More Law & Regulation – Page 99
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News
21% of older workers think they are too savvy to be scammed
A joint regulatory scams awareness campaign has prompted tens of thousands of people to seek information about pension scams, but more than half of 45-65 year olds with a pension still do not think they are likely to be targeted by con artists.
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NewsDWP eyes scheme dashboard compulsion within 4 years
Occupational pension schemes may be expected to provide member data to pensions dashboard services or face regulatory punishments within the next four years, according to a feasibility study by the Department of Work and Pensions.
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Southern Water agrees higher DRCs after regulator investigation
Utility company Southern Water has agreed to pay significantly higher deficit repair contributions under a shorter recovery period, following an investigation by the Pensions Regulator.
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Govt and scheme decision-makers told to tread with caution on CDC
Collective defined contribution schemes could produce a higher and more certain retirement income than individual DC schemes, but there are also many potential issues to consider, including intergenerational unfairness and governance problems, the Pensions Policy Institute has highlighted.
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Field and PPF express concerns over Johnston Press deal
On the go: Chair of the Work and Pensions Committee Frank Field has written to the Pensions Regulator about its engagement with Johnston Press on its pension scheme, which has now entered a Pension Protection Fund assessment period. The PPF has also raised concerns over the deal.
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GMP ruling could see £50bn of buy-ins restructured
On the go: Insurers are set to be deluged with a flood of requests to restructure buy-in contracts as a result of the High Court decision in the Lloyds Banking case, which held that guaranteed minimum pensions must be equal for men and women.
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Esther McVey resigns over Brexit deal
On the go: Esther McVey has resigned as Secretary of State for Work and Pensions, declaring that she was unable to support Prime Minister Theresa May's draft EU withdrawal agreement.
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NewsNo-deal Brexit a possibility as McVey and others quit
Esther McVey has resigned as secretary of state for work and pensions amid a raft of cabinet resignations, raising speculation about the impact of a no-deal Brexit on the pensions sector.
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Poor scheme data threatens to undermine GMP equalisation
More than 60 per cent of pension schemes are not expected to have sufficient data to carry out equalisation of guaranteed minimum pensions, recent research has shown.
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AE reaches nearly 10m workers, but gaps in coverage remain
On the go: A record 9,937,000 workers have been auto-enrolled into a pension scheme since 2012 according to data from the Pensions Regulator’s monthly auto-enrolment compliance statistics released on November 13.
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TPR: Only one master trust authorisation in the pipeline so far
On the go: Master trusts have been slow off the mark to obtain authorisation from the Pensions Regulator. They have a six-month window from 1 October to gain approval. Since then only one master trust has applied.
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Gig economy workers to get more rights
On the go: More than 1m gig economy workers in such companies as Uber and Deliveroo may soon have more employment rights.
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Treasury Committee scrutinises treatment of vulnerable customers
On the go: The Treasury Select Committee has today launched a new inquiry into vulnerable consumers’ access to financial services.
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News
FOS receives just 300 pensions transfer complaints
On the go: Since the introduction of the pension freedoms in 2015, the Financial Ombudsman Service has received fewer than 15,000 complaints involving pensions. Of this figure, just 1,700 have been about pension freedoms and around 300 of these complaints were about defined benefit transfers.
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News
Barnardo's scheme loses Supreme Court RPI appeal
On the go: Children's charity Barnardo's may not change the inflation protection it provides to members of its defined benefit scheme, the Supreme Court has ruled.
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NewsSupreme Court: Barnardo's wording does not allow RPI/CPI switch
The Supreme Court’s rejection of an attempt by Barnardo’s to downgrade its pension increases is a reminder that courts are unlikely to bend rules to accommodate the commercial needs of defined benefit sponsors, according to legal experts.
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OPDU launches independent pension trustee liability policy
On the go: The Occupational Pensions Defence Union has launched a pensions trustee policy aimed at individual independent trustees in the UK.
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Self-employed back expansion of AE to cover gig economy
On the go: Self-employed workers want government help to save for retirement and would back new laws to expand auto-enrolment or to make saving for retirement compulsory, new research from Prudential shows.
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CDC consultation aims to avoid Dutch pitfalls
Collective defined contribution schemes will be designed to minimise intergenerational unfairness, according to the Department for Work and Pensions, as it announced plans to legislate for the benefit structure in late 2019.
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News
Accountant fined £6,857 for providing false information to avoid AE duties
On the go: The accountant of a London cafe has been ordered to pay £6,857.50 after he admitted falsely claiming to the Pensions Regulator that staff had been enrolled into pensions.