More Law & Regulation – Page 83
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News
TPR: Hundreds of employers targeted over dividend payments
On the go: The Pensions Regulator has written to “hundreds” of defined benefit trustees over disproportionately large dividend payments made by their sponsoring employers, as the watchdog said its interventions are starting to yield results.
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HMRC GMP equalisation guidance fails to address all tax issues
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions has failed to address key technical and tax issues, according to experts.
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Tax relief cut could lead to higher DB contributions
On the go: Employers and staff might have to increase their contributions to defined benefit schemes if a rumoured cut to the 40 per cent relief for higher-rate taxpayers goes ahead, Aegon has warned.
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Contractor takes local authority to court over LGPS exit payment
A Manchester-based waste management company has brought a claim to the High Court against Tameside Metropolitan Borough Council over an alleged £13m exit credit due from the Local Government Pension Scheme.
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TPR ordered to set out climate change strategy
On the go: The government is expecting the Pensions Regulator to publish a strategy for dealing with the financial risks arising from climate change, among other requirements to integrate the Green Finance Strategy into its activities.
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Pension schemes to share scams intelligence online
The Pension Scams Industry Group is working with anti-fraud organisation Cifas to launch a network of open-source information on suspicious companies and pension arrangements, which specialists say could be an important step in bringing scams under control.
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Increased trustee workload to unleash wave of DC consolidation
On the go: One in three trust-based defined contribution arrangements expects to transfer members into a master trust over the next five years, with stakeholders citing the drain on time and resources of running an own-trust solution.
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PMI launches accreditation course for professional trustees
On the go: The Pensions Management Institute has launched its course for professional trustees seeking accreditation, after an apparent split with the Association of Professional Pension Trustees.
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Labour MP calls for early access to public sector pensions
On the go: Labour MP Emily Thornberry has called for public sector workers to have access to their pension pots before they retire, claiming it would help boost the economy.
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Unions challenge govt delay to public scheme valuations
Two trade unions are seeking permission to launch a judicial review of the government’s decision to delay benefit top-ups due to members under the cost floor arrangement in public sector pension schemes.
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Pension industry welcomes Opperman reappointment
On the go: Experts across the industry have expressed their relief at Guy Opperman being reappointed as pensions minister, saying it brings continuity and reassurance that positive reforms will be made over the coming year.
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Trustees call for radical softening of DB promises
On the go: The government should accept that not all defined benefit pensions are affordable and begin taking radical steps to allow employers to flex their promises, according to two prominent professional trustees.
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Govt maintains earnings trigger despite industry criticism
On the go: The government has opted to maintain the earnings trigger for automatic enrolment at £10,000 for 2020-21, despite long-held industry concerns that the current level is limiting pensions coverage among underprivileged demographics.
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ESG amendments to give govt ‘unprecedented new powers’
The Pensions and Lifetime Savings Association has warned that government bodies will have “unprecedented new powers” to interfere in pension scheme investment strategies if an amendment to the pension schemes bill is passed.
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TPR to promote DB schemes under proposed amendment
On the go: An amendment to the pension schemes bill could see the Pensions Regulator having to actively promote defined benefit schemes where possible.
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TPR seeks to extend supervision to select administrators
The Pensions Regulator will attempt to build one-to-one relationships with pensions administrators it considers to be of critical importance, in a voluntary extension of the supervision regime it has already introduced for the largest schemes in the UK.
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Accreditation system for professional trustees launched
On the go: Professional trustees will be able to sit exams in order to gain accreditation in their field from April this year, the Association of Professional Pension Trustees announced on Monday.
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NewsWhat are the risks of flouting ESG statement rules?
Analysis: A report into trustees’ first efforts on the new statements of investment principles has yielded damning results. But what can regulators, or even members, actually do about it?
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Charity boss jailed for pension fraud
On the go: The former head of a charity for the disabled has been jailed for five years after being found guilty of transferring £250,000 from the organisation’s pension scheme.
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TPR promises more regulatory action on ESG
On the go: The Pensions Regulator has promised more action on pension schemes’ environmental, social and governance practices, rejecting accusations that it is a laggard in this area among UK regulators.