More Law & Regulation – Page 60
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NewsNew code of practice makes life ‘harder’ for LGPS funds
On the go: The Pensions Regulator’s new combined code of practice risks making life “harder" for Local Government Pension Scheme funds, and more needs to be done to accommodate their specific needs.
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NewsScams, dashboards, superfunds feature in TPR’s three-year plan
The Pensions Regulator has published its latest three-year plan, an agenda encompassing everything from pensions security, tackling scams, dashboards, superfunds, and coping with the changing nature of defined contribution pension provision.
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NewsMcCloud funding impact ‘minimal’ but MHCLG needs to step up
On the go: The funding impact of the deferred choice underpin on the Local Government Pension Scheme is expected to be minimal, but the government needs to provide much more information to put minds at ease, according to speakers at the Pensions and Lifetime Savings Association’s Local Authority Conference.
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NewsACA urges steps to fill guidance ‘black hole’
On the go: The Association of Consulting Actuaries has argued that fixing the “disjointed” and “fragmented” system that is UK pensions provision is vital if the full potential of pension freedoms is to be unlocked.
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NewsRegulators ask industry for help on improving pension saving
On the go: The Financial Conduct Authority and the Pensions Regulator have teamed up to investigate how people make decisions about their pensions at key points throughout their working lives, in order to better support savers through future regulation.
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NewsLGPS assets drop 5% in 2020 as contribution income rises
Local Government Pension Scheme assets fell by 4.9 per cent in 2020 to £276bn, but funds saw increases in membership and contribution income, according to the most recent annual report from the LGPS Advisory Board.
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NewsDC schemes to send two-page ‘simpler statements’ in 2022
The Department for Work and Pensions is consulting on regulations that would see schemes required to send simpler annual benefit statements to their members from April next year.
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NewsPLSA calls for new legislation to support members at retirement
On the go: The Pensions and Lifetime Savings Association has called on the government to introduce legislation underpinning a new set of product, communication and governance standards to build on pension freedoms and provide greater support for savers at retirement.
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NewsPPI launches UK pensions framework
On the go: The Pensions Policy Institute is launching a UK pensions framework, since “work and retirement landscapes are undergoing significant change around the world”.
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NewsLow earners miss out on £150m in pensions tax relief
On the go: Low earners have missed out on almost £150m in pensions tax relief, according to new analysis from Quilter.
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NewsMPs urged to tweak 25% tax-free cash rules
On the go: Pensions consultancy LCP has proposed new rules that would allow pension savers to access tax-free cash at a normal minimum pension age while leaving the remaining balance behind.
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NewsGovt’s new anti-scam measures cause industry concern
Industry reaction to the government’s new consultation on pension scams and transfers have been far from unanimous, with many welcoming the intention but warning of the potential for thousands of legitimate transfers to be needlessly blocked and delayed.
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NewsDWP to consult on dashboards’ draft regulations in December
The Department for Work and Pensions will be launching a consultation on the pensions dashboards’ draft regulations, which will include rules on the different stages pension schemes will need to start sharing their data to be included in the project.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsRPI change may leave DB schemes at risk of overpaying transfer values
On the go: The change to the retail price index means that defined benefit schemes risk overpaying transfer values by 10 per cent if transfer terms are not adjusted, according to calculations by Hymans Robertson.
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NewsFRC slaps DB scheme auditor with £125,000 fine
A chartered accountancy firm and one of its partners have been slapped with a hefty fine for “pervasive failures” in the manner in which they conducted an audit of Associated British Engineering, which included shortcomings in the audit of the company’s defined benefit pensions scheme liabilities.
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NewsGovt urged to encourage later life pension contribution plan
On the go: Policymakers should carefully consider later life cycle factors when developing future policies to increase retirement savings, according to the Institute for Fiscal Studies.
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NewsPolice slate ‘deeply unfair’ ramifications of McCloud remedy
Police officers from every federated rank in the UK have written to the chairs of the Police Pension Scheme advisory boards to complain about the “deeply unfair” ramifications of the government’s McCloud remedy.
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NewsFinancial bodies call for new online scam rules
On the go: Seventeen groups have joined forces to warn about online scams and lobby the government to include methods to tackle this issue in its upcoming online safety bill.
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NewsFCA proposes new illiquid fund structure for DC schemes
On the go: The Financial Conduct Authority is proposing a new category of fund that will allow defined contribution schemes to invest in illiquid assets.