All Professional trustees articles – Page 9
-
NewsJust 19 per cent say TPR criminal powers policy is 'adequately clear'
A mere 19 per cent of people said the Pensions Regulator’s draft policy on the use of its new criminal powers is “adequately clear”, while 65 per cent said they feared it could prompt companies to ditch their pension arrangements, leaving the regulator with much to do to win back industry trust.
-
NewsTraditional trustee board model unfit for ‘purpose’
On the go: The traditional trustee board model has been branded “unfit for purpose”, as recent events have shown the importance of reacting quickly to changing circumstances.
-
NewsIndustry calls again for clarity as TPR criminal consultation closes
The pensions industry has once again united in its calls for clarity as a consultation into the scope and application of the Pensions Regulator’s new criminal powers comes to a close.
-
NewsAlmost £2m lost to pension fraud so far in 2021
On the go: Action Fraud is warning savers to remain vigilant and protect their pensions, as new research from the national reporting centre for fraud and cyber crime reveals that £1.8m has already been lost to pension fraud in 2021.
-
News
Schemes to spend £1.5bn on GMP equalisation past transfer top-ups
New research from Buck suggests the bill for equalising guaranteed minimum pension benefits in past defined benefit scheme transfers continues to grow, with at least £1.5bn needed for schemes to top up these historic transactions.
-
NewsCloud-based data recovery service wins industry praise
A new cloud-based service promising independent data backup facilities for pension schemes has won praise from industry experts, who hailed it as an “innovative solution” to the rare but worrisome prospect of administrator failure.
-
PodcastsPodcast: Treasury admin fund could help tackle McCloud
Podcast: The Treasury should create a fund to help schemes cope with the administrative load of the McCloud remedy. So says Ray Martin, director at HS Sole Trustees, who is joined by Pensions Administration and Standards Association chair Kim Gubler to discuss TPR’s new climate change agenda, the NAO’s warning about the burdensome McCloud judgment, and a bizarre proposal for a national pension fund.
-
NewsAon criticises USS valuation assumptions as ‘overly prudent’
Aon has criticised the methodology and assumptions underlying the Universities Superannuation Scheme trustee’s response to the USS valuation, accusing it of being overly prudent and failing to properly justify several of its assumptions.
-
NewsBridging pension option smooths Rolls-Royce scheme restructure
The introduction of a bridging pension option in the Rolls-Royce UK Pension Fund has helped smooth the transition for its members following a scheme restructure announced in May 2020.
-
NewsUUK consults on way out of USS valuation wrangle
Universities UK, the employer group representing 340 Universities Superannuation Scheme employers, has opened a consultation on a range of measures intended to settle the long-running feud over the 2020 USS valuation.
-
News
Guidance brings ‘welcome clarity’ for trustees over financial advice
On the go: New guidance from the Financial Conduct Authority and the Pensions Regulator has clarified what constitutes unregulated financial advice, allowing schemes to offer cash equivalent transfer value quotations and annuity estimates, but banning drawdown illustrations.
-
PodcastsPodcast: TPR’s criminal powers policy will evolve with experience
Podcast: The Pensions Regulator’s policy around the use of its controversial new powers “will evolve” in response to evidence, court cases and industry experience, its director of regulatory policy, analysis and advice revealed.
-
NewsIndustry facing trustee exodus due to TPR’s new powers
Concerns about the reach and remit of the new powers afforded to the Pensions Regulator have not been addressed by its guidance or draft policy, and are even forcing some trustees to quit, Aon has said.
-
NewsHalf of all DB liabilities paid out or insured by 2030
Fully half of all UK defined benefit liabilities will either have been paid out to members or insured by the end of the decade, according to analysis by Mercer, as buy-in and buyout values topped £30bn in 2020.
-
PodcastsPodcast: Uber decision poses challenges for master trust sector
Podcast: For master trusts, onboarding gig economy workers who could be entitled to a pension following the Supreme Court’s Uber verdict is not as simple as it may sound. Hymans Robertson’s Patrick Bloomfield, partner, and senior DC investment consultant Victoria Panormo unpack the problem, in an episode also covering the Pensions Regulator’s draft criminal powers policy, and the Department for Work and Pensions’ climate risk consultation.
-
NewsTPR’s new code of practice has ‘major implications’
The Pensions Regulator’s proposed new code of practice has “major implications” for pension schemes, introducing a raft of new duties and requirements around climate change, stewardship, investment and administration, experts have said.
-
NewsTax ‘super-deduction’ could leave DB schemes short-changed
A “super-deduction” introduced in the Budget could see less money available to clear pension deficits, experts have warned, as businesses look to take advantage of the tax break.
-
NewsTPR’s criminal powers draft policy fails to repeal industry concerns
The Pensions Regulator’s draft guidance on its new criminal powers, published on Thursday, failed to allay fears about the new sanctions, since it will be able to prosecute anyone in connection with an offence and will no longer be bound by limitation periods.
-
News
University employers urge USS to reconsider its valuation outcomes
On the go: Universities UK, which represents 340 Universities Superannuation Scheme employers, has written to the trustees of the scheme urging a rethink of its valuation outcomes.
-
NewsConcerns remain as DWP’s climate change consultation closes
Despite welcoming the government’s proposed measures on climate risk, industry experts have highlighted several outstanding concerns as the new rules need more clarity and risk a “herd mentality when it comes to metrics and targets”.