All Legislation articles – Page 6
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PodcastsPodcast: Schemes will have a tough job weighing up discretionary increases
Podcast: A difficult balance must be struck where schemes are considering discretionary increases: alleviating the cost of living crisis for some members will have to be weighed against the needs of the current workforce. Aon partner Lynda Whitney is joined by Tim Middleton, director of policy and external affairs at the Pensions Management Institute, to discuss this dilemma, as well as the progress of the McCloud remedy and schemes’ dashboard readiness.
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NewsLGPS escapes McCloud cost-cap breach
On the go: The Local Government Pension Scheme in England and Wales, alongside its Scottish and Northern Irish equivalents, has avoided the cost-cap breach suffered by a number of other public sector schemes resulting from the impact of the McCloud remedy cost on their 2016 valuations.
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NewsDWP’s dashboards consultation criticised over launch date proposals
A second government consultation into pensions dashboards has been criticised over plans to give schemes just 90 days’ notice before the dashboards go live, with experts warning of a capacity crunch.
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NewsIndustry calls for clarity on TPR’s enforcement powers
Industry experts, though broadly supportive of the Pensions Regulator’s approach to its new enforcement powers, have nonetheless called for additional clarity in how they will be used, with some concerned that outcomes could be determined in part by “luck”.
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NewsRetirement guidance is improving but decumulation challenges remain
On the go:Support available to those approaching retirement is improving, particularly in master trusts, but a comprehensive framework is still required to ensure all savers get the help they need, according to new research.
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NewsPDP connects first commercial dashboard provider
On the go: The Pensions Dashboards Programme has completed the connection of the first commercial dashboard provider, alongside another integrated service provider.
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NewsTPR warns trustees about imminent dashboards deadline
The Pensions Regulator has launched a campaign urging trustees to prepare for the pensions dashboards deadline, as new research shows that less than 10 per cent of schemes have begun to digitise the information they hold in preparation for the initiative.
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NewsSelf-assessment pension trials results expected in summer
On the go: The results of a trial to boost retirement savings for the self-employed, involving the existing self-assessment tax system, will be published in summer, a Treasury minister has revealed.
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NewsABI calls for 12% auto-enrolment minimum contributions by 2031
The Association of British Insurers has called on the government to increase minimum auto-enrolment contributions to 12 per cent by 2031.
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NewsGovt to push ahead with firefighters and police McCloud reforms
The government will press ahead with planned reforms implementing the McCloud remedy with respect to members of the police and firefighters’ pension schemes, making amendments to ill-health provisions for the latter, despite concerns the remedy might itself be discriminatory.
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NewsPASA guidance addresses ‘ever-changing’ DC landscape
On the go: The Pensions Administration Standards Association has updated its defined contribution guidance to account for the “ever-changing” complexities in the sector.
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NewsVolume of legislative change is main barrier for admins
On the go: Two-thirds of administrators identified the volume of legislative change as one of the main barriers they faced to providing a high-quality service, according to new research.
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NewsRise in ‘bogus self-employment’ will lead to old age poverty
On the go: A rise in “bogus self-employment” means many individuals are missing out on employment benefits such as a pension, according to Jack Jones, policy and campaigns support officer at the Trades Union Congress.
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NewsTPR’s new DB funding code expected in September 2023
The Pensions Regulator expects its much-anticipated new defined benefit funding code to be in place and operational by September 2023, according to its latest corporate plan.
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NewsSmall pots member exchange trial scuppered by NMPA
A trial being developed by three master trusts to exchange small pots has ground to a halt before it even started, due to the new normal minimum pension age rules, and will only be able to advance if new legislation is introduced.
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OpinionUnused legislative rule solves trustees drawdown conundrums
Hogan Lovells counsel Nicola Rondel details how powers granted by the Finance Act 2004 to override scheme rules in specific circumstances have been successfully used by trustees in two drawdown cases.
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NewsICO in talks with TPR over member communications
On the go: The Information Commissioner’s Office is engaging with the Pensions Regulator to clarify the current rules involving member communications, as schemes and providers believe existing legislation prevents them from reaching out to these individuals.
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OpinionFive years on the ‘pensions horse’, is Opperman winning the race?
Almost five years have passed since Guy Opperman assumed the role of pensions minister, which we all know he asked for. What we can hope is that after all these years he knows what a guaranteed minimum pension is.
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NewsTPR, FCA to push for ‘consistent and structured’ approach to VfM
The Pensions Regulator and the Financial Conduct Authority are to push for a “consistent and structured” approach in the proposed new value for money framework governing defined contribution schemes, shifting the focus away from costs and towards “long-term value for pension savers”.
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NewsLecturers’ USS lawsuit frustrated by centuries-old precedent
A lawsuit against Universities Superannuation Scheme directors alleging climate inaction and breaches of duty has failed on a technicality dating back to 1843, though the judge in the case did find that beneficiaries of a pension fund corporation do sometimes have the right to sue directors.