All Law & regulation articles – Page 28
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NewsL&G blames govt for LDI crisis and backs consultant regulation
Legal & General has placed responsibility for the market turmoil that triggered the autumn liquidity crisis firmly at the feet of the government, while adding its support to calls for the regulation of investment consultants.
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NewsTPR: Trustees show ‘increasing willingness’ to embrace D&I
On the go: The Pensions Regulator has found “increasing willingness” from scheme trustees to embrace diversity and inclusion, despite recognising “change is not easy and may take time”.
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NewsUUK: ‘Ignoring USS problem is not the answer’
The president of Universities UK has stood by planned reforms to the Universities Superannuation Scheme, in the lead up to unprecedented strike action that will take place across 150 universities.
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NewsLDI crisis to hit L&G’s DB revenue and profit by £10mn
On the go: Legal & General has disclosed that its defined benefit business-linked revenues and profits will be hit by around £10mn in its full-year 2022 results, following an autumn liquidity crisis among pension schemes that saw its higher-fee products sold to meet collateral calls.
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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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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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NewsState pension age review to be published next year
On the go: The state pension age review will be published in early 2023, the chancellor has said.
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NewsGovernment retains state pension triple lock
On the go: Chancellor Jeremy Hunt has confirmed that the pensions triple lock is to be protected.
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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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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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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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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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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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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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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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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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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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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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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.