All The Pensions Regulator (TPR) articles – Page 23
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NewsFTSE 350 DB schemes back on track after Covid-19 blow
On the go: The majority of defined benefit schemes from FTSE 350 companies are back on track in terms of their funding goals, after being hit in 2020 by the economic crisis caused by Covid-19, according to research from Barnett Waddingham.
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NewsHigh Court clarifies rules over pension back payment arrears
The High Court has further clarified the procedure for paying arrears when a member has not claimed a back payment within the usual six-year period, confirming that scheme rules will determine whether trustees have discretion as to whether those benefits have been forfeited.
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NewsRushing DC consolidation could hurt member outcomes
The Department for Work and Pensions wants to speed up consolidation among schemes with less than £5bn in assets. Although the initiative was broadly welcomed, experts have warned that rushing its implementation could worsen member outcomes.
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NewsSchemes urged to hire independent trustees for better governance
On the go: Pension schemes should appoint an independent professional trustee that can help navigate the increasing complexity and risk involved in day-to-day operations, Willis Towers Watson has advised.
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NewsLPPA streamlines admin systems via switch to Civica’s UPM platform
The Local Pensions Partnership Administration is set to switch to a new pensions administration platform, in a move designed to streamline its arrangements and also help tackle future fraud.
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NewsPMI launches new accreditation regime for lay trustees
On the go: The Pensions Management Institute is launching a new accreditation regime for lay trustees, in a move that follows the launch of an accreditation programme called APTitude for professional trustees last year.
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NewsBespoke funding route could save charities 65% in cash contributions
On the go: Charities could cut their defined benefit cash contributions by between 35 and 65 per cent if they opt for the bespoke option over the fast-track route in the new DB funding code, according to analysis by Hymans Robertson.
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NewsUniversities back alternative proposals to reform USS
Employers representing 95 per cent of the Universities Superannuation Scheme membership have backed measures proposed by Universities UK, including enhanced employer covenant provision, in a bid to end the impasse over the scheme’s 2020 valuation.
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NewsTPR’s intervention guarantees £730m protection for Sanofi scheme
On the go: The Sanofi Pension Scheme has received a new guarantee package from its sponsor, including additional protection of up to £730m in the event of insolvency in the next 20 years, following intervention from the Pensions Regulator.
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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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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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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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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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NewsIndustry 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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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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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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NewsDWP 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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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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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.
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NewsTPR urges trustees to remain vigilant of sponsor activity
The Pensions Regulator has used its latest annual funding statement to call for trustees to remain vigilant of weakening employer covenants and corporate activity, while laying out guidance on how to approach scheme valuations under the current challenging conditions brought by the pandemic.