All Regulation articles – Page 20
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NewsUUK tries to dispel valuation myths as UCU presses on with strike action
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has argued that the rate increases facing USS members would not be alleviated by a new valuation, countering claims made by the University and College Union.
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NewsUCU members back strike action over USS pension cuts
University and College Union members have backed industrial action over cuts proposed by the Universities Superannuation Scheme trustee and Universities UK, the group representing 340 USS employers.
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NewsMassive retender exercise sees fiduciary manager fees drop
On the go:The Competition and Markets Authority order for schemes to run a fiduciary management tender exercise led to a 345 per cent increase in retenders in 2021, a process that saw a marked decline in fees, according to research from Isio.
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NewsGovt U-turns on minimum pension age hike protections
The government has closed the opportunity for people to transfer to a pension scheme that would offer pension age protection ahead of its planned minimum pension age increase.
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NewsFirefighters threaten legal action over McCloud costs
The government is braced for more McCloud drama after the Fire Brigades Union published a letter threatening legal action to stop the cost of the remedy falling on members.
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NewsUSS directors sued over climate inaction and breaches of duty
Two university lecturers, backed by a number of branches of the University and College Union, have filed a wide-ranging legal action against the directors of the Universities Superannuation Scheme, accusing them of multiple failings with respect to the controversial 2020 valuation, and of inaction around climate change commitments.
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NewsDWP proposes fraud compensation levy increase for all pension schemes
The Department for Work and Pensions is consulting on changes to the fraud compensation levy, which will see pension schemes pay more than double the current fee as pension scam claims rise.
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NewsTPR to tighten supervision to steer schemes’ climate response
The Pensions Regulator is aiming to set “clear expectations” of what it wants to see from pension schemes, while increasing supervision ahead of the new requirements to comply with environmental, social and governance legislation under the Pension Schemes Act 2021.
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NewsBudget: Govt not expecting tax relief take-up and millions for McCloud
Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.
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NewsDB master trust self-certification regime launched
On the go: A self-certification regime for defined benefit master trusts was launched on Wednesday that will provide “useful information” for trustees considering a move to such schemes.
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NewsBudget 2021: Government announces net pay tax relief top-up
Individuals making pension contributions to net pay schemes from 2024-25 will be eligible to claim a top-up, the government has confirmed, while a £71m investment has been earmarked for modernising pensions tax relief administration.
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NewsBudget 2021: Sunak announces further changes to DC charge cap
Chancellor of the exchequer Rishi Sunak announced on Wednesday that the government will consult “within the next month” on further changes to the charge cap intended to encourage more investment in illiquid assets by defined contribution schemes. But experts have said this is “missing the point”.
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NewsRegulators to push forward with preparations for dashboards
On the go: The Pensions Dashboards Programme has confirmed that its partner organisations, including the Financial Conduct Authority and the Pensions Regulator, are set to begin work on progressing the dashboards programme.
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NewsPublic sector pensions cost £57bn more than declared, report finds
The government is misleading parliament and the public over the cost to the taxpayer of public sector pensions, a report from the Institute of Economic Affairs has claimed, while raising further questions around the visibility of these pension schemes.
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NewsFCA pushes ahead with new illiquids fund for DC schemes
Pension funds will have access to a Long-Term Asset Fund regime following changes made by the Financial Conduct Authority, with special flexibility afforded to defined contribution schemes to invest in illiquid assets.
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NewsActuaries demand ‘comprehensive guidance’ on TPR’s notifiable events
On the go: The Association of Consulting Actuaries has called for “comprehensive guidance” to be published before the Pensions Regulator’s new notifiable events regime comes into force, citing the “significant penalties” that apply for non-compliance.
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NewsTPR to demand more asset information from schemes in 2023
The Pensions Regulator has confirmed it will press on with reforming the asset class information it collects via the scheme return, in a consultation response published on Thursday.
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NewsUnion calls for McCloud fix for civil service retirees
On the go: The Public and Commercial Services Union has warned that former civil servants who retired early for health reasons are not being paid what they are owed under the McCloud remedy, and has called on the Cabinet Office to apply the same fix recently agreed with firefighters
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NewsSimpler statements delayed until October 2022
On the go: The government has decided to delay the introduction of simpler annual benefits statements until October 2022, following industry concerns about the amount of work required to implement them.
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NewsMembers on lower incomes to pay more in NHS pensions overhaul
The government has announced its intent to overhaul the way in which NHS Pension Scheme members pay contributions from April next year, following the implementation of the McCloud remedy.