All articles by Maria Espadinha – Page 24
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News
TPR approves HSBC master trust
On the go: The HSBC Master Trust has become the first new scheme to be authorised by the Pensions Regulator, bringing the total number of authorised schemes to 38.
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PPF includes levy adjustment for GMP equalisation
The Pension Protection Fund will allow companies moving from a profit to a loss – due to the impact of guaranteed minimum pensions equalisation – to request an adjustment in their levy calculations.
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ESAB Group scheme completes £255m buy-in
On the go: The ESAB Group Limited Pension & Life Assurance Scheme has completed a £255m buy-in with Rothesay Life.
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Top civil servants with pensions worth more than £1m
On the go: The UK’s permanent secretaries – 23 individuals who head up government departments – had an average defined benefit pension worth £1.1m in 2018-19, according to new research from the TaxPayers’ Alliance.
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OpinionTime to get creative with member communication
Editorial: In the UK, adults are more likely to be a victim of fraud than any other crime type. In the past four years, fraud made up almost one-third of total crime, according to the Crime Survey for England and Wales.
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Accounting rules change could see charities leave multi-employer DB
On the go: Charities participating in multi-employer defined benefit schemes will have to disclose their individual liabilities, which could lead to these organisations opting to leave and setting up their own final salary plan, an expert warned.
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Master trusts forced to up reserves due to levy increase
Master trusts will be hit twice by a general levy increase, since in addition to a cost hike these schemes will also have to boost their reserves in case of a wind-up, and face added scrutiny from the regulator as a revised business plan could be expected.
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Calls for next government to revive multi-employer schemes bill
On the go: The boss of a small Scottish plumbing company hit with a £1.2m pensions bill is calling for the next government to revive a 2018 proposal, which would end the current issues affecting sponsors of the Plumbing and Mechanical Services Industry Pension Scheme.
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Third of schemes facilitating financial advice to members
On the go: One-third (34 per cent) of defined benefit scheme trustees are facilitating financial advice for their members as they approach retirement, new research found.
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Ombudsman sides with Shell on climate change dispute
The Pensions Ombudsman has sided with the Shell Contributory Pension Fund in the legal challenge regarding the disclosure of climate change information, which has prompted environmental lawyers ClientEarth to request the body to review its internal procedures.
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News
Govt guarantees doctors’ emergency pension payments
On the go: The government will guarantee that senior clinicians’ pension tax bills will be paid even if the employer ceases to exist, the secretary of state for Health and Social Care announced.
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Fewer than a quarter of construction workers auto-enrolled
On the go: Fewer than a quarter (23 per cent) of blue-collar construction workers are participating in a workplace pension, according to new figures from the Department for Work and Pensions.
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Bulk annuity market to reach £540bn in next decade
On the go: The bulk annuity market is expected to quadruple in the next decade compared with the current one, which saw £135bn paid to insurers, according to estimates from Mercer.
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Schemes’ endgame decisions could be hit by IFA shortage
Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market.
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News
Digital bank teams up with Smart Pension for auto-enrolment solution
On the go: Revolut and Smart Pension have teamed up to offer a retirement savings solution for the digital bank’s business customers.
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News
Civil servants told to complain about pension overpayments
On the go: The Public and Commercial Services Union is advising its members to not comply with a request from the Civil Service Pension Scheme administrator and present a formal complaint if necessary.
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Now Pensions tax relief top-up claims double in a year
On the go: Workplace pension provider Now Pensions will be topping up pension pots of non-taxpayer members for the fourth year, after seeing claims double in 2017-18, when compared with the previous period.
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News
TPR’s debt recovery rate stalls despite record enforcement activity
On the go: Despite the Pensions Regulator enforcement activity reaching a record high, the recovery rate against recoverable debt remains at 30 per cent, new research has revealed.
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News
Four-fifths of FTSE 350 schemes eligible for consolidation
On the go: More than four-fifths (84 per cent) of FTSE 350 companies’ defined benefit schemes are eligible to join a commercial consolidator, new research showed.
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HMRC request for schemes to report breaches branded ‘unsatisfactory’
HM Revenue & Customs' request for pension administrators to remind their members about potential tax breaches has been branded ‘very unsatisfactory’ by a former pensions minister, who said the tax authority was offloading its own responsibilities onto schemes.