All Law & regulation articles – Page 25
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NewsTPR moots LDI power of attorney as Bailey rules out more support
The Pensions Regulator has called on defined benefit pension schemes to review their liquidity, liability hedging and governance processes, suggesting that managers of their liability-driven investments could be granted power of attorney over some assets to quicken trading.
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NewsBurghart announced as minister for pensions and growth
On the go: Alex Burghart MP has been confirmed as minister for pensions and growth at the Department for Work and Pensions
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NewsYields ‘can’t spike again’: Schemes respond to liquidity pressures
Analysis: On September 23, chancellor Kwasi Kwarteng rose to his feet in the House of Commons to deliver a “mini” Budget that would have profound consequences for pension schemes.
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NewsPLSA pension reforms ‘could add £4,000 to retirement income’
The Pensions and Lifetime Savings Association has warned that without reform of the pensions system, more than half of savers will fail to meet the retirement income targets set by the Pensions Commission in 2005.
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NewsLDI: Pension funds appeal for more BoE support
Market moves: Some pension funds think the Bank of England’s gilt market intervention should go further, while schemes pull capital out of multi-asset credit funds.
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NewsRetirement risks make UK drop to 10th in global pensions index
The UK slipped from ninth to 10th in Mercer’s latest retirement income survey, as the long-term shift from defined benefit to defined contribution leaves members facing greater retirement risks.
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NewsProcess non-red-flagged transfers ‘as speedily as possible’
On the go: The Pensions Administration Standards Association has encouraged schemes and administrators to process transfers that do not raise red flags as quickly as possible.
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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.