More Law & Regulation – Page 53
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NewsGovt proposes GMP revaluation rate of 3.25%
On the go: The Department for Work and Pensions is proposing to lower the guaranteed minimum pension fixed rate revaluation for early leavers by 0.25 percentage points.
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NewsRoyal Mail CDC scheme closer to reality as consultation launches
Royal Mail has launched a consultation on its new collective defined contribution scheme, detailing the structure of the new pension fund, which the postal company is aiming to launch in 2022.
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News‘Years of human errors’ led to £1bn state pension underpayments
The Department for Work and Pensions has underpaid 134,000 pensioners — 90 per cent of which are understood to be women — by more than £1bn, according to a report from the National Audit Office.
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NewsGuidance ‘stronger nudge’ still poses more questions than answers
Regulators are unclear about how the take-up levels of pensions guidance should look like as a result of the “stronger nudge”, since parts of the proposal have yet to be tested, the Work and Pensions Committee has heard.
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NewsTaskforce lays out measures to boost schemes’ voting powers
The Taskforce on Pension Scheme Voting Implementation has called on the Department for Work and Pensions and the Financial Conduct Authority to create templates and requirements aimed at boosting asset owners’ ability to vote, especially in pooled funds.
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NewsInsurers called to protect trustees against GMP claims
The lack of statutory protection afforded to trustees means the insurance industry will have to shield these professionals against claims related to guaranteed minimum pension equalisation in cases where benefits are secured with annuity providers, legal experts have warned, while uncertainty about trustees’ obligations remains.
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NewsStatements season could cause mayhem for admins, PASA warns
On the go: The creation of a statements season could cause “significant difficulties, additional and unnecessary costs, and adverse implications” for schemes and administrators if a route of a common valuation date is chosen, the Pensions Administration Standards Association has warned.
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NewsRegulators propose DC-wide ‘value for money’ framework
The Pensions Regulator and the Financial Conduct Authority will be forcing defined contribution schemes to disclose more data around their investment performance, scheme oversight, and costs and charges, as they unveil a discussion paper looking at creating an “holistic framework” for assessing value for money in this sector.
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NewsInflation jump poses ‘a real challenge’ for pension schemes
The surge in inflation in August – the highest since records began in 1997 – could prove “a real challenge” for pension schemes, experts have warned, especially if it proves not to be a transitory phenomenon.
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NewsABI calls for govt to 'rethink' normal minimum pension age hike
The Association of British Insurers has called on the government to scrap its “complicated”, “arbitrary” and “confusing” plans to raise the normal minimum pension age “until something fit for purpose” has been developed.
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NewsCalls for climate reporting harmony as FCA and DWP rules diverge
The Financial Conduct Authority’s climate-related disclosure rules for asset managers, life insurers and its regulated pension providers should be brought into line with Department for Work and Pensions regulations to give greater clarity and consistency, the Pensions and Lifetime Savings Association has said.
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NewsKent Pension Fund breaches LGPS regulations
On the go: Connection trouble with a third-party pensions administrator’s systems has caused staff productivity at the Kent Pension Fund to suffer, while poor record management by Kent Police led to a breach of Local Government Pension Scheme regulations.
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NewsDWP rules out appeal on PPF’s compensation cap ruling
On the go: The Pension Protection Fund will soon start making changes to its benefit structure, since the Department for Work and Pensions will not be appealing the Court of Appeal decision which ruled the compensation cap unlawful.
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NewsTPR auto-enrolment enforcement figures back to pre-pandemic levels
On the go: The number of warnings issued to employers for failing to comply with auto-enrolment rules are back to pre-pandemic levels, the Pensions Regulator has said.
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NewsAuto-enrolment at risk after national insurance increase
On the go: The implementation of the auto-enrolment reform could be at risk after the government announced a national insurance hike, Aegon has warned.
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NewsTriple lock suspension unpopular but fair, says industry
On the go: By suspending the wages element of the pensions triple lock the government has remained fair to both pensioners and taxpayers, although the former is likely to be disappointed, industry experts have said.
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NewsTPR’s notifiable events regime more impactful than criminal powers
The new regime setting out what type of events trustees and employers are required to notify the Pensions Regulator about will have a greater potential to impact corporate activity than the regulator’s controversial new criminal powers, experts have warned.
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NewsPM announces 1.25% levy and dividend tax rise to fix social care
On the go: Prime minister Boris Johnson has set out the government’s long-awaited plans for social care reform, announcing a 1.25 per cent ‘health and social care levy’ and a rise in dividend tax as central elements to cover the costs.
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NewsState pension: Triple lock earnings link suspended for 1 year
On the go: The government has suspended the wages element of the pensions triple lock to avoid a disproportionate rise in the state pension following the pandemic.
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NewsBig schemes turn to fiduciary managers during pandemic
Data crunch: The average size of a pension scheme taking on a fiduciary manager rose by around 80 per cent during the Covid-19 pandemic, suggesting the flexibility afforded by the model was particularly attractive in turbulent market conditions, according to research from IC Select.