More Law & Regulation – Page 87
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Opperman reappointed pensions minister
On the go: Guy Opperman remains as minister for pensions and financial inclusion after being reappointed as MP for Hexham.
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Recruitment agency fined for avoiding AE duties
On the go: A recruitment agency and its managing director have been ordered to pay £10,890 for avoiding their auto-enrolment duties and misleading the Pensions Regulator by falsely claiming staff had been put into a workplace pension.
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DB schemes pursuing riskier investments, TPR warns
On the go: Some defined benefit schemes are are pursuing more risky investment strategies that seek extra returns, which could be damaging in the event of adverse economic shocks, the Pensions Regulator warned.
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Part-time judges win court case
On the go: Four judges have seen the Supreme Court rule in favour of their appeal to reclaim a pension, in a case that could cost the government £1bn.
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IGCs face ‘huge challenges’ with extended oversight remits
The new rules coming into force for independent governance committees – taking oversight of the provider’s policy on environmental, social and governance factors, and guaranteeing the value for money of new investment pathway solutions – have been branded a “huge challenge” by industry experts.
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TPR approves HSBC master trust
On the go: The HSBC Master Trust has become the first new scheme to be authorised by the Pensions Regulator, bringing the total number of authorised schemes to 38.
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PPF includes levy adjustment for GMP equalisation
The Pension Protection Fund will allow companies moving from a profit to a loss – due to the impact of guaranteed minimum pensions equalisation – to request an adjustment in their levy calculations.
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Accounting rules change could see charities leave multi-employer DB
On the go: Charities participating in multi-employer defined benefit schemes will have to disclose their individual liabilities, which could lead to these organisations opting to leave and setting up their own final salary plan, an expert warned.
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Elections 2019: Pension reforms expected after Tory majority
Sweeping pension system reforms are expected following the Conservative Party’s comprehensive victory in Thursday’s general election, with more powers coming for the regulator, a tax review for the higher and lower paid, and experts calling for more work on retirement adequacy.
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Accountant charged with misleading regulator due to pension failings
On the go: An accountant has been charged with misleading the Pensions Regulator after he allegedly failed to enrol staff into a pension.
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Calls for next government to revive multi-employer schemes bill
On the go: The boss of a small Scottish plumbing company hit with a £1.2m pensions bill is calling for the next government to revive a 2018 proposal, which would end the current issues affecting sponsors of the Plumbing and Mechanical Services Industry Pension Scheme.
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Master trusts forced to up reserves due to levy increase
Master trusts will be hit twice by a general levy increase, since in addition to a cost hike these schemes will also have to boost their reserves in case of a wind-up, and face added scrutiny from the regulator as a revised business plan could be expected.
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TPR’s debt recovery rate stalls despite record enforcement activity
On the go: Despite the Pensions Regulator enforcement activity reaching a record high, the recovery rate against recoverable debt remains at 30 per cent, new research has revealed.
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Schemes hit back at DWP’s levy ‘knee-jerk solutions’
Several pensions experts have criticised the government’s consultation on the general levy on pension schemes, arguing that the Department for Work and Pensions has proposed ‘knee-jerk solutions’ that are not fit for purpose.
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McCloud claimants to be treated as pre-2015 members
On the go: Younger members of public sector schemes who have been discriminated against by the government’s 2015 pension reforms will be treated as participants of the original pension funds.
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Calls for NHS pension solution to be extended to armed forces
On the go: The Forces Pension Society has called on the government to extend its temporary fix for pension tax issues for senior clinicians to the armed forces.
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Darren Ryder steps down from TPR
On the go: The Pensions Regulator’s director of auto-enrolment, Darren Ryder, will leave his role next year to help other countries develop their own auto-enrolment programmes.
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Labour promises £58bn redress to 1950s women
On the go: The Labour party has pledged to compensate women affected by the state pension age hike, with a £58bn commitment.
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Conservatives promise to revive pensions bill
On the go: The Conservative party has promised to bring back Guy Opperman’s three-part pensions bill if re-elected, in a manifesto that largely maintains the status quo in retirement saving.
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NewsLabour’s nationalisation plans could dent scheme portfolios
The Pensions and Lifetime Savings Association has urged the Labour Party to clarify its plans for nationalisation of infrastructure and utilities, stressing that current investors must be compensated.