All Law & regulation articles – Page 23
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NewsTreasury delays NHS scheme McCloud remedy to October 2023
The McCloud remedy for the NHS Pension Scheme has been pushed back to October 2023 on the back of Treasury delays in producing required documents.
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NewsSolvency II reforms ‘could unlock £100bn in productive finance’
The Treasury has published its final Solvency II reform proposals, which are expected by the industry to unlock more than £100bn in long-term productive assets such as social infrastructure and green energy.
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NewsTPR and FCA flag governance and competence concerns over LDI
The Pensions Regulator and the Financial Conduct Authority have raised questions over the governance of small schemes and the competence of some investors, in response to questions from a parliamentary committee over the use of liability-driven investments by pension schemes.
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NewsSingle mothers face £246,000 pension shortfall
Single mothers in the UK are facing a £246,000 shortfall in their pension pots compared with the average couple, and this is being further exacerbated by rising inflation and falling wages
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NewsPension savers face ‘double’ tax hit as inflation soars
On the go: The government’s decision to freeze the lifetime allowance could yield up to £2bn for the Treasury, double the £1bn it previously projected due to a surge in inflation this year.
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NewsThree-quarters of asset managers yet to set climate transition targets
On the go: Seventy-three per cent of asset managers surveyed by consultancy Mercer have yet to set climate transition targets — such as goals on achieving net zero — across their strategies.
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NewsOmbudsman fines NHS trust £1,000 over additional pension ‘distress’
The Pensions Ombudsman has ordered the University Hospitals of Leicester NHS Trust to pay £1,000 to a scheme member for distress and inconvenience caused when payments were taken for an additional pension, which the complainant had wanted to set up but had not been actioned.
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NewsRegulators tell savers to ‘stay on guard’ over scams
On the go: The Pensions Regulator, the Financial Conduct Authority and the Money and Pensions Service have joined forces to warn savers against scams.
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NewsCivil servants vote for strike over pensions
On the go: Civil servants have voted to strike with the highest level of support for industrial action in the Public and Commercial Services Union’s history, in a dispute that includes pensions.
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NewsFCA highlights investment consultant ‘gap in regulation’
The Financial Conduct Authority has told MPs that it previously pointed to the risks associated with liability-driven investments and suggested the existence of a “gap in regulation” linked to investment consultants, in response to questions over October’s market turmoil and its impact on pension schemes.
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NewsHunt declines to commit to state pension inflation uprating
On the go: Chancellor of the exchequer Jeremy Hunt has told the chair of the work and pensions select committee that “there are difficult decisions to be made” in response to a request that social security benefits and state pensions be uprated in April 2023 in line with the consumer price index inflation rate recorded in September 2022.
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NewsContributions surge 40% during decade of auto-enrolment
On the go: Total annual contributions to workplace pensions rose to £114.6bn in 2021, marking a 40 per cent rise since the advent of auto-enrolment in 2012.
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NewsDashboards drive 26% surge in MaPS spend on pensions
On the go: The Money and Pensions Service significantly increased its expenditure on its pension streams for its year to March 31 2022, a move it said was driven by its spend on the dashboards initiative.
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NewsFBU hits out at senior firefighter use of 'retire and rehire' practice
The Fire Brigades Union has accused some senior bosses across 13 UK fire and rescue services of having used controversial arrangements to access their pension early.
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NewsOmbudsman fines Bionica Systems £1,000 for ‘missing’ contributions
On the go: The Pensions Ombudsman has ordered Bionica Systems to pay missing contributions of £2,311.86 into an employee’s scheme, and a further £1,000 for the “serious distress” caused by the error.
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FeaturesHow might DC investment reforms accelerate the push for net zero?
By Stephanie Baxter | November 8, 2022
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NewsACA pushes new pensions minister for early extension of CDC
On the go: Laura Trott has been urged by the Association of Consulting Actuaries to extend collective defined contribution schemes to more savers as a way of boosting pension savings.
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NewsBoE director calls for greater regulatory oversight on leverage
The Bank of England’s executive director for financial stability strategy and risk has called on regulators to review how leverage is managed, in the wake of a liquidity crisis in October triggered by a spike in gilt yields.
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NewsBMA warns of spike in early retirements over tax relief reforms
The British Medical Association has warned that the number of doctors choosing to reduce hours or retire early would increase were the government to proceed with reported plans to freeze the pensions lifetime allowance past 2026.