More Law & Regulation – Page 121
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Which? calls for pensions dashboard but obstacles remain
Consumer group Which? has called on the government to introduce a pensions dashboard, but experts say there are still significant barriers to overcome before it becomes a feasible option.
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Tax relief off the table but Budget could still bring surprises
The chancellor is reported to have shelved anticipated changes to pensions tax relief ahead of next week’s Budget, but industry commentators predict a further wrangle of the landscape could still be afoot.
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Barclays scheme probes impact of ringfencing
Barclays is assessing which of its entities will participate in the bank’s UK Retirement Fund from 2026, when ringfencing regulations become fully effective, as schemes across the sector face up to complex covenant questions.
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NewsRoyal London publishes first IGC report but independence questions remain
Royal London has become the first provider to release an independent governance committee report, providing key insights into how committees are defining value for money and dealing with legacy pension schemes.
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NewsCostly equalisation error: Morrisons handed £100m liability by High Court ruling
A High Court ruling on the benefits for 15,000 former Safeway workers has added a £100m liability to current owner Morrison’s defined benefit obligation, pointing to the difficulties involved in equalisation.
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Larger mastertrusts welcome imminent regulation
Providers have welcomed plans to increase regulation of mastertrusts, as the government reveals it intends to bring in legislation for the arrangements “as soon as practically possible”.
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Regulation and markets force schemes to step up on governance
Efforts to cope with a combination of market volatility and demographic shift towards an older population are causing pension schemes to re-examine and improve their governance structures, research from State Street this week showed.
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High Court ruling ramps up fears over pension liberation
The High Court has ruled against insurer Royal London for blocking a pension transfer where it suspected the receiving fund could be a pensions liberation scheme, prompting industry observers to raise concerns about protections for members, providers and trustees.
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NewsIndustry concern over government's 'dangerous' ESG proposals
A proposal that would empower the government to intervene in local government pension investment decisions where they contradict British foreign policy has raised concern in the pensions industry.
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NewsLooser regulation needed as over-65s shun advice
Looser rules about financial advice could be necessary, as research shows more than half of over-65s have never sought regulated advice.
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News300 Scots hit by pension scam as advice gap persists
Scottish police are investigating a £10m pension liberation fraud that has targeted more than 300 people north of the border – a reminder for the industry of members’ vulnerability to evolving fraudulent operations.
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Transfers to be streamlined as more ask for quotes
The Pensions Regulator will introduce new guidance to ensure transfers between defined contribution schemes are completed promptly, the government said last week. This comes as defined benefit transfer values recovered in January after hitting a low in December.
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Named and shamed: Should trustees publicly criticise service providers?
Any Other Business: This week, Financial Times columnist Lucy Kellaway created a buzz by publicly rebuking the head of marketing and communications at technology company Hewlett Packard Enterprise over an email he sent her criticising an article she had written.
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Scottish ruling creates confusion for pensions lawyers
Pensions lawyers need guidance on how to treat antiquated or onerous scheme rules, experts have said, after Scotland’s highest appeal court ruled that a legal firm must pay more than £62,000 to the Scottish Solicitors Staff Pension Fund.
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New code firms up boundaries on incentive exercises
A revised code of practice on incentive exercises will provide trustees and employers with practical tips on problem areas, as schemes begin to target more holistic derisking strategies.
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Member-borne commission ban could move costs elsewhere
The Department for Work and Pensions has launched a consultation on draft regulations for banning member-borne commission in auto-enrolment schemes, but experts said costs would still need to be shouldered elsewhere.
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NewsEiopa stress tests stoke fears of holistic balance sheet return
Low rates and falling asset prices have hit pension schemes hard, the first stress test by the European Insurance and Occupational Pensions Authority has shown, and experts warn the holistic balance sheet could still rear its head.
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Enquiries spike ahead of lifetime allowance change
As the deadline for members to take action looms, more savers are realising they might be affected by the planned reduction to the lifetime allowance, leading to a spike in customer enquiries at provider Fidelity.
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Cross-border plans could be greater lure for employers under IORP
Analysis: The burden on cross-border pension schemes to be fully funded at all times could be lifted as the Institutions for Occupational Retirement Provision II directive moves nearer its final version.
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NewsRegulator’s approach withstands first AE judicial review
A High Court ruling has approved the Pension Regulator’s approach to itinerant employees working overseas, providing the industry with clarification on a “grey area” of auto-enrolment legislation.