All Law & regulation articles – Page 71
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News
TPR puts £25m anti-avoidance case to bed
On the go: The Pensions Regulator has agreed a £25m settlement in its anti-avoidance case against the owners of bed manufacturer Silentnight, a sum not big enough to prevent its defined benefit scheme plunging into the Pension Protection Fund.
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One-year contribution holidays could spur economic recovery
On the go: Conservative peer Baroness Ros Altmann has recommended that the chancellor, Rishi Sunak, announces a year-long contribution freeze for defined benefit scheme sponsors to boost business recovery.
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NewsTPR criticised for year-long delay in collection of ESG statements
A Conservative peer and former pensions minister has hit out at delays in the Pensions Regulator’s efforts to police the content of pension schemes’ statements of investment principles.
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Chancellor ponders lifetime allowance 'stealth tax'
On the go: Chancellor Rishi Sunak was reportedly planning to freeze the lifetime allowance for the rest of the current parliament, according to a report in the Times — a move that could see public sector workers hit hard.
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Judges to face immediate choice in McCloud solution
On the go: Members of the Judicial Pension Scheme will be subject to an immediate choice in 2022 in response to McCloud, in contrast to the rest of the public sector’s deferred choice underpin.
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Govt maintains current AE tests for DB and hybrid schemes
On the go: The Department for Work and Pensions has concluded that the current tests used by defined benefit and hybrid schemes for auto-enrolment suitability are fit for purpose.
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TPR calls for neurodiversity to be promoted in D&I debate
On the go: Neurodiversity is “really important” to achieve diversity and inclusion in the pensions sector, according to David Fairs, executive director of regulatory policy, analysis and advice at the Pensions Regulator.
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NewsBT, Ford and M&S schemes consider legal challenge on RPI reform
The trustees of the BT, Ford and Marks and Spencer pension schemes have been granted an extension to the period in which they can consider filing for judicial review of the proposed alignment of the retail price index with the consumer price index including housing costs.
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NewsCan UK councils rent their own streets to fund pensions?
Several US public schemes have embraced unusual means of securing funding, including renting property to themselves. Although these tactics cannot be used across the Atlantic, the post-Covid landscape could see a variety of new strategies being deployed in the UK.
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Post-Brexit Solvency II reform an opportunity to free up capital
On the go: Brexit affords the UK an opportunity to revisit and reform Solvency II legislation, freeing up capital that can then be used to further the post-Covid economic recovery.
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MPs to examine savers’ options when accessing pensions
On the go: The Work and Pensions Committee will examine the options available to savers when they come to access their pensions, which is the second part of its inquiry into pension freedoms.
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Uber ruling may not solve gig worker pensions issue
On the go: The Supreme Court may have opened the door to workplace pension schemes for gig workers by ruling that Uber drivers are workers — but former pensions minister Sir Steve Webb warned the issue may not yet be resolved.
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Calls for DWP to change chair’s statement rules
On the go: The Department for Work and Pensions is to publish a review of the effectiveness of defined contribution chair’s statements in April, which has prompted some specialists to call for a major rethink.
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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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First UK Bus hikes deficit payments to £33m after TPR intervention
On the go: Intervention by the Pensions Regulator has resulted in First UK Bus increasing deficit repair contributions to its defined benefit scheme from £18m to £33m a year.
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Most savers unaware of schemes’ climate change endeavours
On the go: Three-fifths of workplace pension members do not know if their scheme is taking any action to combat climate change, according to a survey by the Pensions and Lifetime Savings Association.
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Schemes’ industry investments lag behind climate targets
On the go: Pension schemes with investments in heavy industry like steel, cement, aluminium and paper are likely to find them lagging behind the Paris agreement’s targets, with 86 per cent failing to align with a pathway to “2C or below by 2050”.
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NewsOpinion split on Pension Schemes Act implications
A survey carried out as part of a webinar by law firm Sackers has laid bare a deep divide in the industry over powers afforded by the Pension Schemes Act.
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Arcadia schemes could have enough assets to survive outside PPF
On the go: Arcadia pension scheme members could receive a greater portion of their savings after a string of property and infrastructure sales raised enough capital to bring them out of the Pension Protection Fund.
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Government reverses course on public sector exit payments
On the go: The government has announced it is to disapply the restriction on public sector exit payments that came into force in November.