All Law & regulation articles – Page 22
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NewsPublic Accounts Committee to probe AEAT scheme members’ treatment
The Public Accounts Committee is to investigate the treatment received by members of the AEA Technology Pension Scheme when it entered a Pension Protection Fund assessment period in 2012.
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NewsLords call for ‘far stricter limits’ on LDI leverage
A committee in the House of Lords has called for “far stricter limits” on leverage in liability-driven investments, which it believes caused the Bank of England intervention, while considering giving the Prudential Regulation Authority a role in schemes’ supervision, due to their “bank-like” strategies.
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NewsIFS calls for government to scrap 25% tax-free lump sum
On the go: The Institute for Fiscal Studies has set out “controversial” proposals to reform the pension tax system, including removing the 25 per cent tax-free lump sum.
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NewsGovernment proposes changes to LGPS cost-control mechanism
The government is proposing a series of changes to the Local Government Pension Scheme cost control mechanism, aligning it with other public sector plans while giving more discretion to the Scheme Advisory Board.
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NewsState pension age review to be published by May
On the go: The state pension age review will be published by May of this year, the pensions minister has confirmed.
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NewsFRC dashboards standard to remain unaltered until 2024
On the go: Dashboard projected assumptions, which came into force last year, will remain unaltered until March 2024, the Financial Reporting Council has announced.
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NewsTrott: Underperforming schemes to ‘improve, consolidate or exit’
Pensions minister Laura Trott has said pension schemes that are underperforming will need to act and either “improve, consolidate or exit the market”.
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NewsDWP narrows down small pots solution to two options
The Department for Work and Pensions has narrowed down the solution to the small pots issue to either the creation of default consolidators or the introduction of pot-follows-member legislation.
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NewsPension schemes to disclose performance under VfM rules
Pensions schemes will be required to disclose investment performance, net of all costs, as part of the new value for money framework.
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NewsGovernment explores CDC decumulation schemes
On the go: The Department for Work and Pensions is exploring whether it could introduce legislation for decumulation-only collective defined contribution schemes, since these could help “improve member choice and outcomes”.
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NewsDWP to announce DC reforms amid cost of living crisis
The Department for Work and Pensions will be announcing a series of reforms to defined contribution saving, in an attempt to curtail the impact of the cost of living crisis.
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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.