All Legal articles – Page 12
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NewsJudicial review could hold up public sector exit payment reform
The High Court is to hear challenges brought by a number of public sector unions to the £95,000 exit payment cap, after permission for a judicial review was granted late last year.
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RPI reform boosts inflation hedging
On the go: The announced reform of the retail price index, to match the consumer price index including housing costs, saw inflation hedging rise by six per cent quarter on quarter at the end of September 2020.
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NewsGovt opts for deferred choice underpin solution to McCloud
The government has confirmed it will opt for the deferred choice underpin solution to the McCloud problem, which despite being the right choice according to pensions specialists, will open the floodgates of administration woes for public sector schemes.
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PodcastsPodcast: Tackling climate change will require a ‘step change’ in governance
Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.
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New pensions act offences have ‘far-reaching consequences’, LCP warns
On the go: New powers granted to the Pensions Regulator by the Pension Schemes Act could see directors, lenders and trustees made criminally liable for their mistakes, LCP has warned.
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Flat fees ban is a ‘sticking plaster’ on small pots wound
The Department for Work and Pensions’ proposed ban on flat fees on pots under £100 should be seen as a temporary stopgap, not a permanent solution to the small pots problem, industry figures have warned.
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NewsNew DB funding code could be delayed until 2022
The Pensions Regulator has issued an interim response that experts say could presage meaningful changes to the final version of the defined benefit funding code, which is likely to be delayed until 2022.
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Calls for actuaries to offer strategic advice as schemes target endgame
An industry group is proposing a radical change in the actuarial role, suggesting these professionals should step away from a technical specialist position to offer strategic advice, while moving away from triennial valuations.
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PodcastsPodcast: Economic uncertainty, DC consolidation, ESG to mark 2021
Podcast: Economic uncertainty from the pandemic and the aftereffects of Brexit, solving the small pots problem and consolidation in the defined contribution universe, and yet more environmental, social and governance regulation are the themes to watch out for this year. These are the predictions for the pensions industry in 2021 from Marc Hommel, senior pensions adviser at EY-Parthenon, and Sue Pemberton, head of technology and DC consulting at Premier Pensions.
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Trustees cannot outsource responsibility for cyber risk
On the go: Trustees bear ultimate responsibility for managing cyber risk even when they outsource administration to a third party, and must ensure they carry out due diligence, according to a new report.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.
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TCFD reporting requirements leave too little time for compliance
On the go: Almost half of respondents to a poll carried out by Eversheds Sutherland expressed a fear that trustees will not have time to comply with new climate change reporting requirements before they are introduced.
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Threat of TPR action forces changes to merchant navy trustee board
On the go: A four-year bitter dispute over the running of a naval industry pension scheme has finally been brought to a close by the Pensions Regulator, after it identified governance failings that had cost the scheme £1m.
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NewsOmbudsman rejects ex-plumber appeal to dismiss section 75 debt
The Pensions Ombudsman has rejected an ex-plumber’s appeal against paying £977,000 in Section 75 debt, as an updated trustee board membership tries to address historical issues in the Plumbing & Mechanical Services (UK) Industry Pension Scheme.
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Mad December dash to include GMP top-ups in 2020 accounts
On the go: Around one in six companies face the unwelcome prospect of having to include the cost of guaranteed minimum pensions adjustments in their 2020 annual accounts, according to analysis by LCP.
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NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
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Cyber security awareness lags as attacks jump threefold
On the go: A third of respondents to a poll by the Pensions and Lifetime Savings Association confessed they did not know their organisation’s cyber security plans, despite cyber crimes surging by 86 per cent in a single quarter this year.
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RPI reform to leave linker owners short-changed from 2030
The government is to press ahead with controversial reforms to the retail price index leaving index-linked gilt holders worse off, but has decided to delay the move until 2030.
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PPF reserves could be ‘wiped out’ by one or two big claims
Pension Protection Fund chief executive Oliver Morley has warned that the lifeboat’s reserves could be wiped out by just a few large claims, while downplaying the risk of a post-Covid run of small-scheme claims.
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Surge in AE non-compliance during pandemic
On the go: The number of warnings issued to employers for failing to pay pension contributions for staff has increased by almost 200 per cent between July and September, the Pensions Regulator has said.