More Law & Regulation – Page 86
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NewsTCFD reporting confirmed as climate guidance takes shape
Trustees should stress-test their portfolios against a range of climate change scenarios, according to provisional guidance launched on Thursday, as pensions minister Guy Opperman warned of consequences for those in dereliction of their duties.
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Opperman to legislate for DC consolidation
On the go: The minister for pensions and financial inclusion has unveiled plans to force the consolidation of subscale defined contribution arrangements.
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TPR alerts trustees for contingency planning amid Covid-19 fears
On the go: The Pensions Regulator has reminded trustees of the need for appropriate monitoring and contingency planning to be able to continue to run their schemes amid a coronavirus outbreak.
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RPI to drop 1% per year with proposed reform
The UK Statistics Authority is proposing to align the retail price index with the consumer price index including housing costs, which is expected to lower its annual rate by an average of 1 percentage point.
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Budget 2020: AA taper thresholds hiked by £90k
On the go: Chancellor of the exchequer Rishi Sunak has unveiled plans to raise the point at which tapering of the annual allowance kicks in by £90,000 as of next month.
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Chancellor launches probe into net pay anomaly
On the go: The government is launching a consultation to address an anomaly in the pensions tax relief system that sees low earners missing out on a 20 per cent boost on their pension contributions.
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Maps refuses to give public dashboard launch date
On the go: The chair of the Money and Pensions Service has declined to give a launch date for the public pensions dashboard, since there are too many variables to be considered at this time.
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MPs question TPR’s action on Norton pension schemes
On the go: The chair of the Work and Pensions select committee, Labour MP Stephen Timms, has written to the Pensions Regulator questioning its action over the case of Norton Motorcycles and the three pension schemes invested in the company.
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Aon’s merger with Willis Towers Watson to create $80bn giant
Aon and Willis Towers Watson have agreed on a merger, which will see the companies creating the UK’s largest pensions consulting firm and a worldwide insurance broker worth $80bn (£61bn).
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Govt to tweak tapered annual allowance in Budget
On the go: Chancellor of the exchequer Rishi Sunak will use his first Budget next Wednesday to raise the tapered annual allowance threshold income to £150,000 from the current £110,000, according to reports.
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Professionals support switch to CPIH with no compensation
On the go: More than a third of pension professionals support a switch from the retail price index to the consumer price index incorporating owner occupier housing costs with no compensation, new research shows.
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Company director fined after prioritising yachting over TPR
On the go: A company director has been fined £10,000 and ordered to pay £2,800 in costs by the Pensions Regulator for failing to provide information and documents requested as part of an investigation.
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General levy uplift to cost private schemes £4.9m in first year
Private sector pension schemes will see their general levy bill increase by £4.9m in 2020-21 as the government has confirmed a hike of 10 per cent to overcome a shortfall in funding in future years will go ahead.
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Email attacks on the Pensions Regulator rise 148%
On the go: The Pensions Regulator was the target of more than 343,000 email attacks in 2019, an increase of 148 per cent over last year, according to official data.
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Local authorities to have ‘absolute discretion’ on LGPS exit credits
On the go: Local authorities will have “absolute discretion” in determining the amount of any exit credit payment due to employers in the Local Government Pension Scheme, the government has said.
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Schemes unable to handle member information requests
On the go: Testing of pension schemes and providers' ability to meet savers' requests for information about their benefits has uncovered a litany of failings.
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New criminal sanctions not meant to disrupt businesses, Govt claims
The government has guaranteed that new criminal sanctions introduced in the pensions schemes bill are not intended to disrupt legitimate corporate activity, but has refused to revise “widely” worded powers to go after those linked to defined benefit schemes.
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NewsRegulator’s ESG letter ‘as vague as trustees’ statements’
The Pensions Regulator’s response to schemes not publishing newly required statements of investment principles has been lambasted by the non-profit that first uncovered the extent of non-compliance.
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Social care crisis: is auto-enrolment the answer?
Auto-enrolment-style contributions could hold the key to solving the UK’s growing social care crisis, according to the sponsors of a report into the funding shortfall for care in later life.
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Auto-enrolment process creates 'employee underclass'
Three out of four pensions professionals say employers should be free to statutorily enrol any employee they wish, even if current auto-enrolment age and earnings criteria are not met.