All News articles – Page 219
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.
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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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Reform NHS pension rules or face walkouts, BMA warns
On the go: Senior NHS doctors will cut their working hours unless there is tangible reform to the health service pension scheme, the British Medical Association warned the Chancellor of the Exchequer on Thursday.
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STV agrees new £127m DB funding package
On the go: Scottish broadcaster STV has agreed to pay off its £127m defined benefit pension deficit over 12 years, including additional contributions if its cash flow improves, after completing triennial valuations of its schemes.
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Government urged to force matching of voluntary contributions
The government should force employers to match voluntary pension contributions made above auto-enrolment minimums, according to investment platform Hargreaves Lansdown.
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TPR warns on chair's statements after master trust fines upheld
On the go: Fines issued by the Pensions Regulator against two master trusts have been upheld by courts, as the watchdog warned providers to ensure their chair's statements comply with the law.