All Law & regulation articles – Page 74
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Experts wary on BoE governor’s DC pandemic recovery call
The governor of the Bank of England has suggested rules should be relaxed to allow defined contribution schemes to play a part in the post-Covid economic recovery, but experts warn some structural problems remain.
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HMRC’s leapfrog on insolvencies to hinder PPF recoveries
Government changes to prioritise the payment of insolvent businesses’ tax bills at the expense of other creditors could reduce recoveries by the Pension Protection Fund and adversely impact levy payers, according to the lifeboat.
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MPs reject proposal to make schemes carbon neutral by 2050
On the go: MPs have rejected a measure that would see UK pension schemes being compelled to be carbon neutral by 2050, as it would lead to “negative outcomes”.
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KPMG ‘helped’ US firm dump £100m Silentnight scheme into PPF
On the go: KPMG allegedly helped US buyout fund HIG Capital force the insolvency of Silentnight to acquire the company without the burden of its £100m pension scheme, in a case brought by the UK’s accounting regulator.
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TPR issues guidance on protecting schemes from employer distress
New guidance for trustees on protecting their schemes from employer distress stresses the need for robust protections and integrated risk management.
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Labour pushes climate change, superfunds, dashboard amendments
Senior Labour party figures including leader Keir Starmer have put their names to a series of amendments to the pension schemes bill, covering climate change targets, superfunds legislation and the pensions dashboards.
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PPF fraud fund can be used to compensate scam victims
The Pension Protection Fund will be allowed to pay compensation to the victims of some pension scams, after a High Court judge ruled its Fraud Compensation Fund would apply to schemes used for pension liberation.
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MPs to pressure Opperman into commitment on scam ‘red flags’
Five members of parliament, including Work and Pensions Committee chair Stephen Timms, have tabled an amendment to the pension schemes bill designed to pressure pensions minister Guy Opperman into clarifying the government’s position on pension scams.
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High Court deems rectification law ‘settled’
The High Court has upheld the precedent that pension scheme documents can be overwritten by the courts if trustees can show that changes to them have been made in error.
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PodcastsPodcast: Regulatory uncertainty puts workforce reform at risk
Podcast:The apparent contradiction between the Treasury’s new exit payment cap and existing Local Government Pension Scheme regulations risks limiting employers’ ability to restructure their workforce, warns Alison Murray, partner and head of public sector actuarial at Aon. She is joined by Linklaters counsel Anna Taylor, in a conversation also covering a new responsible investment bill and a proposed solution to the Section 75 problem.
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Regulator urges sign-up to new anti-scam pledge
On the go: The Pensions Regulator has urged pension providers, trustees and administrators to sign up to a new pledge to protect members from the growing threat of scams.
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Most DB schemes do not meet regulator’s fast-track requirements
On the go: Seventy per cent of defined benefit schemes fall short of the Pensions Regulator’s ‘fast-track’ approach as proposed in its new DB funding code, according to analysis from Hymans Robertson.
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Proposed RI bill would force trustees to consider members’ ‘best interests’
The leader of the Liberal Democrats supports a proposed responsible investment bill broadening the concept of fiduciary duty to encompass sustainability concerns and aim for a ‘world worth retiring into’.
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Open schemes predict £160bn liability hike with new TPR rules
On the go: Open defined benefit schemes could see their liabilities increase between £120bn and £160bn due to the new funding rules proposed by the Pensions Regulator.
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LGPS could face legal challenges over new exit payment cap
Local Government Pension Scheme administrators face potential legal challenges, after a new cap on exit payments from public sector schemes contradicting existing regulations came into force on Wednesday.
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Stephen Timms calls for annual guidance checks
On the go: Stephen Timms, chair of the Work and Pensions Committee, has submitted an amendment to the pension schemes bill that would see savers near retirement contacted each year until a guidance appointment has been made.
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SNP MPs table amendments to tackle Section 75 conundrum
On the go: Four Scottish National party MPs have tabled an amendment to the pension schemes bill in a bid to solve the problem of Section 75 debt falling due on small, unincorporated employers.
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Stephen Timms: Regulators need to be vigilant over scams
The Work and Pensions Committee, chaired by Stephen Timms, is now well into its inquiry on the impact of pension freedoms five years on.
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Fraudster forced to repay £274k to workplace scheme
On the go: A convicted fraudster has been ordered to pay back £274,000 he had stolen from a workplace pension scheme.
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Calls for retirement estimates to be dropped from first dashboards
Pension schemes and administrators have requested that the first version of the pensions dashboards run without the inclusion of estimated retirement income data, due to the lack of data and standards for these calculations.