encouraged the Pension Protection Fund’s board and executive to consider seeking authorisation by the Financial Conduct Authority, either for the PPF itself or for a subsidiary.
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NewsTPR appoints FCA’s Delfas as chief executive
On the go: The Pensions Regulator has appointed Nausicaa Delfas as its new chief executive, taking over from Charles Counsell, who is due to step down from the role in March 2023.
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NewsPub ordered to settle tab over missing pension contributions
On the go: The Pensions Ombudsman has ordered Town Wall Tavern to pay a former employee £1,000 and make up for missing pension contributions.
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FeaturesSchemes turn their attentions to biodiversity data requirements
Analysis: Greater awareness of the impact of climate change on the environment and ecosystems has prompted most schemes to integrate mitigation measures into their investment processes – and this has now spread to concerns about biodiversity.
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NewsTPR warned of ‘levelling down’ in DB funding code consultation
Respondents to the Pensions Regulator’s first consultation on its imminent defined benefit funding code have told the watchdog of their concerns over schemes “levelling down” to meet its fast-track valuation pathway, as well as noting their fears over a loss of flexibility.
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NewsSmaller schemes face ‘significant’ costs with TPR DB funding code
While the Pensions Regulator foresees an initial hike in implementation fees followed by reduced costs in the long term, experts have warned that the new defined benefit funding code will be particularly onerous for small schemes.
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NewsRegulator dismisses delaying DB funding code due to LDI crisis
The Pensions Regulator has denied a request from MPs to delay the launch of its defined benefit funding code consultation due to the recent market turmoil, justifying that the document already includes a section about systemic risk.
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NewsFCA considers higher compensation limits for pension claims
On the go: The Financial Conduct Authority is to consider whether to increase compensation limits for certain pension claims.
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NewsTPR rejects claim of having pressured schemes into LDI
The Pensions Regulator has pushed back against a suggestion put to the watchdog by MPs that it pressured some pension schemes towards liability-driven investments, when they did not think LDI was appropriate for them.