All Law & regulation articles – Page 77
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Employers exiting LGPS to get new powers
On the go: Local Government Pension Scheme administering authorities and employers are to be given a host of new powers, as well as flexibility on exit payments, the government has announced.
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Half of pension transfers trigger scam warnings
On the go: More than half of pension transfers carried out post-lockdown have flagged scam warnings, research from XPS Pensions has shown.
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Ombudsman decision sets financial loss precedent
A recent Pensions Ombudsman determination has opened the floodgates for financial loss claims resulting from the mere possibility of missing out on stock market profit, due to trustees being tardy in processing transfers.
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Timms: Change in law needed to combat scams
On the go: Work and Pensions Committee chair Stephen Timms has warned changes in the law will be needed in order to tackle the growing issue of pension scams.
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Calls for govt to change transfer rights to halt scams
Pension regulators should be given the power to override people’s statutory right to transfer should a suspected scam be reported to them, according to a think tank.
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TPR looks to reclaim £250,000 from fraudster
On the go: The Pensions Regulator has announced it is attempting to recoup £250,000 from a convicted fraudster.
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Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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Pensions freedom age to increase from 55 to 57
On the go: The government has confirmed it will increase the age at which people can access their pension from 55 to 57 in 2028.
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Industry unmoved by regulator’s DB funding arguments
The introduction of a twin-track approach to regulating defined benefit scheme funding could stifle the creativity needed to navigate the current financial crisis, experts have warned.
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One in 20 workers missing out on pension contributions
On the go: One in 20 employees are being short-changed by their employer and are not receiving the pension they are due, research has found.
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Govt to force schemes to publish climate risk disclosures
On the go: The largest pension schemes will be legally required to assess and report on climate change risks within their investment portfolios under new government rules.
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PPF levy expected to increase due to Covid-19 impact
As insolvencies ramp up and more defined benefit schemes are expected to end up at the Pension Protection Fund, the lifeboat might need to increase its levy to face a multibillion-pound hit, amid several other solutions, analysis from LCP shows.
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Calls for government to clarify dashboard data standards
On the go: The government is facing growing calls to “come clean” about what data is required from pension schemes and providers for the pensions dashboard so that the industry can prepare properly, following conflicting reports.
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Police officers warn of age discrimination in McCloud remedy
The government’s proposed remedy for the McCloud/Sargeant age discrimination cases fails to address the issue in a “fair and non-discriminatory manner”, a group of police officers has warned.
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More than £30m lost to scams in three years
On the go: Pension savers should reject “unexpected” pension offers made online or over the phone, regulators have urged in their latest ScamSmart campaign, as figures showed more than £30m has been lost to scammers since 2017.
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TPR in discussions with Plumbing trustees over governance failures
The Pensions Regulator has been in discussions with the trustees of the Plumbing and Mechanical Services Industry Pension Scheme, who face criticism for governance failures amid a long-running debacle that could send plumbers into bankruptcy.
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PPF and DWP appeal Hampshire methodology ruling
On the go: The Pension Protection Fund plans to appeal a judgment forcing it to pay at least half of the defined benefits expected by survivors of scheme members, while the government will appeal the finding that the PPF’s compensation cap is illegal.
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Call for govt to abolish flat fees in workplace pensions
On the go: LCP is calling for an end to flat monthly fees being charged on defined contribution pots, arguing they can be “detrimental” to low-paid and part-time workers, although the government has previously stated it is not considering a ban.
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Covid-19 adds £10bn to inflation woes
As the government’s consultation to make changes to the retail price index draws to a close, the impact of aligning the inflation measure with the consumer price index including housing costs has increased by £10bn due to the pandemic.
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Safeway gets clarity on pension equalisation case
On the go: Safeway has reached the end of a pensions legal process that started in 2016, with the Court of Appeal ruling that its defined benefit scheme's normal pension ages were equalised retrospectively, but not for as long as initially predicted.