All LCP articles – Page 13
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News
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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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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The People’s Pension introduces ‘criticised’ annual charge
The second-largest master trust in the UK is changing its charging structure and introducing an annual fixed fee, a model that other providers operate but which has been heavily criticised by experts.
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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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NewsTPR paves way for three-month DB contribution holiday
The Pensions Regulator has launched new guidance aimed at helping employers freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus.
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McCloud: Civil servants to choose between old and new schemes
On the go: Members of public sector pension schemes who were victims of discrimination will be allowed to choose whether they accrued service in the old or new schemes, the government announced on Wednesday.
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Northumberland and Tyne and Wear schemes plan merger
The government is planning to merge the Northumberland County Council Pension Fund into the Tyne and Wear scheme, in a move that would generate savings of up to 12 per cent a year.
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HSBC ahead of curve with TCFD compliance
As the government seeks powers to mandate pension schemes to disclose their climate change risks, the HSBC Bank (UK) Pension Scheme is already on its second report under the Task Force on Climate-related Financial Disclosures.
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BoE’s return to QE adds to DB woes
On the go: The Bank of England has cut its base rate to a historic low of 0.1 per cent, while announcing plans to increase its balance sheet of bonds by £200bn.
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Could AE contributions be paused amid Covid-19 crisis?
Halting companies’ mandatory pension contributions could form part of government remedies to support businesses during the Covid-19 pandemic, pension specialists have argued, since protecting jobs is as important as saving for retirement.
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LGPS returns to drop by almost half in next decade
As the world faces global meltdown and investors are set to receive lower and more volatile returns for the next decade or more, new research suggests that some local authority pension schemes may be overestimating their potential growth.
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Tax changes pose admin challenge for pension schemes
On the go: Pension specialists have welcomed the announced changes in pensions tax relief in this week’s Budget, but have pointed out that it brings an added administration challenge to schemes.
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PodcastsPodcast: Webb - Budget must deliver for doctors
Podcast: Former pensions minister Steve Webb argued that “it would be astonishing” if the March 11 Budget does not bring a solution to the issues caused by the tapered annual allowance for doctors and senior clinicians. Sir Steve, now partner at Lane Clark & Peacock, and Lydia Fearn, head of defined contribution and financial well-being at Redington, discuss, among other topics, the possible changes for pensions to be introduced by the chancellor.
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Schools leave pension scheme as contributions rise
On the go: The number of private schools opting out of the Teachers’ Pension Scheme to avoid a significant hike in contributions has increased by more than a third in the past six months.
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Social care crisis: is auto-enrolment the answer?
Auto-enrolment-style contributions could hold the key to solving the UK’s growing social care crisis, according to the sponsors of a report into the funding shortfall for care in later life.
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HMRC GMP equalisation guidance fails to address all tax issues
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions has failed to address key technical and tax issues, according to experts.
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Contractor takes local authority to court over LGPS exit payment
A Manchester-based waste management company has brought a claim to the High Court against Tameside Metropolitan Borough Council over an alleged £13m exit credit due from the Local Government Pension Scheme.
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Pension schemes to share scams intelligence online
The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control.
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Webb urges experts to lobby Lords for pension schemes bill changes
On the go: Former pensions minister Sir Steve Webb has urged pension specialists to lobby the House of Lords for changes in the pensions schemes bill, warning that it will pass through the House of Commons unchanged.
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Contractors take advantage of LGPS loophole on exit payments
The pensions industry is still waiting for the government to close a loophole allowing outsourcers to claw back surplus from the Local Government Pension Scheme even when they have not paid into the plan.