All Regulation articles – Page 7
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OpinionPensions dashboards will require a consumer protection regime
A couple of pre-summer recess publications have made the pensions dashboards picture clearer.
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PodcastsPodcast: Ball in TPR’s court as DB funding code consultation launches
Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.
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NewsPPF to cover costs of scheme Fraud Compensation Fund claims
The Department for Work and Pensions is consulting on regulatory amendments that would allow the Pension Protection Fund to make interim payments to cover scheme fees and costs during Fraud Compensation Fund claims, and remove a loophole regarding child dependants.
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NewsUSS review sees ‘much improved’ deficit cut by £12bn
Despite an accelerated year-end review conducted by the Universities Superannuation Scheme revealing a “much improved deficit”, with a reduction of £12bn, the trustee board is reluctant to agree to interim changes to benefits of contribution rates before the scheme’s 2023 valuation.
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NewsDB goliaths call for AVCs stronger nudge exemption
Seven defined benefit schemes with £217bn in assets have asked for Work and Pensions committee intervention due to concerns regarding ‘stronger nudge’ requirements, which they believe are not fit for purpose.
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NewsFCA failed to protect British Steel scheme members, MPs say
The Financial Conduct Authority had “inadequate oversight” of companies involved in the British Steel Pension Scheme transfer scandal and was “consistently behind the curve” when responding to issues, MPs have claimed.
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NewsOpperman to lead task force on ‘social factors’ in ESG
Pensions minister Guy Opperman has announced the creation of a task force to aid trustees with monitoring data and international reporting developments as they pertain to the “S” in environmental, social and governance considerations.
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NewsPPF fulfils strategic priorities and may lower the levy
On the go: The Pension Protection Fund has handed out £1.1bn in member payments in the past year, having successfully met its five strategic priorities — and it may now be in a position to consider bringing down the PPF levy as part of a focus shift towards financial resilience.
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PodcastsPodcast: Providers delaying transfers are failing their customers
Podcast: The Department for Work and Pensions has been clear about the intent of regulations governing transfers, and providers continuing to delay them are doing their members a disservice, argues PensionBee founder Romi Savova. She is joined by Penfold co-founder Pete Hykin to discuss the ongoing transfer fight, the fallout from pensions minister Guy Opperman’s resignation that wasn’t, and employers misunderstanding auto-enrolment.
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NewsDWP recommends CMS partner as new Pensions Ombusdman
On the go: The Department for Work and Pensions has announced that CMS partner Dominic Harris is the preferred candidate for the Pensions Ombudsman.
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NewsCost of living crisis makes AE expansion unwise
Expanding auto-enrolment during a cost of living crisis would significantly undermine retirement resilience, with low-income earners seeing their surplus income decrease by almost a quarter, according to a new report from Hargreaves Lansdown.
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NewsGovernment resignations throw pensions into ‘turmoil’
Collapsing scenery in and around Downing Street has sparked fear in the pensions industry, as the resignation of pensions minister Guy Opperman brings important reforms to a halt.
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NewsOpperman rebuffs Timms’ FAS criticism
On the go: Prior to his resignation, pensions minister Guy Opperman rejected Work and Pensions Committee chair Sir Stephen Timms’ criticisms over the Financial Assistance Scheme compensation cap.
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NewsCall for British Steel compensation to go through PPF
On the go: Adviser trade body the Personal Investment Management & Financial Advice Association has called for those who were wrongly advised to transfer out of the British Steel Pension Scheme to be transferred into the Pension Protection Fund, so they can once again have a guaranteed income.
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NewsDWP fails to end transfer ‘war’ between PensionBee and providers
Attempts by the Department for Work and Pensions and the Pensions Regulator to clarify the intent behind rules governing pension transfers have failed to settle the matter between PensionBee and providers it accused of wrongdoing, as critics say intent does not trump law.
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NewsDWP’s consultation on DB funding regulations expected in July
On the go: A long-awaited Department for Work and Pensions consultation into regulations underpinning the new defined benefit funding code is expected towards the end of July, putting the code on track to launch in late 2023, according to a spokesperson from the Pensions Regulator.
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NewsEmployers call for UCU backing over USS governance review
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called for the backing of the University and College Union over the scheme's governance review.
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NewsPensionBee reports providers to DWP alleging transfer rules abuse
PensionBee has reported a number of providers to the Department for Work and Pensions, accusing them of exploiting regulatory loopholes to obstruct and delay transfers.
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PodcastsPodcast: Schemes will have a tough job weighing up discretionary increases
Podcast: A difficult balance must be struck where schemes are considering discretionary increases: alleviating the cost of living crisis for some members will have to be weighed against the needs of the current workforce. Aon partner Lynda Whitney is joined by Tim Middleton, director of policy and external affairs at the Pensions Management Institute, to discuss this dilemma, as well as the progress of the McCloud remedy and schemes’ dashboard readiness.
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NewsOrigo launches pensions dashboard connector
On the go: Fintech company Origo is to launch its own pensions dashboard connector in September, giving providers an interface with the dashboards that enables them to respond to user requests and provide pensions data.