All Law & regulation articles – Page 66
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NewsIntroducer fined after making thousands of cold calls
On the go: A Halifax-based company has been fined £50,000 by the Information Commissioner’s Office after making 97,000 marketing calls to people offering to review their pensions.
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NewsOmbudsman criticises Aon, Willis Towers Watson over benefits error
The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.
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NewsState pension ‘too low’ to scrap earnings link
On the go: With the state pension still below the 1979 level relative to earnings, it would be unwise for the chancellor to drop the triple lock earnings link, Baroness Ros Altmann has warned.
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NewsTriple lock ‘ticking time bomb’ as earnings grow 8.8%
On the go: Pressure is piling on UK chancellor Rishi Sunak to review the pensions triple lock as average earnings have jumped 8.8 per cent in the latest quarter.
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NewsOmbudsman finds Covid is not an excuse to renege on auto-enrolment
The Pensions Ombudsman has ordered a company to pay £1,000 to five staff members for “distress and inconvenience” after it deducted pension contributions without paying them into the scheme.
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NewsMerger with WTW would have been a good deal, says Aon CEO
On the go: Aon chief executive Greg Case continues to argue that the merger with Willis Towers Watson would have been a good deal for the UK pensions market.
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NewsGenerations divided over triple lock reform
On the go: There is a large generational divide when it comes to keeping the triple lock in its current form, with the over-fifties more keen for it to stay than younger people.
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NewsDWP sets up working group to explore ‘statements season’
On the go: The Department for Work and Pensions has established a working group looking at options to develop the ‘statements season’ proposed in its recent simpler annual benefit statements consultation.
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NewsTPR threats enough to secure fair treatment for hybrid scheme
On the go: The Pensions Regulator’s issuance of a warning notice against a scheme sponsor has been sufficient to restore parity between it and other creditors.
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NewsChallenges of green regulation should not be underestimated
On the go: More than a quarter of defined benefit pension schemes are only aiming for minimum compliance with new rules and regulations around climate change, the challenge of which should not be underestimated, LCP has warned.
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NewsPASA updates GMP guidance in light of Lloyds 2020 judgment
The Pensions Administration Standards Association has updated its guaranteed minimum pension equalisation to account for the Lloyds 2020 judgment, setting out the role of transferring schemes and receiving plans in individual transfers.
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NewsPandemic prompts workers to reflect on retirement plans
On the go: In a survey conducted by Wealth at Work, more than half (51 per cent) of UK adults said the pandemic has made them more conscious of the need to save more.
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NewsOmbudsman criticises civil service pensions administrator
The Pensions Ombudsman has partially upheld a complaint brought against MyCSP, which administers Civil Service Pensions, for causing “significant distress” in its handling of an overpayment case.
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NewsTPR abandons plans to impose cap on illiquid assets
On the go: The Pensions Regulator has dropped controversial plans to limit the amount funds can put into illiquid assets after the government urged trustees to invest in more long-term assets such as infrastructure to support the UK recovery.
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NewsKPMG fined £13m for ‘dumping’ Silentnight scheme into PPF
On the go: KPMG has received a £13m fine over serious misconduct in its role in the sale of bed manufacturer Silentnight, which lead to the company’s insolvency and its pension scheme having to be absorbed by the Pension Protection Fund.
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NewsInvestors in line for £11m windfall as FCA wins Avacade case
On the go: The Financial Conduct Authority has won its case against unregulated introducer Alexandra Associates UK and its directors over the troubled transfer of £92m pension assets, after previous findings were upheld in the Court of Appeal.
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NewsPublic pension fund staging on dashboards could be set for delays
Administrative burdens from the McCloud/Sargeant judgments to remedy age discrimination could delay the staging of public pension funds onto dashboards and cause confusion for members.
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NewsRaise retirement age to help UK recovery, says policymaker
On the go: Raising the retirement age could help the country recover post-Covid, a policymaker has suggested.
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NewsSchemes challenge managers to tackle lack of diversity
On the go: Asset managers who wish to continue to work with some of the biggest pension schemes in the UK will have to disclose how they are targeting diversity or risk losing their business.
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NewsMP introduces bill to investigate Atomic Energy Authority transfers
Conservative MP David Johnston has introduced a private members’ bill to allow the Parliamentary and Health Service Ombudsman to investigate pension transfers made out of the UK Atomic Energy Authority pension scheme.