All Law & regulation articles – Page 78
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News
Trustees must watch out for buyout tax implications
Defined benefit trustees have been urged to be on their guard against a new interpretation of tax law that could see certain members hit by unexpected tax charges on buyout.
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High Court to clarify if PPF can pay redress to scam victims
The High Court has been asked to clarify whether legislation that created the Fraud Compensation Fund, managed by the board of the Pension Protection Fund, could allow for compensation to victims of pension scams.
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Ombudsman finds ‘maladministration’ in BSPS transfer
On the go: The trustees of the old British Steel Pension Scheme have been ordered to pay out to a steelworker, after “maladministration” meant he received a pension transfer lower than he could have done.
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Experts query whether £31m offer will satisfy TPR in Box Clever case
ITV has put forward an initial offer of £31m to the Pensions Regulator of financial support for the struggling Box Clever Pension Scheme, following an eight-year courtroom battle.
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TPR conducts internal review after Norton case
On the go: The Pensions Regulator is conducting an internal review to identify if there are lessons to be learnt after the Norton Motorcycles debacle, a case that left members looking to recoup losses in excess of £14m.
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Industry leaders’ plea to ministers over FCA advice trap
Leaders of pensions industry representative groups have written a joint complaint to government ministers over new guidance from the Financial Conduct Authority, which they warn could see helpful trustees deemed to be giving regulated financial advice.
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Investors urge companies to tackle modern-day slavery in Gulf
On the go: Brunel Pension Partnership is among a group of investors calling on companies to protect migrant workers in the Gulf, over concerns that job cancellations caused by Covid-19 are forcing them into debt bondage.
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DB schemes should beware lockdown ‘inertia’
On the go: Three in four defined benefit schemes say they have taken no material action to change their investment strategies or journey plans as a result of Covid-19, but a new report from LCP warns that “inertia” could prove damaging.
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Threat of action by TPR settles sponsor dispute
On the go: The Pensions Regulator has settled a case in which a pension scheme was placed at risk by an organisational restructure, with the threat of action being sufficient to force an agreement.
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PASA issues updated Covid-19 guidance
On the go: The Pensions Administration Standards Association has issued updated guidance designed to help administrators navigate the gradual end of lockdown.
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Govt unable to assess level of opt-outs during Covid
On the go: The government has claimed it is unable to determine whether opt-outs from auto-enrolled pensions have increased since the Covid-19 pandemic, the minister for pensions and financial inclusion has said.
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PLSA publishes SIP reporting guidance ‘just in time’
The Pensions and Lifetime Savings Association has published guidance providing “practical steps” for defined benefit and defined contribution trustees on how best to publicly disclose their activities in line with upcoming requirements.
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MPs launch probe into access of pension savings
The work and pensions committee has announced it will focus on scams in the first stage of its three-part inquiry into the impact of pension freedoms and level of protection for pension savers.
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NewsPensions administrator suffers ransomware attack
Pension companies have been warned to be on their guard against ransomware attacks, after industry insiders confirmed to Pensions Expert that at least one administrator was subjected to a ransomware attack in the past week.
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Financial illiteracy and poor support plague concerned savers
Apathy from pension providers and regulators is allowing millions of savers to sleepwalk into retirement traps, according to the findings of a series of reports into poor levels of financial education and literacy.
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Small pension pots put AE success at risk
Research released by the Pensions Policy Institute warned that the proliferation of small pension pots risks undermining auto-enrolment success, unless significant government intervention is undertaken.
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New DB funding code could imperil sponsors and members
Some of the proposals in the Pensions Regulator’s consultation on a new defined benefit funding code could lead to worse outcomes for scheme sponsors, members and the Pension Protection Fund, according to a new report by LCP.
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McCloud remedy ‘must be implemented efficiently’
On the go: The Association of Consulting Actuaries has warned that the government’s proposed solutions to the McCloud dilemma “must be implemented efficiently” for each affected scheme.
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Govt outlines solutions for pensions net pay anomaly
The government is seeking industry views on how to end the net pay anomaly affecting low-paid earners in the pensions tax relief system.
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Warnings of 20% member losses as RPI consultation closes
On the go: Investment managers have demanded that the government compensates clients for losses they will suffer if the retail price index is downgraded, as a consultation on changes to the outdated inflation measure closes.