All Regulation articles – Page 28
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NewsOmbudsman reports failing AE employer to the regulator
On the go: The Pensions Ombudsman has upheld a complaint against accounting company Berics over £678 in unpaid auto-enrolment contributions, reporting the employer to the Pensions Regulator.
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OpinionDon’t ‘do’ pensions? Think again…
Norton Rose Fulbright’s Claire O’Donnell and Julia Chirnside explain how corporates can prepare for the increased notification requirements to the Pensions Regulator that could have an impact for many merger and acquisition transactions.
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OpinionSchemes should prepare for new TPR contribution notice regime
Trustees and sponsors should consider how they would justify actions when faced with an intervention by the Pensions Regulator, which is consulting on new conditions to issue contribution notices, writes Chris Edwards-Earl, senior associate at Stephenson Harwood.
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NewsTreasury slammed for McCloud errors, but members will foot the bill
The Public Accounts Committee has issued a scathing report highlighting HM Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.
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NewsCalls for NHS pension reform to tackle 'medical staffing crisis'
On the go: The British Medical Association has used a Public Accounts Committee report criticising the Treasury’s implementation of public sector pension reforms to call for further changes to the NHS Pension Scheme in order to tackle the medical staffing crisis.
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PodcastsPodcast: Trustees should focus more on scheme admin in anti-scam fight
Podcast: The Pensions Ombudsman has declared schemes should have their transfer and due diligence procedures updated within a month of new anti-scams guidance. Compliance will require a huge amount of administrative time and resources, and trustees should give scheme administration more focus. LCP partner Francesca Bailey and Pensions Management Institute president Lesley Alexander talk scams, dashboards and corporate activity.
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NewsACA calls for more time to comply with pension scams rules
On the go: The Association of Consulting Actuaries has said administrators and trustees will need more time to comply with new pension scam rules being introduced by the government.
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News
Industry bodies warn of 'consultation fatigue'
A number of industry bodies are concerned about “fatigue” from a deluge of consultations, Pensions Expert can reveal, warning that the sheer number of responses required, coupled with the short time-frames in which to prepare them, risks overwhelming their ability to respond properly.
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NewsA third of DB schemes now have professional trustees
On the go: The number of defined benefit schemes with a professional trustee on its board has increased by 60 per cent in five years, with a third of pension funds now using these services, according to consultancy LCP.
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News
DWP presses ahead with TCFD rules in time for COP 26
The Department for Work and Pensions is to press ahead with new rules that will require trustees to report on their schemes’ climate change investment risks by October, but has introduced a number of changes and easements to the regulations after industry concerns.
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NewsOnly half of trustee boards conduct governance reviews
On the go: Only half of defined benefit scheme trustee boards review their effectiveness annually, which shows the industry still has some way to go when it comes to governance, according to Willis Towers Watson.
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NewsGE facing industrial action over pension cut proposals
On the go: General Electric’s UK division is facing the prospect of industrial action over reforms to its pension schemes, which, critics have said, will leave workers thousands of pounds worse off.
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NewsHigh Court spares council £6.5m in LGPS exit credit ruling
The High Court has found in favour of a county council in a battle with a contractor over £6.5m in exit credits, a ruling legal experts say provides much-needed clarity over regulations that have given rise to several legal disputes.
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NewsFCA announces expectations for publication of costs and charges data this summer
On the go: The Financial Conduct Authority has announced it will allow pension providers to disclose their charges at a scheme level rather than employer level for this year when data are published under new rules this summer.
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NewsGovt fixes NHS scheme rules to avoid hefty retirement bills
The government is to amend regulations to the NHS Pension Scheme that has seen hundreds of employers, including GPs, hit with charges for staff members who are in the last three years prior to retirement, which could amount to hundreds of thousands of pounds.
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NewsDB transfers hit by pandemic and rule changes
On the go: Cash equivalent transfer values have been significantly impacted by both the coronavirus pandemic and shake-up of defined benefit transfer advice rules, according to Barnett Waddingham.
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NewsUCU mulls industrial action as USS sponsors reject benefits modelling
The University and College Union has said it is to decide “in the coming days” whether to press ahead with industrial action after its newly released ‘benefits modeller’, aiming to show how much members stand to lose under controversial proposals by the Universities Superannuation Scheme, was dismissed by employer representatives.
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NewsTPR: Trustees must ‘improve their understanding’ of liquidity risks
On the go: Trustees need to improve their understanding of liquidity risks and do more to monitor and mitigate against them, the Pensions Regulator has said.
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NewsMaster trusts to pave the way for dashboards integration in 2023
Master trusts and pension providers regulated by the Financial Conduct Authority will be the first schemes to provide data for the pensions dashboards in 2023, according to a new call for input published on Thursday.
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NewsTPR looks to clarify new contribution notice tests
On the go: The Pensions Regulator has called for the pensions industry to give its views on the application of new contribution notice tests stemming from the Pension Schemes Act.