All Law & regulation articles – Page 35
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News‘Disingenuous’ pension proposals will not fix NHS staffing crisis
The government’s proposed pension rules tweaks around “retire and return” for some NHS Pension Scheme members, in a bid to tackle the mounting staff retention crisis, have been criticised by commentators who argue that the changes do not go far enough.
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NewsEast Lothian Council rejects LGPS funds’ merger oversight motion
On the go: The East Lothian Council has voted down a motion that sought to expand oversight of a planned merger between the £8.6bn Lothian Pension Fund and the £3.2bn Falkirk Council Pension Fund.
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PodcastsPodcast: Trustees struggling to guide members on inflation benefits
Podcast: A report from XPS Pensions suggests that members could reap £10,000 additional benefits by delaying retirement because of the way increases and inflation are calculated, but trustees are struggling to help them because of the “red tape” around advice. LCP partner Laura Amin is joined by Hymans Robertson partner Patrick Bloomfield to discuss benefits’ inflation calculation and advice, concerns about defined benefit funding, and the women’s state pension age investigation.
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NewsCourt dismisses trustee’s Barber window arrears claim
The High Court has ruled that members of the CMG UK Pension Scheme are not entitled to payment of arrears that fell due more than six years ago, despite the trustee’s attempts to continue paying them.
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NewsOpperman rejects PPF and FAS inflation caps review
Pensions minister Guy Opperman has rebuffed an appeal from a trade union to review compensation levels in the Pension Protection Fund and the Financial Assistance Scheme, as the cost of living crisis looms over beneficiaries.
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NewsPASA issues call to action on dashboards data matching
On the go: The Pensions Administration Standards Association has urged schemes to act now on data matching in preparation for dashboards, deciding how to digitally compare and match “find requests” from users against their records.
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NewsCivil service union issues strike ultimatum
The Public and Commercial Services Union has threatened the government with strikes in the civil service unless it accedes to demands for improved pay, pensions and job security.
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NewsThink tank urges reform of NHS pensions’ CPI link
Think thank Policy Exchange has advised the next prime minister to revise the relationship between the consumer price index and the annual allowance for public sector pensions, in a move that could help to limit the number of GPs and consultants retiring early to avoid punitive taxes.
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NewsFirefighters’ options exercise requires ‘corrective action’
On the go: “Corrective action” is required for certain members of the Firefighters’ Pension Scheme, after a number of Fire and Rescue Authorities failed to conduct an options exercise properly.
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NewsUCU threatens ‘unprecedented strikes’ as USS reaches surplus
The University and College Union has strongly criticised the decision to cut staff benefits, as the Universities Superannuation Scheme’s June monitoring report reveals a surplus of £1.8bn and universities prepare to embark on billions of pounds in capital expenditure.
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NewsCouncillor appeals for broader LGPS fund post-merger oversight
On the go: Scottish Greens councillor Shona McIntosh has tabled a motion for an upcoming East Lothian Council meeting, appealing for broader and more democratic oversight over the successor to the £8.6bn Lothian Pension Fund.
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NewsPrivate markets managers ‘failing to provide climate data’
On the go: Private markets managers “seem generally unprepared to support clients” with the data they need to meet their Task Force on Climate-related Financial Disclosures requirements, Hymans Robertson has said.
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NewsPPI: More data needed on ethnic groups’ retirement outcomes
On the go: While it is known that people from Pakistani, Bangladeshi, black, and other minority ethnic groups suffer poorer retirement outcomes than the white majority of savers, the data collected does not allow us to properly examine why that is the case, according to the Pensions Policy Institute.
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NewsDelaying retirement by a day could leave members £10,000 better off
Delaying retirement by a day could leave members £10,000 better off in retirement due to the way members’ benefits are calculated based on short-term inflation rates, according to research from XPS Pensions Group.
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NewsUnion slams Crown guarantee for Atomic Weapons scheme
The government’s decision to grant a “Crown guarantee” for the Atomic Weapons Establishment Defined Benefit Pension Scheme has been criticised by one trade union for being too late to help its members.
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NewsIncorrect personal data prevents Nest member from opting out
A healthcare company has been told by the Pensions Ombudsman to repay an employee’s pension contributions, after he was unable to opt out due to the employer providing an incorrect date of birth and national insurance number to Nest.
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NewsTrustee pair pleads guilty to making illegal loans
On the go: Two pension trustees have pleaded guilty to making illegal loans amounting to £236,000 from a company pension scheme to its employer, according to the Pensions Regulator.
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NewsTPR: ‘Keep asking questions’ about investment strategies
On the go: The current economic malaise, and especially the impact on liability-driven investments now interest rates are rising, proves it is especially important that trustees continue to ask questions about their investment strategies, even if they seem “silly”, says Fred Berry, the Pensions Regulator’s lead investment consultant.
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NewsOmbudsman to speed up state pension age investigation
On the go: The Parliamentary and Health Service Ombudsman is to adjust its approach to the remainder of its investigation into failures by the Department for Work and Pensions relating to changes to women’s state pension age, so it can “conclude the investigation as efficiently as possible”, having shared its preliminary views with interested parties.
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NewsTransfer volumes could hit £600bn as insurers post strong results
A host of insurers have revealed their first-half 2022 results that show a booming trade in risk transfers, which, by some projections, could hit £600bn over the next decade — though there are fears about a capacity crunch in the sector.