All Law & regulation articles – Page 24
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NewsBoE expands measures to protect schemes from market turmoil
The Bank of England has announced additional measures to support pension funds through the current market turmoil, including an increase in the size of its gilt daily auctions and a temporary initiative to ease liquidity pressure on schemes holding liability-driven investments.
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NewsLDI: Could trustees be sued?
Market moves: A law firm speculates that trustees could be subject to legal action as a result of gilt market instability, the Association of Consulting Actuaries urges defined benefit schemes to review their hedging strategies, and a former pensions minister asks if liquidity pressures will undermine the government’s push for scheme infrastructure investment.
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NewsGovernment prolongs relaxation of NHS pension rules
The government will extend amendments to the NHS Pension Scheme designed at boosting health worker numbers, prolonging measures that were introduced in response to the coronavirus pandemic.
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NewsFRC publishes ‘consistent and reliable’ standards for dashboards
On the go: The Financial Reporting Council has confirmed the changes being made to Actuarial Standard Technical Memorandum 1 in preparation for the launch of the dashboards, striving for “consistent and reliable” pensions illustrations.
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PodcastsPodcast: TPR should not regulate LDI despite pensions crisis
Dalriada Trustees director David Fogarty and Cartwright director of investment consulting Sam Roberts discuss the causes to the recent market turmoil that precipitated the intervention by the Bank of England, what was done to stall it, and what the future holds.
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NewsFCA warns cost of living crisis increases risk of pension scams
On the go: The Financial Conduct Authority has warned that pension holders are increasingly vulnerable to “misdirection” scams as the cost of living crisis increases the number of pension pots being accessed for the first time.
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NewsSome LDI investments ‘worth zero’ without BoE intervention
The Bank of England has told MPs that defined benefit pension fund investments in some pooled liability-driven investment funds would have been rendered worthless without its intervention on September 28.
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NewsGovernment’s new illiquid rules to apply to all DC schemes
The Department for Work and Pensions has confirmed it will push ahead with a requirement that trustees must include a policy on illiquid investments in their defined contribution schemes’ chair’s statement, despite stern criticism from the industry.
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NewsTPR to prosecute former trustees and adviser over pension loans
On the go: The Pensions Regulator is to prosecute two trustees and an adviser for their alleged role in making loans from a pension scheme.
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NewsSavers accessing pension pots for the first time rises 18%
On the go: The number of pension pots accessed for the first time in 2021-22 jumped by 18 per cent, according to new figures from the Financial Conduct Authority.
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NewsMPs question TPR role in LDI market turmoil
The Work and Pensions Committee has questioned the Pensions Regulator’s role in the market turmoil that led to the Bank of England’s intervention, asking if the watchdog should have “taken stronger action” earlier and what actions it was taking to monitor risks.
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NewsCould gilt market shock push schemes towards insurers over LDI?
The market shock prompted by the government’s “mini” Budget could see a shift away from liability-driven investment strategies and toward insurance deals, experts have suggested.
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NewsTPR called to regulate schemes’ LDI leverage levels
The Pensions Regulator should consider regulating levels of liability-driven investments leverage to guarantee that pensions schemes can withstand future market volatility, experts have warned.
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NewsBorder to Coast ready to vote on company leadership over ESG
The Border to Coast Pensions Partnership has warned it is prepared to vote on the future boardroom leaders over environmental, social and governance matters, as it publishes its net zero strategy.
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NewsNew ‘pensions minister’ grilled on AE expansion and tax reform
Alex Burghart, the new parliamentary undersecretary of state at the Department for Work and Pensions, has suggested he is keen to see auto-enrolment expanded to cover emergency savings pots.
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NewsTPR: Schemes had right structures in place to face market crisis
The Pensions Regulator believes defined benefit schemes had “sensible waterfall measures in place” to face the collateral calls prompted by rising gilt yields and has advised struggling trustees to speak to their advisers.
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News18,000 teachers subject to ‘challenging’ McCloud choice
Some 18,000 teachers have been made retrospectively eligible for Local Government Pension Scheme benefits by the implementation of the McCloud remedy, presenting an “administratively challenging” task for both the Teachers’ Pension Scheme and LGPS-administering authorities, according to the Local Government Pensions Committee.
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NewsAE contributions not reaching those most in need
While many employers offer auto-enrolment contributions above the minimum rate, the workers that benefit are seldom those most in need, according to new research from Nest Insight.
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NewsTPR updates climate risks guidance
On the go: The Pensions Regulator has updated its guidance on climate-related risk requirements to include mention of the “portfolio alignment metric”, which affected schemes have had to provide since October 1.
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NewsPPF to slash levy by more than £400mn in two years
The Pension Protection Fund is to slash its levy by more than £400mn by 2023-24, after a review found strong investment performance and a reduced risk of claims.