More Law & Regulation – Page 30
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NewsCouncillor appeals for broader LGPS fund post-merger oversight
On the go: Scottish Greens councillor Shona McIntosh has tabled a motion for an upcoming East Lothian Council meeting, appealing for broader and more democratic oversight over the successor to the £8.6bn Lothian Pension Fund.
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NewsPrivate markets managers ‘failing to provide climate data’
On the go: Private markets managers “seem generally unprepared to support clients” with the data they need to meet their Task Force on Climate-related Financial Disclosures requirements, Hymans Robertson has said.
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NewsPPI: More data needed on ethnic groups’ retirement outcomes
On the go: While it is known that people from Pakistani, Bangladeshi, black, and other minority ethnic groups suffer poorer retirement outcomes than the white majority of savers, the data collected does not allow us to properly examine why that is the case, according to the Pensions Policy Institute.
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NewsTrustee pair pleads guilty to making illegal loans
On the go: Two pension trustees have pleaded guilty to making illegal loans amounting to £236,000 from a company pension scheme to its employer, according to the Pensions Regulator.
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NewsDelaying retirement by a day could leave members £10,000 better off
Delaying retirement by a day could leave members £10,000 better off in retirement due to the way members’ benefits are calculated based on short-term inflation rates, according to research from XPS Pensions Group.
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NewsIncorrect personal data prevents Nest member from opting out
A healthcare company has been told by the Pensions Ombudsman to repay an employee’s pension contributions, after he was unable to opt out due to the employer providing an incorrect date of birth and national insurance number to Nest.
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NewsUnion slams Crown guarantee for Atomic Weapons scheme
The government’s decision to grant a “Crown guarantee” for the Atomic Weapons Establishment Defined Benefit Pension Scheme has been criticised by one trade union for being too late to help its members.
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NewsOmbudsman to speed up state pension age investigation
On the go: The Parliamentary and Health Service Ombudsman is to adjust its approach to the remainder of its investigation into failures by the Department for Work and Pensions relating to changes to women’s state pension age, so it can “conclude the investigation as efficiently as possible”, having shared its preliminary views with interested parties.
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NewsTPR: ‘Keep asking questions’ about investment strategies
On the go: The current economic malaise, and especially the impact on liability-driven investments now interest rates are rising, proves it is especially important that trustees continue to ask questions about their investment strategies, even if they seem “silly”, says Fred Berry, the Pensions Regulator’s lead investment consultant.
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NewsNew funding proposals threaten ‘the demise of DB schemes’
New defined benefit funding rules may lead to “potentially severe outcomes”, consultancy LCP has warned, while Mercer has predicted that the regulations would “accelerate pension liability buyouts and the demise of DB schemes”.
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NewsGovt to change civil servants’ early pensions access
The government has proposed to change the rules around early access to pensions in the civil service, tracking 10 years behind state pension age, according to a new consultation over reforms to the Civil Service Compensation Scheme.
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NewsTransfer volumes could hit £600bn as insurers post strong results
A host of insurers have revealed their first-half 2022 results that show a booming trade in risk transfers, which, by some projections, could hit £600bn over the next decade — though there are fears about a capacity crunch in the sector.
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NewsFBU receives more than 750 ‘immediate detriment’ claims
On the go: The Fire Brigades Union has received more than 750 ‘immediate detriment’ claims since June 6, despite being told by the Fire Chiefs’ Council that it should hold off applying immediate detriment until legislation is introduced next year.
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NewsMaPS unclear on origin for half of amber flag scam warnings
On the go: Nearly half (44 per cent) of scam guidance sessions in the past three months have been triggered despite the Money and Pensions Service not knowing why the amber flag was raised to begin with, according to data obtained via freedom of information act request by Quilter.
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NewsGovt rejects appeal to make NHS scheme tax-unregistered
The government has rejected a petition to make the NHS pension scheme tax-unregistered, arguing that the loss of tax-relief and lump sums “would not benefit the vast majority of members”.
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NewsRailpen stands by investment in Chinese government debt
The manager of the Railways Pension Scheme has stood by the scheme's decision to invest in Chinese government bonds in 2021, despite allegations of human rights abuses committed by the country's government.
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NewsTPR advises employers to shield schemes from refinancing costs
On the go: Companies and pension scheme trustees should take steps to protect their schemes and their employer covenant from the fallout of any refinancing that they have undertaken, according to David Fairs, the Pensions Regulator’s executive director of regulatory policy, analysis and advice.
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NewsCalls for stewardship code to engage members as well as managers
On the go: The Financial Reporting Council’s stewardship code must “look both ways” and engage members as well as asset managers in developing guidance and standards, according to fintech company Tumelo.
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NewsPublic sector retirees face higher exit payment scrutiny
Substantial exit payments resulting from pension strain arrangements in the public sector will likely see people nearing retirement having their cases referred to HM Treasury, under a proposed new regime.
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NewsScams action group gets six-figure budget to tackle fraud
On the go: The Pension Scams Action Group, a renamed and revamped Project Bloom, is to get a six-figure budget to tackle scams across the next year, with the prospect of more to come.