More Law & Regulation – Page 89
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Regulator under fire for insurance supervision
On the go: The Prudential Regulation Authority has been criticised over its supervision of the insurance sector, and in particular the proposed transfer of £12bn of annuities by Prudential to Rothesay Life.
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PPF aims to spruce up assessment panel as it tenders for 10 experts
On the go: The Pension Protection Fund has set the ball rolling for a retender of its assessment period trustee panel with a special focus on corporate restructuring and insolvency proceedings.
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Nearly one in five schemes use FM as green issues come to the fore
On the go: Despite a regulatory investigation, assets managed by fiduciary managers have broken the £170bn barrier, up 21 per cent from £142bn in 2018.
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ACA: Widespread indecision over complexity and cost of GMP equalisation
On the go: The complexity and cost of equalising guaranteed minimum pensions is a major concern for many employers, who have yet to decide on how they should respond to the legal requirement to act, according to Association of Consulting Actuaries research.
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FRC unveils stewardship code addressing ESG engagement
On the go: A new code from the Financial Reporting Council dictates how asset managers and pension funds should engage with companies for better environmental and social outcomes, including on climate change.
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DWP proposes levy rise for pension schemes
On the go: The Department for Work and Pensions sought feedback from the pensions industry on Friday ahead of its proposed increase to the general levy paid by pension schemes.
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Providers to be fined £50k if they break dashboard rules
On the go: The government has revealed that providers that fail to supply data for the pensions dashboards could be fined up to £50,000 by The Pensions Regulator.
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10k-20k-30k: PLSA launches new retirement living standards
On the go: The Pensions and Lifetime Savings Association has launched its retirement living standards, an attempt to translate savings targets into a description of the quality of life they will actually enjoy in later life.
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LTA to increase to £1.075m next year while pensioners get bumper rise
On the go: The latest data from the Office for National Statistics shows the consumer price index of inflation grew by 1.7 per cent in September 2019, with impacts on the state pension and the lifetime allowance.
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Consolidators unfazed after being dropped from pensions bill
The two existing defined benefit commercial consolidators have said they are not surprised by the lack of superfund provisions in the pensions bill.
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Pension schemes bill overshadowed by Brexit
A pension schemes bill has been included in the Queen’s Speech as expected, but critics say the government’s Brexit headaches and lack of majority mean it is little more than a manifesto pledge.
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Poorest pensioners receive least government support
On the go: The poorest fifth of UK pensioners are receiving up to £4,000 less in state benefit income than their richer counterparts, research reveals.
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Women born in the 1950s lose state pension claim
On the go: The High Court has ruled against the BackTo60 campaign group, who were seeking the restitution of their state pensions backdated to age 60.
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TPR: 400 schemes fail to review data within three years
On the go: The Pensions Regulator is demanding that four hundred pension schemes review their data urgently within six months as part of a crackdown on poor record-keeping, with tough sanctions for non-compliance.
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Ombudsman upholds complaint against LGPS despite predator warning
On the go: The Pensions Ombudsman has upheld a complaint against Hampshire County Council and the Hampshire Pension Fund involving a transferring member who fell victim to a scam.
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Now Pensions among four new authorised master trusts
On the go: The Pensions Regulator has authorised a further four master trusts to continue operating in the defined contribution market, including the once embattled provider Now Pensions.
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NewsNew consultation fails to address NHS clinician concerns
Doctors believe a new consultation offering greater pension flexibilities is not enough to stop them refusing extra shifts in the hard-pressed National Health Service, as experts demand an overhaul of the entire pensions tax system.
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Aegon and Nest join list of authorised master trusts
On the go: Nest, the master trust set up by the government to back auto-enrolment, has received authorisation from the Pensions Regulator, along with four other multi-employer schemes.
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Thérèse Coffey new DWP secretary after Rudd’s Brexit exit
On the go: Suffolk Coastal MP Thérèse Coffey will take over as secretary of state for work and pensions, the government announced on Sunday, after Amber Rudd quit the role over Boris Johnson’s handling of Brexit.
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TPR prosecutes director for information breach
On the go: The Pensions Regulator is taking legal action against a company director for failing to provide it with information – the latest in a string of prosecutions for section 72 breaches.