All The Pensions Regulator (TPR) articles – Page 11
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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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NewsNew proposals set DB schemes on path to ‘low dependency’
Defined benefit pension schemes will need to be funded in such a way that they are in a state of “low dependency” on their sponsoring employer by the time they are significantly mature, under new government proposals.
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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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NewsScam warnings on DB transfers reach all-time high
On the go: The number of scam warnings on defined benefit transfers is at an all-time high, despite a downward trend in transfer activity, XPS Pensions has said.
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NewsMPs back tax return solution for self-employed retirement savings
The All-Party Parliamentary Group on Financial Resilience has thrown its weight behind using the tax system to help the self-employed save for retirement.
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NewsGovernment backs dashboards bill against ‘rogue trustees’
On the go: Pensions minister Guy Opperman has confirmed the government’s support for a bill designed to stop trustees or managers from using a scheme’s assets to pay fines for breaches of pensions dashboards legislation.
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NewsTPR misses four key performance indicators
On the go: The Pensions Regulator achieved 10 of 14 key performance indicators in its year to March 31 2022, and has stated that it is aiming to boost its headcount after staff numbers ended the period below forecast levels.
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NewsOmbudsman’s anti-scam unit working on 48 cases
On the go: The Pensions Ombudsman’s new anti-scams unit, launched in November, is currently working on 48 cases with assets of more than £40mn under consideration.
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NewsDWP delays first dashboards staging dates by two months
The government has delayed its timetable for connecting the first two cohorts of pension schemes to the dashboards programme.
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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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OpinionPensions dashboards and the importance of language
Shoosmiths partner Paul Carney debates the importance of language and how the pensions dashboards project has scope for errors and delay.
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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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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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NewsTPR working on granting pensions to 200,000 gig economy workers
On the go: The Pensions Regulator is working to give gig economy workers access to pensions, but “legal complexities and routine challenges from employers” remain a challenge.
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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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NewsTPR and DWP respond to pension transfer rule concerns
On the go: The Pensions Regulator and the Department for Work and Pensions have sought to allay concerns over pension transfer rules and their application to overseas investments and “small-scale incentives”.
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NewsPASA calls on schemes to get dashboards data ready
On the go: The Pensions Administration Standards Association has issued guidance to help schemes prepare their data for the pensions dashboards, while revealing that many schemes are “not actively managing their data”.
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NewsTwo-thirds of small schemes unaware of VfM requirements
On the go: The majority of schemes with less than £100mn in assets were unaware of their new value for money duties, with the Pensions Regulator prompting these pension funds to “either wind up or take prompt action to make improvements”.
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NewsSchemes and asset managers told to buck up stewardship
On the go: Pension schemes and asset managers should embed stewardship “in every aspect of their relationship”, the Investment Association and the Pensions and Lifetime Savings Association have said.
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NewsTrustees urged to include ESG factors in covenant assessment
On the go: Accounting for Sustainability and the Employer Covenant Practitioners Association have teamed up to launch a “top tips” guide for considering environmental, social and governance risk in the employer covenant process, hailed by the Pensions Regulator chair Sarah Smart as “an important first port of call for trustees”.