All News articles – Page 164
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News
Part-time judges get owed pensions as govt consults on new rules
On the go: The Ministry of Justice is consulting on new rules for the Fee-Paid Judicial Pension Scheme in response to recent court cases, with 4,600 judges being owed past pension contributions.
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Regulator finds lack of consistency in IGCs
On the go: The Financial Conduct Authority is concerned about a lack of consistency in the way independent governance committees operate, which means that members of some workplace pension schemes may not be receiving value for money.
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NewsBoE governor reignites row between superfunds, insurers and regulators
In an intervention which laid bare a deep divide both in the industry and between regulators, Bank of England governor Andrew Bailey has reignited a long-running feud between traditional insurers and advocates of new superfund models, while casting doubt on the Pensions Regulator’s ability to oversee consolidators.
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United Biscuits awaits CJEU ruling in long-lasting VAT saga
On the go: The trustees of United Biscuits’ defined benefit pension scheme are waiting for a final ruling from the Court of Justice of the European Union, after the advocate general sided with HM Revenue & Customs on a long-lasting battle on value added tax.
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High Court rules ‘drafting errors’ sufficient to justify switch to CPI
A High Court decision has found in favour of a pension scheme switching to the consumer price index from the retail price index, but only because of a drafting error in the scheme’s rules.
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ABI revives call for flat rate pension tax relief
On the go: The Association of British Insurers has urged the government to simplify the pension tax relief system, arguing it worsens existing inequalities in its current form.
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MPs urge regulator to reassure struggling employers
On the go: The Work and Pensions Committee has called for clarity from the Pensions Regulator over its Covid-19 enforcement procedures, voicing concerns that some “conscientious employers” will be reluctant to take advantage of easements.
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NewsPPF cap is age discrimination, court rules
A High Court judge has ruled that a key feature of the Pension Protection Fund’s benefit structure is illegal on age discrimination grounds, leaving the defined benefit lifeboat liable for back payments to wealthier pension members.
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2020 set to be a record-breaking year for longevity swaps
On the go: Demand for longevity swaps is expected to set new records in 2020, reflecting in part a slight slowdown in the bulk annuity market, according to a report by Willis Towers Watson.
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Aviva strikes £150m buy-in with General Healthcare Group
On the go: Insurer Aviva has secured a £150m buy-in contract with the General Healthcare Group & Life Assurance Plan.
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Cash-strapped money printer cuts deficit repair contributions
British banknote printer De La Rue has cut deficit repair payments to its defined benefit pension scheme, contingent on the success of its bid to raise an extra £100m in capital.
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Transparency initiative adds new tools following industry support
On the go: The Cost Transparency Initiative has released additional resources and a new set of tools aimed at encouraging more schemes and asset managers to sign up to the standard, following a strong show of support by the industry for the framework it published last year.
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Are pensions the answer to UK’s £1tn infrastructure gap?
A solution for the regeneration of Britain’s infrastructure could come from pensions, as superfunds could help plug the UK’s £1tn infrastructure gap. However, specialists believe it will be difficult for schemes to achieve the scale needed for these investments to be successful.
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Workplace pension saving on the increase
On the go: Auto-enrolment is proving to be a success as a record number of individuals saved into a workplace pension last year, according to the latest data.
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Minister questions schemes on dashboard data readiness
UK pension schemes are being asked by the pensions minister to report on the readiness of their data for the dashboards project, but specialists argue the lack of legislation and data standards could make it difficult to obtain accurate responses.
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Peers push for clarity over insolvency measures
On the go: Members of the House of Lords have pressed the government to provide clarity over the impact of new insolvency laws on pension schemes.
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Blow to investors as TPR rules risk further dividend drought
On the go: New guidance from the Pensions Regulator could prolong the “dividend drought” currently hampering income investors, experts have warned.
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Superfunds cleared to begin work under TPR interim regime
The Pensions Regulator is to sanction the transfer of struggling corporate defined benefit schemes into commercial consolidators aiming to secure pensions at a lower cost than insurers, under a two-part interim regime unveiled on Thursday.
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DB employers mandated to justify further payment holidays
Trustees of defined benefit pension schemes will have to report decisions to allow sponsors to skip or delay deficit payments to the Pensions Regulator from July, as the watchdog drew fire for not insisting on this transparency from the start of its Covid-19 easements.
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Maps prioritises dashboards delivery
On the go: The Money and Pensions Service is increasing its focus on pensions dashboards as a way to deliver for customers, according to its new business plan.