All Law & regulation articles – Page 43
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NewsDB goliaths call for AVCs stronger nudge exemption
Seven defined benefit schemes with £217bn in assets have asked for Work and Pensions committee intervention due to concerns regarding ‘stronger nudge’ requirements, which they believe are not fit for purpose.
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NewsAE bill to allow introduction of new rules when ‘time is right’
On the go: A private members’ bill on auto-enrolment currently being discussed in parliament will set the ground work to introduce reforms “when the government feels that the time is right”, Conservative MP Richard Holden has said.
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NewsFCA failed to protect British Steel scheme members, MPs say
The Financial Conduct Authority had “inadequate oversight” of companies involved in the British Steel Pension Scheme transfer scandal and was “consistently behind the curve” when responding to issues, MPs have claimed.
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NewsScam warnings on DB transfers reach all-time high
On the go: The number of scam warnings on defined benefit transfers is at an all-time high, despite a downward trend in transfer activity, XPS Pensions has said.
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NewsGovt urged to tackle NHS pensions amid staff retention fears
The government has been encouraged to address NHS pensions in order to tackle staff retention issues, following the announcement of a sub-inflation pay rise of 4.5 per cent for eligible dentists and doctors.
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NewsFirefighters demand fix to ‘grossly unfair’ pensions dilemma
The Fire Brigades Union has drawn attention to a problem facing members that have accrued benefits in both the 1992 and 2015 Firefighters’ Pension Schemes, which exposes, in particular, members aged over 55 that can no longer meet firefighters’ fitness requirements.
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NewsGovt equalises tax relief top-ups for net pay savers
On the go: The government has introduced legislation that will equalise the tax relief top-ups offered to low earners saving in net pay arrangements and those using relief at source schemes.
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NewsMaster trusts’ new illiquid investment rules to go ahead
On the go: The Department for Work and Pensions has made minor adjustments to proposals governing Nest’s ability to invest in government bonds, while maintaining the majority of its proposals controlling “employer-related investments” for master trusts, under a consultation aimed at channelling defined contribution money into illiquids.
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NewsMPs approve Dominic Harris as new Pensions Ombudsman
On the go: The Work and Pensions Committee has approved the appointment of CMS partner Dominic Harris as the next Pensions Ombudsman.
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NewsIndustry slams govt proposal on dashboards lead time
Respondents to the Department for Work and Pensions’ dashboards consultation have argued that the timeline for making the initiative accessible to the public is too short.
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NewsPair of ‘advisers’ jailed over £20mn pension fraud
On the go: Two “advisers” who convinced hundreds of pension holders to transfer their pots into self-invested personal pensions, and then unknowingly put them into risky investments as part of a £20mn fraud, have been jailed.
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NewsGovernment backs dashboards bill against ‘rogue trustees’
On the go: Pensions minister Guy Opperman has confirmed the government’s support for a bill designed to stop trustees or managers from using a scheme’s assets to pay fines for breaches of pensions dashboards legislation.
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MPs back tax return solution for self-employed retirement savings
The All-Party Parliamentary Group on Financial Resilience has thrown its weight behind using the tax system to help the self-employed save for retirement.
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NewsOmbudsman’s anti-scam unit working on 48 cases
On the go: The Pensions Ombudsman’s new anti-scams unit, launched in November, is currently working on 48 cases with assets of more than £40mn under consideration.
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NewsMPs call for tax-unregistered NHS pension scheme
MPs have called on the government to revisit legislation that is being blamed for early retirements among NHS workers and financial penalties on health workers.
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NewsOpperman to lead task force on ‘social factors’ in ESG
Pensions minister Guy Opperman has announced the creation of a task force to aid trustees with monitoring data and international reporting developments as they pertain to the “S” in environmental, social and governance considerations.
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NewsTPR misses four key performance indicators
On the go: The Pensions Regulator achieved 10 of 14 key performance indicators in its year to March 31 2022, and has stated that it is aiming to boost its headcount after staff numbers ended the period below forecast levels.
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PodcastsPodcast: Providers delaying transfers are failing their customers
Podcast: The Department for Work and Pensions has been clear about the intent of regulations governing transfers, and providers continuing to delay them are doing their members a disservice, argues PensionBee founder Romi Savova. She is joined by Penfold co-founder Pete Hykin to discuss the ongoing transfer fight, the fallout from pensions minister Guy Opperman’s resignation that wasn’t, and employers misunderstanding auto-enrolment.
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NewsDWP delays first dashboards staging dates by two months
The government has delayed its timetable for connecting the first two cohorts of pension schemes to the dashboards programme.
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NewsProspective ombudsman to be ‘evolutionary’, not ‘revolutionary’
On the go: Prospective Pensions Ombudsman Dominic Harris has said he would look to improve customer satisfaction and the backlog that the ombudsman is currently facing, if appointed to the position.