All News articles – Page 202
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TPR targets employers who flout auto-enrolment law
On the go: Employers who avoid their auto-enrolment pension duties are being targeted by the Pensions Regulator in a new round of short-notice inspections.
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UK schemes deficit falls to £6.4bn
On the go: The aggregate deficit of the 5,450 UK defined benefit schemes in the PPF 7800 Index fell to £6.4bn at the end of April 2019 from £43.9bn at the end of March 2019.
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Master trust authorisation period closes with 38 left in the running
On the go: A total of 38 master trust authorisation applications had been submitted to The Pensions Regulator by Tuesday, as the extension period closed with more casualties expected.
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Nest seeks new third party administrator
On the go: Master trust Nest has invited bids to take over the administration of its 8m-member scheme from 2023, as regulations force the scheme to re-tender at the end of its current contract.
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Ministers mulling 50/50 solution for NHS scheme
On the go: The chancellor and health secretary are reportedly considering introducing greater flexibility to the NHS pension scheme, in a bid to stave off a wave of early retirements without changing tax rules.
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TPR to issue two consultations on plans for a clearer DB funding framework
On the go: The Pensions Regulator has announced its intention to launch two consultations – the first to be published this summer – as part of the watchdog’s plans to make the funding standard for defined benefit schemes clearer.
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Members ‘blissfully’ unaware of pension minefield ahead
On the go: Pension scheme members nearing retirement are ill-prepared for the problems they face when accessing their pensions, ranging from paying too much tax, to running out of money before the end of their days, or even losing their life savings to scams, according to a new survey of trustees.
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Employers and unions rail against latest USS proposals
On the go: Academics and employers have expressed their disappointment at the latest Universities Superannuation Scheme proposals in the long-running pensions dispute which saw universities brought to a standstill last year.
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Scrap ‘rotten’ taper altogether, former pensions ministers tell chancellor
Pressure is mounting on the chancellor to take action on NHS pensions, as two former pensions ministers on Wednesday called for the “fundamentally rotten” tapered annual allowance to be scrapped.
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New parliamentary group looks at benefits of longevity
On the go: The new All Party Parliamentary Group for Longevity has outlined plans to introduce a national strategy for healthy longevity, focusing on the benefits – rather than the problems – of ageing.
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Link Pension Trustees receives record fine of £104k from TPR
On the go: The Pensions Regulator has fined professional trustee company Link Pension Trustees, a total of £103,750 for breaching multiple areas of pension law. This is the largest ever fine handed to trustees by the watchdog.
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70,000 DB members exercise freedoms each year, research shows
On the go: Some 70,000 members could be leaving defined benefit schemes each year, according to research by XPS Pensions.
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TPR outlines guidance plans in response to Rookes report
On the go: The Pensions Regulator has published its action plan in response to the British Steel Rookes review, outlining several steps designed to boost support and guidance for trustees facing restructure or changes.
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NewsField blasts lack of support for plumbers faced with huge DB debts
The Work and Pensions Committee has warned the government that “much more needs to be done” to support small plumbing businesses being faced with potentially crippling debts to the industry’s multi-employer defined benefit scheme.
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FCA paper highlights intergenerational disparity
On the go: The Financial Conduct Authority’s new discussion paper on intergenerational shifts highlights the disparity in pensions, mortgages, consumer credit and insurance coverage of UK citizens from millennials to baby boomers.
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MPs query Lloyds Bank chief executive’s high pension award
On the go: In a letter to Lloyds Banking Group, the chairs of two parliamentary select committees have questioned pension and share awards at the bank, following reports that chief executive António Horta-Osório has “voluntarily” given up a portion of his pension.
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DOIs: Could a cup of coffee lead to £1m DB fine?
A lack of clarity on proposed new legislation means a meeting over a cup of coffee to discuss a corporate transaction could cost an employer up to £1m in civil fines if a declaration of intent is not made in advance, according to law firm Pinsent Masons.
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TPR works with Oxfordshire fund to fix admin woes
On the go: Ninety-nine per cent of active members of the Oxfordshire County Council Pension Fund have received a 2017-18 annual benefit statement, following regulatory intervention after no annual statements were issued for 2014-15.
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Debenhams schemes enter PPF assessment
On the go: Debenhams’ defined benefit pension schemes have entered the Pension Protection Fund assessment period, after the retailer announced details of two proposed company voluntary arrangements.
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Pearson encourages AE members to switch sections for better outcomes
The Pearson Pension Plan is encouraging members of its auto-enrolment section to switch to its money purchase section, where it says they will be able to pay in lower contributions but save more.