All The Pensions Regulator (TPR) articles – Page 30
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OpinionSmaller schemes could benefit from ‘fast-track lite’ option
As the consultation on the Pensions Regulator’s funding code of practice closed on September 2, there was general agreement across the industry regarding the proposed twin-track compliance approach, albeit with concerns about whether bespoke will be able to live up to its name — or merely be fast-track in disguise.
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NewsPPF eyes deteriorating credit ratings among DB sponsors
Deteriorating defined benefit sponsor health has led to a three-fold increase in the level of liabilities belonging to schemes that could end up in the Pension Protection Fund over the next 18 months.
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Statutory pension transfer rights pause becomes bill amendment
A new amendment restricting the statutory right to a transfer is to be tabled to the pension schemes bill, in an attempt to combat pension scammers.
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TPR warns trustees ‘can’t duck’ from climate change
On the go: As new reporting requirements on environmental, social and governance considerations come into force, the Pensions Regulator has warned trustees to build capacity in this area as climate change is a fundamental consideration for schemes.
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TPR investigates DRC holiday abuse
On the go: The Pensions Regulator is investigating a number of companies’ pension schemes for allegedly taking advantage of a relaxation in the deficit repayment contribution rules due to the pandemic.
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OpinionNot-for-profit sector schemes should consider more specialist approach
Part of the distinct nature of the current pandemic, and one that separates it from many other historical crises, is how differently it has affected different sectors of the economy.
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New job support scheme risks increasing AE confusion
On the go: The new job support scheme announced by the government on Thursday will increase the risk of employers miscalculating pension contributions for employees, a law firm has warned.
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TPR’s new guidance on mandatory AE reporting causes confusion
Updated guidance from the Pensions Regulator will see the 90-day limit for reporting late payments becoming mandatory from April 2021. However, the wording of the guidance has caused some confusion, with schemes being asked to make the adjustment for January 1.
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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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Calls for govt to change transfer rights to halt scams
Pension regulators should be given the power to override people’s statutory right to transfer should a suspected scam be reported to them, according to a think tank.
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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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NewsPlumbing scheme announces independent governance review
The Plumbing & Mechanical Services (UK) Industry Pension Scheme is to carry out an independent review of its governance structures, after sustained criticism from the scheme's small employers and a court case over its handling of orphan liabilities.
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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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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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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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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.