More Law & Regulation – Page 111
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News
DC schemes to give members cost information online only
Defined contribution schemes should disclose costs and charges to members by signposting a link in their annual benefit statement, the Department for Work and Pensions has proposed, as the industry agrees communications need to be kept simple.
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NewsGovernment defeated over delays to cold-calling ban
The government was defeated in the House of Lords on Wednesday night by an amendment to the financial guidance and claims bill, which sought to bring forward plans to ban pensions cold-calling.
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Experts call for tempering of freedoms
The UK pension system lags many of its European peers in a report out this week, which recommends restoring the requirement to take savings as an income stream.
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NewsOpperman discloses timetable until spring
PLSA Annual Conference 2017: Pensions minister Guy Opperman provided some clarity on timescales for the dashboard and progress on the creation of a single financial guidance body in a speech at the Pensions and Lifetime Savings Association’s annual conference.
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PPF consultation on contingent assets will create 'winners and losers'
The Pension Protection Fund has responded to concerns about ambiguity in the wording of its contingent asset agreements, with the launch of a consultation to examine the role of such assets in calculating the PPF levy.
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NewsAE review: Consensus on solutions is still lacking
PLSA Annual Conference 2017:Despite unanimity on the need to increase coverage and boost contributions, there is still a distinct lack of consensus on exactly how to address these issues, according to independent advisers on the government’s auto-enrolment review.
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Age-based tax relief rumours met with industry criticism
Philip Hammond is understood to be considering cuts to tax relief for older workers to fund tax breaks for younger people, a move that would ‘smack of ageism’ and cause further confusion, industry figures say.
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NewsHPE pensioners to bring inflation-proofing dispute before MPs
Pensioners of Hewlett Packard Enterprise are lobbying the government to force their former employer to provide inflation protection for pension rights built up before 1997, and have gained cross-party support for legislation.
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Timetable risks breaking dashboard consensus
The Association of British Insurers has called on government to legislate for schemes to provide their data to the pensions dashboard amid criticism a hasty delivery could leave the project failing consumers.
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NewsPLSA proposes national retirement income targets
The Pensions and Lifetime Savings Association has suggested the introduction of Australian-style national retirement income targets in its latest consultation paper.
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News£100m bill still hangs over Morrisons as court seeks European help
The Court of Appeal has partially upheld an equalisation ruling that could add more than £100m to the liabilities of the Safeway Pension Scheme, but has asked a European court to clarify whether benefits can be revised downwards in certain circumstances.
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NewsHMRC abandons VAT policy on insurer exemption
HM Revenue & Customs has adapted its policy on the VAT treatment of pension fund management conducted by insurers, removing an exemption for all services, other than those supplied to "special investment funds".
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News
FCA sounds alarm over unsuitable DB transfer advice
Fewer than half of defined benefit transfer advice processes are “suitable”, according to analysis by the Financial Conduct Authority, raising concerns over the lack of communication between introducing companies and transfer specialists.
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PPI: Consider different policy options for self-employed pensions
Policymakers need to consider diverse attitudes and financial circumstances of different self-employed groups before deciding on options to boost pension saving levels, a new report finds.
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Scottish charities face insolvency as exit debt bites
Community admission bodies in the Scottish Local Government Pension Scheme are in the middle of a debt crisis, accountants have said, but ceasing accrual or exiting the LGPS risks triggering unmanageable cessation debt and driving admitted bodies into insolvency.
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News
Select committee probes pension freedoms as concerns grow
The Work and Pensions Committee is launching a new inquiry into the pension freedom reforms, asking whether changes are required to better achieve the policy’s objectives.
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NewsFCA forces asset managers to disclose transaction costs
The Financial Conduct Authority continued its transparency reform this week, with the release of a policy statement requiring greater transaction cost disclosure for workplace pensions.
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News
TPR campaign outlines governance basics
The Pensions Regulator has launched a new campaign directed at trustees and their advisers, as part of a wider push to raise governance standards, but experts say its success relies on collaboration and engagement from all stakeholders.
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NewsRestructuring professionals call for TPR-PPF merger
The Pensions Regulator and the Pension Protection Fund should be combined into one streamlined entity and be open to restructuring deals involving pensions where insolvency is not imminent within 12 months, according to restructuring professionals.
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NewsOxfordshire referred to TPR for a second time
The Oxfordshire County Council Pension Fund has received a second referral to the Pensions Regulator after it failed to submit its annual benefit statements on time.