More Law & Regulation – Page 97
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PLSA: Shareholders’ resolutions against FTSE directors’ pay triple
On the go: Shareholder activism is on the rise. Across Britain’s major companies in the FTSE 350, 148 annual meeting resolutions attracted ‘significant’ dissent levels across 82 different companies in 2018, recent research has shown. Executive pay and directors’ election were the top areas of concern.
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UK’s EU pensions liabilities could reach €9.75bn
On the go: The UK’s share of the EU’s pension is liabilities could be as much as €9.75bn (£8.52bn), Lord Bates told Parliament on Monday.
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UK retirees in the EU could see their state pension frozen, warns Altmann
On the go: Hundreds of thousands of UK citizens who have retired to the EU could lose out on state pension increases if there is a no deal Brexit, former pensions minister Ros Altmann has warned.
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NewsFCA investment pathway proposals welcomed, but concerns remain
The Financial Conduct Authority’s recent proposals on investment pathways have been widely welcomed, but questions remain over the suitability of ready-made drawdown solutions.
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FCA proposes rules on investment pathways
On the go: The Financial Conduct Authority has set out its second proposed package of remedies from its Retirement Outcomes Review, in a consultation on investment pathways, ensuring investment in cash is an active decision, and actual charges information.
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XPS: ‘GMP equalisation will be less costly than feared’
On the go: The cost of addressing inequality in guaranteed minimum pensions may be a lot lower than expected at less than 1 per cent of total liabilities for over half of all schemes, according to consultancy XPS Pensions.
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Government provides £329m safety net to Nest
On the go: The government has given Nest, the workplace pension provider, a contingent liability guarantee of £329m to enable it to comply with the tough new master trust regime amid accusations of unfair state aid.
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BSPS review calls for more guidance for schemes on restructuring
On the go: An independent review of the communications and support provided to steel workers as part of the British Steel Pension Scheme ‘Time to Choose’ exercise has called for better guidance for trustees to help them plan and manage a restructuring.
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24 companies wound up since 2015 due to pensions misuse
On the go: Since 2015, the Insolvency Service has applied to the courts to wind up 24 companies involved in pensions misuse, according to the government agency.
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Health secretary in talks with chancellor over pensions tax relief
On the go: Matt Hancock, the secretary of state for health and social care, is in discussions with the chancellor over the issue of pensions tax relief and the impact it has on GP retention.
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APS trustees given go ahead to use scheme assets to fund appeal
On the go: Trustees of the Airways Pension Scheme have been given permission to use scheme assets to fund an appeal to the Supreme Court over APS discretionary increase litigation.
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FCA warns of looming retirement poverty prospect
On the go: Inadequate retirement incomes that do not meet consumers’ expectations remain the central challenge for the pensions industry, according to the Financial Conduct Authority.
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Accounts manager admits workplace pensions cover-up
On the go: A Bradford-based accounts manager lied to investigators to try to hide the fact that restaurants had not given their employees workplace pensions.
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Select committee launches inquiry into contingent charging
On the go: The Work and Pensions Committee has launched an inquiry into contingent charges for defined benefit transfer advice.
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Master trusts slow to seek authorisation from TPR
On the go: Master trusts continue to be tardy in applying for authorisation from the Pensions Regulator, with the watchdog revealing that it has only received six applications for authorisation as at December 31 2018.
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144% rise in number of businesses fined for auto-enrolment errors
On the go: The number of businesses fined by the Pensions Regulator for auto-enrolment errors has climbed 144 per cent to 35,810 in 2017-18 from 14,650 in 2016-17, according to recent analysis by commercial law firm EMW.
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PPF starts payments following ECJ ruling
On the go: The Pension Protection Fund has begun to top up the compensation of members receiving less than 50 per cent of their original pension promise, following a landmark ruling by the Court of Justice of the European Union.
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Govt discriminated against younger judges and firefighters, court finds
The government has suffered another legal defeat over its handling of changes to pension provision for judges and firefighters, with a court maintaining that it discriminated against younger members and indirectly against ethnic minorities and women.
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Uber loses appeal over driver employment rights
On the go: Judges have dismissed an appeal against a ruling that Uber’s drivers should be treated as workers rather than as self-employed.
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Pensions cold-calling bill passes through Parliament
On the go: Pensions cold-calling will finally be banned from January, after a string of delays in legislating against what has been a scourge of UK savers.