All Law & regulation articles – Page 23
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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.
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NewsTPR ‘dials down leverage’ in DB funding code fast-track
The Pensions Regulator has lowered the amount of leverage that it deems acceptable for schemes to have to meet the requirements for a “fast-track” valuation, as part of its new defined benefit funding code.
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NewsBank of England calls for LDI regulatory action from TPR
The Bank of England has called for more regulatory action from the Pensions Regulator to ensure increased resilience in liability-driven investment funds, while supporting investment consultants becoming regulated by the Financial Conduct Authority.
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NewsDWP details conditions for schemes to defer dashboards deadline
Pension funds will only be allowed to defer their dashboards staging deadline if they are transferring data to a new administrator or are in the process of retendering their scheme administration, new guidance has revealed.
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NewsPHSO finds ‘maladministration’ in DWP’s complaint handling
On the go: The Parliamentary and Health Service Ombudsman has found evidence of “maladministration” in the Department for Work and Pensions’ communication about changes in women’s state pension and in its complaints handling.
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NewsTPR: Valuing some illiquid assets may be ‘impossible’
The Pensions Regulator has warned of the challenges posed by attempting to value illiquid assets, as the government seeks to incentivise defined contribution to increase these investments.
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NewsManufacturer claims actuaries ‘almost put us out of business’
On the go: Construction products manufacturer Dixon International Group has told the Work and Pensions Committee that actuarial pressures in relation to its defined benefit scheme “almost put us out of business and several times pushed us into loss”.
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NewsRules to remove DC charge cap fees due in the new year
The government will lay regulations to remove fees from the defined contribution charge cap early next year, one of a number of pensions-related proposals included in the reforms aimed at improving the competitiveness of the UK’s financial services sector.
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NewsFCA urges LDI stress-testing in the face of rising buffer costs
The Financial Conduct Authority has called on asset managers to stress-test the “operational consequences” of improved liquidity buffers for liability-driven investment funds, recognising the additional costs that these buffers impose on pension schemes.
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NewsRailpen leads bondholder stewardship group
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including the launch of a new bondholders’ stewardship working group, the adoption of a formal ESG policy by BlackRock’s LifePath UK DC investment strategy, and a new global standard for stewardship resourcing.