All Law & regulation articles – Page 84
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News
TPR clarifies treatment of salary sacrifice under furlough
On the go: The Pensions Regulator has issued guidance to large employers stating they must continue to pay furloughed workers’ pension contributions as normal where they have entered into a salary sacrifice arrangement.
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Govt extends RPI consultation to summer
On the go: Chancellor of the exchequer Rishi Sunak has extended until August the consultation on how the retail price index should be reformed, to give businesses more time to respond.
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Counsell: Industry must ‘step up and protect savers’
On the go: Pension providers and trustees “must step up and protect savers using every possible means”, as the vulnerability of individuals to scams has increased due to the coronavirus pandemic, the Pensions Regulator chief executive has warned.
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FeaturesCounting the cost of coronavirus
Counting the costof coronavirus Coronavirus and the market volatility that has greeted it has dealt a triple blow to defined benefit schemes - damaging asset values, causing wild swings in liabilities, and weakening sponsor covenant. Pensions Expert looks at which sectors will be worst hit, and what trustees can do ...
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PPF could postpone 2030 funding goal amid Covid-19 crisis
The Pension Protection Fund could postpone its goal of being fully self-sufficient and 110 per cent funded by 2030 if needed to face the current Coronavirus pandemic, but will avoid “any kind of knee-jerk reaction”.
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Think tank calls for pensions triple lock to be scrapped
On the go: The pensions triple lock should be scrapped following the coronavirus crisis so that all generations pay their fair share to meet the costs of the pandemic, according to a think tank.
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Inflation change to cost BT pension scheme up to £1.7bn
On the go: The government's plans to change the way the retail price index is calculated will mean BT Pension Scheme costs will increase up to £1.7bn.
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TPR eases reporting and enforcement rules
On the go: The Pensions Regulator has relaxed its enforcement rules and reporting guidelines for trustees amid the coronavirus crisis.
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TPR allows employers to cut contributions without consultation
On the go: The Pensions Regulator has warned employers against encouraging savers to opt out of auto-enrolment, as it relaxed its rules to allow them to cut some contributions without consultation.
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Jonathan Reynolds named shadow pensions secretary
On the go: Former shadow economic secretary Jonathan Reynolds has been named as the shadow secretary for work and pensions by new Labour leader Keir Starmer.
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DB schemes to face major data exercise for dashboards
New requirements to translate defined benefit pensions into an annual income in today’s terms could mean trustees and administrators face a major data exercise to comply with the pensions dashboards, according to experts.
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FCA launches investigation into decumulation advice
On the go: The Financial Conduct Authority will carry out an investigation into the suitability of pension decumulation advice.
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FCA delays investment pathways for 6 months
On the go: The Financial Conduct Authority is delaying the introduction of investment pathways in drawdown for six months, as it cuts non-critical work amid the coronavirus pandemic.
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Newspaper group asks for deficit deferment
On the go: Reach, the publisher of Daily Mirror and Daily Express, has requested discussions with the regulator around a deferment of current deficit recovery contributions.
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Debenhams’ trustees working with TPR as retailer eyes administration
On the go: The trustees of the Debenhams pension schemes are working with the Pensions Regulator and the Pension Protection Fund, as the company filed a notice of intention to appoint an administrator on Monday.
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Protheroe: From employee 37 to PPF board member
Fifteen years after joining the Pension Protection Fund as employee number 37, Sara Protheroe has now been appointed to the lifeboat’s board.
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TPR urges trustees to work flexibly with administrators
On the go: The Pensions Regulator has updated its Covid-19 guidance for trustees, highlighting that the pandemic “is placing huge pressures on the administration of pension schemes”.
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TPR will not seek to punish trustees over tough pandemic decisions
Regulatory executive David Fairs has reassured defined benefit trustees that they will not be pursued over decisions they make in response to employers struggling in the wake of Covid-19.
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Inflation change could shave 20% off pension incomes
On the go: Government plans to change the way the retail price index is calculated could see savers’ lifetime pension income drop by almost 20 per cent as defined benefit schemes are hit.
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Regulators warn over Covid-19 pension scams
On the go: Regulators have issued a warning that rising levels of vulnerability caused by the Covid-19 lockdown could see more savers targeted by scammers, as concerns about finances increase.