All Law & regulation articles – Page 73
-
NewsOmbudsman rejects ex-plumber appeal to dismiss section 75 debt
The Pensions Ombudsman has rejected an ex-plumber’s appeal against paying £977,000 in Section 75 debt, as an updated trustee board membership tries to address historical issues in the Plumbing & Mechanical Services (UK) Industry Pension Scheme.
-
News
TPR: Open schemes can maintain riskier investments in bespoke route
On the go: The Pensions Regulator has stood by its new defined benefit funding code following criticisms from open DB schemes, arguing that a bespoke route will allow these pension funds to continue their current investment strategies.
-
News
Mad December dash to include GMP top-ups in 2020 accounts
On the go: Around one in six companies face the unwelcome prospect of having to include the cost of guaranteed minimum pensions adjustments in their 2020 annual accounts, according to analysis by LCP.
-
News
Trustees warned not to miss CMA’s self-certification January deadline
Fears are mounting that Christmas and remote working may cause trustees to miss a vital deadline in January to comply with new Competition and Markets Authority rules.
-
NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
-
News
Court of Appeal gives green light to Pru annuity sale
On the go: The Court of Appeal has overturned a High Court ruling that blocked the transfer of £12bn of annuities from Prudential, now M&G, to Rothesay Life.
-
News
Arcadia, Debenhams the first high street dominoes to fall
High street retailer Debenhams became the latest domino to fall following the collapse of Philip Green’s Arcadia Group on Monday, with the pension schemes of both now entering the Pension Protection Fund assessment period.
-
News
Majority of schemes struggle to obtain climate risk data
On the go: Nearly three-quarters (74 per cent) of pension professionals said they lack vital information necessary for them to report on climate risk in their pension schemes, according to a survey from the Pensions and Lifetime Savings Association.
-
NewsGreen pressured to save Arcadia pension schemes
On the go: Philip Green is being pressured to “make good” on promises to 10,000 members of the Arcadia pension scheme as his retail empire is on the brink of filing for administration, which would leave the scheme in the Pension Protection Fund.
-
News
Phoenix launches new ESG default solution
On the go: The UK’s largest long-term savings and retirement business has announced the launch of a new defined contribution default solution incorporating environmental, social and governance standards.
-
News
Pension scheme strategies not fit for ‘purpose’
On the go: The number of trustees having to alter their scheme’s long-term plans in the past year suggests pension scheme strategies are “not fit for purpose”, according to new research.
-
News
Cyber security awareness lags as attacks jump threefold
On the go: A third of respondents to a poll by the Pensions and Lifetime Savings Association confessed they did not know their organisation’s cyber security plans, despite cyber crimes surging by 86 per cent in a single quarter this year.
-
News
RPI reform to leave linker owners short-changed from 2030
The government is to press ahead with controversial reforms to the retail price index leaving index-linked gilt holders worse off, but has decided to delay the move until 2030.
-
News
Employers support tax reform to help low paid
On the go: UK employers have voiced overwhelming support for reform of the UK’s complex system of pensions taxation, even if it means that some are worse off.
-
News
DB schemes have £130bn tied up in unrealised life expectancy advances
On the go: PwC is proposing changes to the way defined benefit schemes calculate the impact of projected life expectancy improvements in its liabilities, as these pension funds have more than £130bn tied up in assumptions that have not yet materialised.
-
News
PPF reserves could be ‘wiped out’ by one or two big claims
Pension Protection Fund chief executive Oliver Morley has warned that the lifeboat’s reserves could be wiped out by just a few large claims, while downplaying the risk of a post-Covid run of small-scheme claims.
-
News
Advisers could help trustees with GMP past transfers
On the go: Advisers have been urged to proactively check whether their clients could be entitled to a top-up payment on their defined benefit transfer, which could help trustees in tracking down members affected by the latest guaranteed minimum pensions ruling.
-
News
GMP ruling implementation will be ‘Herculean’ task for schemes
A ruling on guaranteed minimum pension equalisation will see trustees having to revisit 30 years of pension transfers, which will be a “Herculean” task for administration teams amid missing data and poorly kept records.
-
News
DB scheme trustees to revisit thousands of past transfers
On the go: Trustees of defined benefit schemes will have to revisit pension transfers from the past 30 years if the individual had contracting-out benefits, and provide a top-up if necessary.
-
News
Surge in AE non-compliance during pandemic
On the go: The number of warnings issued to employers for failing to pay pension contributions for staff has increased by almost 200 per cent between July and September, the Pensions Regulator has said.