All Law & regulation articles – Page 74
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News
Govt floats new general levy for master trusts but mulls 100% hikes
On the go: A government consultation has warned that the general levy on schemes used to fund the Pensions Regulator will need to rise steadily to reverse a widening deficit, but floated a fairer methodology for master trusts.
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NewsSchemes to decide on dashboard data verification levels
Pension schemes and providers will be able to set up their own standards for individual data verification, which could lead to missing information on dashboards if pension funds opt for a risk-averse position.
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NewsMore work needed to make ESG meaningful
Scarcely a week passes without an announcement of a new environmental, social and governance-oriented venture. But experts warn more needs to be done if onlookers are to be confident that words have meaning.
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PodcastsPodcast: Trustees advised to self-certify before Christmas
Podcast: Jo Myerson, trustee director at Ross Trustees, tells Pensions Expert it is important that trustees comply with the Competition and Markets Authority’s self-certification rules early in order to avoid a mad, post-Christmas dash to meet the January 7 deadline. She is joined by David Rae, head of strategic client solutions at Russell Investments, in an episode also covering insolvencies, superfunds and the fallout from the reform of the retail price index.
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News
Govt to correct part-time judges’ pensions by 2022
On the go: The Ministry of Justice plans to lay regulations in early 2022 with amendments to the Fee-Paid Judicial Pension Scheme, in a move that will provide remedy to judges who are owed past pension contributions.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.