All Legislation articles – Page 25
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News
Govt maintains current AE tests for DB and hybrid schemes
On the go: The Department for Work and Pensions has concluded that the current tests used by defined benefit and hybrid schemes for auto-enrolment suitability are fit for purpose.
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NewsBT, Ford and M&S schemes consider legal challenge on RPI reform
The trustees of the BT, Ford and Marks and Spencer pension schemes have been granted an extension to the period in which they can consider filing for judicial review of the proposed alignment of the retail price index with the consumer price index including housing costs.
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NewsCan UK councils rent their own streets to fund pensions?
Several US public schemes have embraced unusual means of securing funding, including renting property to themselves. Although these tactics cannot be used across the Atlantic, the post-Covid landscape could see a variety of new strategies being deployed in the UK.
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Post-Brexit Solvency II reform an opportunity to free up capital
On the go: Brexit affords the UK an opportunity to revisit and reform Solvency II legislation, freeing up capital that can then be used to further the post-Covid economic recovery.
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Uber ruling may not solve gig worker pensions issue
On the go: The Supreme Court may have opened the door to workplace pension schemes for gig workers by ruling that Uber drivers are workers — but former pensions minister Sir Steve Webb warned the issue may not yet be resolved.
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Calls for DWP to change chair’s statement rules
On the go: The Department for Work and Pensions is to publish a review of the effectiveness of defined contribution chair’s statements in April, which has prompted some specialists to call for a major rethink.
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PodcastsPodcast: Timms calls for pension transfer rules change
Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.
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NewsOpinion split on Pension Schemes Act implications
A survey carried out as part of a webinar by law firm Sackers has laid bare a deep divide in the industry over powers afforded by the Pension Schemes Act.
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Government reverses course on public sector exit payments
On the go: The government has announced it is to disapply the restriction on public sector exit payments that came into force in November.
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OpinionSchemes to benefit from UK’s burgeoning collective action boost
The UK’s collective action regime has received a powerful boost from a recent judgment, which is good news for pension funds as they stand to benefit from collective actions, say former inquiry chair at the Competition and Markets Authority Phillip Evans and Hausfeld & Co partner David Lawne.
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TPR pledges guidance after royal assent for Pension Schemes Act
On the go: The Pensions Regulator welcomed the Pension Schemes Act receiving royal assent on Thursday, with chief executive Charles Counsell looking forward to the “strong package of measures” it provides and pledging guidance for how they will be used.
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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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NewsTPR: Valuations until March 2022 done under current funding regime
Pension schemes with scheme valuations until the end of the first quarter of next year do not need to worry about the Pensions Regulator’s new defined benefit funding code, David Fairs has revealed.
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News
Government rejects NHS pension tax proposals
On the go: The government has decided not to go ahead with its proposed flexibilities for the NHS Pension Scheme, as it believes changes to the taper threshold went far enough to address the issue.
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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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News
Civil service scheme extends MyCSP admin contract
On the go: The Cabinet Office has extended the contract with MyCSP for the provision of pensions administration and related services to the Civil Service Pension Scheme until the end of 2023.
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News
GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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NewsDWP proceeds with ‘revolutionary’ climate change agenda
The Department for Work and Pensions has proposed broadening the scope of climate risk analysis to cover not just the environmental impact of pension schemes’ portfolios, but also sponsor covenants and actuarial valuations.