All Regulation articles – Page 40
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News
Mercer launches DB master trust as demand for consolidation increases
Mercer has launched a new defined benefit master trust promising sponsors enhanced governance and economies of scale, amid an accelerating trend towards consolidation and outsourced solutions, with pensions minister Guy Opperman stating that “bigger is better”.
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McCloud to delay LGPS progress on pensions dashboards
The McCloud reform will create challenges for Local Government Pension Scheme funds to provide information for the pensions dashboards, with a delay that could take up to three years.
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Redundant local civil servants face pension cut
Public sector members of the Local Government Pension Scheme aged above 55 who are made redundant and want to retire early will face a cut to their benefits, according to new rules proposed by the government.
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Smaller schemes to prove value for members or face consolidation
Defined contribution schemes with assets below £100m will have to prove their value for members, or face being advised to wind up or consolidate, according to new rules proposed by the Department for Work and Pensions.
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Rail sector pension plan staring down £15bn black hole
On the go: The largest pension scheme serving the UK’s rail sector is standing on the event horizon of a £15bn black hole created by changes to its funding rules, the Financial Times has reported.
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LCP: ‘Pot-follows-member’ could solve small pots problem
On the go: The government has been urged to look again at a ‘pot-follows-member’ solution to the small pots problem plaguing auto-enrolment and master trusts.
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Employers exiting LGPS to get new powers
On the go: Local Government Pension Scheme administering authorities and employers are to be given a host of new powers, as well as flexibility on exit payments, the government has announced.
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USS announces ‘challenging’ valuation consultation
The Universities Superannuation Scheme has launched a consultation with employers over its 2020 valuation, which at worst could present a £17.9bn deficit. But it faces a fight with the University and College Union, which said it had no confidence in the “needlessly cautious” approach taken by the USS.
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Mere 4% of advisers appointed by DB schemes
On the go: Trustees of defined benefit schemes have been encouraged to work with a wider range of financial advisers as it emerged only 4 per cent have been appointed by a scheme.
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PodcastsPodcast: DB schemes could be ‘doomed to failure’ by new funding code
Podcast: Defined benefit schemes could be “doomed to failure by measures that are designed to help them”, says Baroness Ros Altmann of the proposed new funding code. She is joined by SEI’s client strategy director Alistair Jones to discuss that issue, as well as the challenges faced by master trusts, and the increasingly bizarre McCloud remedy that, though intended to tackle age discrimination, has been accused of age discrimination.
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TPR looks to reclaim £250,000 from fraudster
On the go: The Pensions Regulator has announced it is attempting to recoup £250,000 from a convicted fraudster.
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Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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OpinionTPR sets dangerous precedent with AE breathing space
The pandemic has prompted some jaw-dropping actions from both government and regulators.
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DB transfer values rocket to £500k
On the go: The number of defined benefit transfer requests has dropped in the past quarter, but the average value still rocketed to above £500,000.
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OpinionRPI switching – dead in the water?
Sackers’ James Bingham analyses the recent court cases on requests to change inflation indexation, explaining that despite the string of losses, employers will still continue to look at the courts with a glimpse of hope as a positive verdict could shed tens of millions of pounds in liabilities.
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Industry unmoved by regulator’s DB funding arguments
The introduction of a twin-track approach to regulating defined benefit scheme funding could stifle the creativity needed to navigate the current financial crisis, experts have warned.
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One in 20 workers missing out on pension contributions
On the go: One in 20 employees are being short-changed by their employer and are not receiving the pension they are due, research has found.
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Govt to force schemes to publish climate risk disclosures
On the go: The largest pension schemes will be legally required to assess and report on climate change risks within their investment portfolios under new government rules.
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Police officers warn of age discrimination in McCloud remedy
The government’s proposed remedy for the McCloud/Sargeant age discrimination cases fails to address the issue in a “fair and non-discriminatory manner”, a group of police officers has warned.
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More than £30m lost to scams in three years
On the go: Pension savers should reject “unexpected” pension offers made online or over the phone, regulators have urged in their latest ScamSmart campaign, as figures showed more than £30m has been lost to scammers since 2017.