All Law & regulation articles – Page 67
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NewsTPR’s intervention guarantees £730m protection for Sanofi scheme
On the go: The Sanofi Pension Scheme has received a new guarantee package from its sponsor, including additional protection of up to £730m in the event of insolvency in the next 20 years, following intervention from the Pensions Regulator.
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NewsThird of high-risk DB transfers would pass new scam test
On the go: One in three high-risk defined benefit transfers would not be flagged under new scam rules proposed by the government, according to research from XPS Pensions Group.
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NewsOmbudsman reports failing AE employer to the regulator
On the go: The Pensions Ombudsman has upheld a complaint against accounting company Berics over £678 in unpaid auto-enrolment contributions, reporting the employer to the Pensions Regulator.
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NewsTimms urges action on fraudsters posing as Dalriada trustees
Work and Pensions Committee chair Stephen Timms has written to the City of London Police asking why no urgent action has been taken against fraudsters masquerading as representatives of Dalriada.
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NewsCalls for NHS pension reform to tackle 'medical staffing crisis'
On the go: The British Medical Association has used a Public Accounts Committee report criticising the Treasury’s implementation of public sector pension reforms to call for further changes to the NHS Pension Scheme in order to tackle the medical staffing crisis.
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NewsTreasury slammed for McCloud errors, but members will foot the bill
The Public Accounts Committee has issued a scathing report highlighting HM Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.
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NewsBritvic wins appeal on pension inflation change
On the go: Soft drinks manufacturer Britvic will be able to reduce the inflation-proofing it provides for its defined benefit pension scheme, as the Court of Appeal has ruled in its favour.
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PodcastsPodcast: Trustees should focus more on scheme admin in anti-scam fight
Podcast: The Pensions Ombudsman has declared schemes should have their transfer and due diligence procedures updated within a month of new anti-scams guidance. Compliance will require a huge amount of administrative time and resources, and trustees should give scheme administration more focus. LCP partner Francesca Bailey and Pensions Management Institute president Lesley Alexander talk scams, dashboards and corporate activity.
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NewsIndustry bodies warn of 'consultation fatigue'
A number of industry bodies are concerned about “fatigue” from a deluge of consultations, Pensions Expert can reveal, warning that the sheer number of responses required, coupled with the short time-frames in which to prepare them, risks overwhelming their ability to respond properly.
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NewsPreliminary findings show govt failings on state pension age changes
On the go: Women born in the 1950s suffered delays of more than two years in being informed about rises in their state pension age due to government maladministration, according to preliminary findings by the Parliamentary and Health Service Ombudsman.
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NewsACA calls for more time to comply with pension scams rules
On the go: The Association of Consulting Actuaries has said administrators and trustees will need more time to comply with new pension scam rules being introduced by the government.
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NewsOnly half of trustee boards conduct governance reviews
On the go: Only half of defined benefit scheme trustee boards review their effectiveness annually, which shows the industry still has some way to go when it comes to governance, according to Willis Towers Watson.
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NewsDWP presses ahead with TCFD rules in time for COP 26
The Department for Work and Pensions is to press ahead with new rules that will require trustees to report on their schemes’ climate change investment risks by October, but has introduced a number of changes and easements to the regulations after industry concerns.
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NewsFCA announces expectations for publication of costs and charges data this summer
On the go: The Financial Conduct Authority has announced it will allow pension providers to disclose their charges at a scheme level rather than employer level for this year when data are published under new rules this summer.
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NewsHigh Court spares council £6.5m in LGPS exit credit ruling
The High Court has found in favour of a county council in a battle with a contractor over £6.5m in exit credits, a ruling legal experts say provides much-needed clarity over regulations that have given rise to several legal disputes.
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NewsAon sells US businesses to complete merger with WTW
On the go: Aon has sold two US businesses in order to complete its merger with Willis Towers Watson, after concerns were raised by the US Department of Justice.
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NewsGovt fixes NHS scheme rules to avoid hefty retirement bills
The government is to amend regulations to the NHS Pension Scheme that has seen hundreds of employers, including GPs, hit with charges for staff members who are in the last three years prior to retirement, which could amount to hundreds of thousands of pounds.
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Muslims missing out on pensions worth £13bn due to sharia concerns
One-third of Muslims in the UK do not have a pension due to the lack of sharia-compliant pension options, missing out on an estimated £12.8bn in savings for retirement, which has prompted calls for trustees to introduce Islamic funds in defined contribution schemes.
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NewsTPR: Trustees must ‘improve their understanding’ of liquidity risks
On the go: Trustees need to improve their understanding of liquidity risks and do more to monitor and mitigate against them, the Pensions Regulator has said.
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PodcastsPodcast: Police officers let down by poor McCloud communication
Podcast: Police officers, who have complained about the ramifications of the government’s McCloud remedy, face a difficult battle to get their plight rectified, in another case where inadequate policy and communications has created damaging uncertainty for members. Quietroom development lead Joe Craig and Taylor Wessing senior associate Hadassah Shulman discuss this case, as well as simpler annual statements and the government’s anti-scam proposals.