All Law & regulation articles – Page 40
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NewsDWP fails to end transfer ‘war’ between PensionBee and providers
Attempts by the Department for Work and Pensions and the Pensions Regulator to clarify the intent behind rules governing pension transfers have failed to settle the matter between PensionBee and providers it accused of wrongdoing, as critics say intent does not trump law.
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NewsOpperman blames Webb for state pension errors
On the go: Pensions minister Guy Opperman has blamed Sir Steve Webb for the litany of state pension failures the Department for Work and Pensions is now dealing with.
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NewsCall for British Steel compensation to go through PPF
On the go: Adviser trade body the Personal Investment Management & Financial Advice Association has called for those who were wrongly advised to transfer out of the British Steel Pension Scheme to be transferred into the Pension Protection Fund, so they can once again have a guaranteed income.
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NewsOpperman rebuffs Timms’ FAS criticism
On the go: Prior to his resignation, pensions minister Guy Opperman rejected Work and Pensions Committee chair Sir Stephen Timms’ criticisms over the Financial Assistance Scheme compensation cap.
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NewsBT sets 5-year carbon goal, Islington updates net zero targets
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including new decarbonisation targets from the £57.5bn BT Pension Scheme, an update to the £1.4bn London Borough of Islington Pension Fund’s responsible investment policy, and the Financial Conduct Authority’s delay to plans for sustainable investment labels.
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NewsEmployers call for UCU backing over USS governance review
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called for the backing of the University and College Union over the scheme's governance review.
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NewsFirefighters and doctors cleared to challenge govt on McCloud costs
The Fire Brigades Union and the British Medical Association have been granted permission to challenge the government over plans to pass McCloud remedy costs on to their members.
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NewsTPR and DWP respond to pension transfer rule concerns
On the go: The Pensions Regulator and the Department for Work and Pensions have sought to allay concerns over pension transfer rules and their application to overseas investments and “small-scale incentives”.
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NewsDWP’s consultation on DB funding regulations expected in July
On the go: A long-awaited Department for Work and Pensions consultation into regulations underpinning the new defined benefit funding code is expected towards the end of July, putting the code on track to launch in late 2023, according to a spokesperson from the Pensions Regulator.
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NewsDelays grip NHSBSA after spring retirement applications jump 35%
On the go: The NHS Business Services Authority has warned that it has experienced delays to handling some retirement applications after a 35 per cent surge in applications during the spring.
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NewsPensionBee reports providers to DWP alleging transfer rules abuse
PensionBee has reported a number of providers to the Department for Work and Pensions, accusing them of exploiting regulatory loopholes to obstruct and delay transfers.
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NewsSPP warns of covenant ESG risk, Scottish Widows issues ultimatum
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including the Society of Pension Professionals’ new guide to ESG, and Scottish Widows’ stewardship demands of its asset managers.
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NewsHMRC clarifies tax treatment of GMP arrears
On the go: HM Revenue & Customs has set out the tax treatment for arrears and interest when equalising for guaranteed minimum pension, explaining the circumstances under which there is an obligation to deduct tax.
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NewsLegal review raises questions over PPF assessment period
Compensation paid by schemes during the Pension Protection Fund’s assessment period has come under legal scrutiny, with an employment tribunal decision potentially forbidding limits on benefits paid during that time, according to lawyers.
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NewsMP calls for inquiry into war pension claims process
An MP has called for an inquiry into alleged failings by the War Pension Scheme and the Armed Forces Compensation Scheme, asking whether the claims process for injured veterans is fit for purpose.
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PodcastsPodcast: Schemes will have a tough job weighing up discretionary increases
Podcast: A difficult balance must be struck where schemes are considering discretionary increases: alleviating the cost of living crisis for some members will have to be weighed against the needs of the current workforce. Aon partner Lynda Whitney is joined by Tim Middleton, director of policy and external affairs at the Pensions Management Institute, to discuss this dilemma, as well as the progress of the McCloud remedy and schemes’ dashboard readiness.
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NewsSchemes and asset managers told to buck up stewardship
On the go: Pension schemes and asset managers should embed stewardship “in every aspect of their relationship”, the Investment Association and the Pensions and Lifetime Savings Association have said.
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NewsLGPS escapes McCloud cost-cap breach
On the go: The Local Government Pension Scheme in England and Wales, alongside its Scottish and Northern Irish equivalents, has avoided the cost-cap breach suffered by a number of other public sector schemes resulting from the impact of the McCloud remedy cost on their 2016 valuations.
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NewsTwo-thirds of small schemes unaware of VfM requirements
On the go: The majority of schemes with less than £100mn in assets were unaware of their new value for money duties, with the Pensions Regulator prompting these pension funds to “either wind up or take prompt action to make improvements”.
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NewsOpperman: Employers should provide ‘rainy-day fund’ to keep staff
Pensions minister Guy Opperman has argued there is a need for employers to have a savings product offering, in addition to a pensions package, as a means of retaining staff.