All The Pensions Regulator (TPR) articles – Page 30
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OpinionPressure builds on small DC schemes to consolidate
Covid-19 looks to be accelerating the trend towards consolidation in the defined contribution industry, and the UK government is keen to see the transition take place at an even faster pace, writes Sackers’ Emma Martin.
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KPMG ‘helped’ US firm dump £100m Silentnight scheme into PPF
On the go: KPMG allegedly helped US buyout fund HIG Capital force the insolvency of Silentnight to acquire the company without the burden of its £100m pension scheme, in a case brought by the UK’s accounting regulator.
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TPR issues guidance on protecting schemes from employer distress
New guidance for trustees on protecting their schemes from employer distress stresses the need for robust protections and integrated risk management.
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News
Labour pushes climate change, superfunds, dashboard amendments
Senior Labour party figures including leader Keir Starmer have put their names to a series of amendments to the pension schemes bill, covering climate change targets, superfunds legislation and the pensions dashboards.
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MPs to pressure Opperman into commitment on scam ‘red flags’
Five members of parliament, including Work and Pensions Committee chair Stephen Timms, have tabled an amendment to the pension schemes bill designed to pressure pensions minister Guy Opperman into clarifying the government’s position on pension scams.
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OpinionChanges to pre-packs step in the right direction
The Insolvency Service has stepped in to strengthen the position of defined benefit schemes in pre-pack administrations, but the new veto right is not universal, writes Anne-Marie Winton of Arc Pensions Law.
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News
Regulator urges sign-up to new anti-scam pledge
On the go: The Pensions Regulator has urged pension providers, trustees and administrators to sign up to a new pledge to protect members from the growing threat of scams.
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News
Most DB schemes do not meet regulator’s fast-track requirements
On the go: Seventy per cent of defined benefit schemes fall short of the Pensions Regulator’s ‘fast-track’ approach as proposed in its new DB funding code, according to analysis from Hymans Robertson.
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Open schemes predict £160bn liability hike with new TPR rules
On the go: Open defined benefit schemes could see their liabilities increase between £120bn and £160bn due to the new funding rules proposed by the Pensions Regulator.
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OpinionSole trustee code of practice will improve schemes’ risk management
Shehzad Ahmad, trustee director at Ross Trustees, explains how the sole trustee code of practice launched by the Association of Professional Pension Trustees is expected to improve governance and standards for pension schemes.
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News
Majority of DB schemes’ recovery plans on track before Covid
Data crunch: Only a third of defined benefit schemes extended their recovery plan end date in 2019, but pandemic storms are set to see pension funds entering choppy waters, with insolvency looming for some sponsors and trustees being asked to make tough decisions.
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SNP MPs table amendments to tackle Section 75 conundrum
On the go: Four Scottish National party MPs have tabled an amendment to the pension schemes bill in a bid to solve the problem of Section 75 debt falling due on small, unincorporated employers.
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News
Fraudster forced to repay £274k to workplace scheme
On the go: A convicted fraudster has been ordered to pay back £274,000 he had stolen from a workplace pension scheme.
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Calls for retirement estimates to be dropped from first dashboards
Pension schemes and administrators have requested that the first version of the pensions dashboards run without the inclusion of estimated retirement income data, due to the lack of data and standards for these calculations.
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Govt to tighten guidance rules for accessing pensions
On the go: The Department for Work and Pensions plans to require providers of workplace pensions to signpost guidance whenever savers look to access or transfer their pots.
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Rolls-Royce warns regulators about spike in transfer numbers
On the go: The Financial Conduct Authority has issued a data request to financial advisers involved in defined benefit transfers from the Rolls-Royce pension scheme, after the company warned regulators about high activity in this area.
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Covid leaves Northern Ireland Water deficit recovery in rough sea
Northern Ireland Water could have to pay an additional £4.6m a year in deficit repair contributions to its scheme, but uncertainty about how Covid-19 has impacted its investment and ongoing negotiations with trustees makes it hard to gauge its recovery plan.
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SNP revives pensions commission in bill amendment
On the go: Two Scottish National party MPs have tabled an amendment to the pension schemes bill to set up a new pensions advisory commission.
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Larger DB schemes face £100bn bill due to new regulations
The impact of new regulations in the pension schemes bill and the future defined benefit funding code will mean that sponsors of the UK’s largest schemes will have to fork out £100bn over the next 10 years, according to new analysis from LCP.
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Philip Green 'disliked the Pensions Regulator immensely'
On the go: Fallen businessman Dominic Chappell told Southwark Crown Court of Philip Green’s intense dislike of the Pensions Regulator, and promises made to plug the deficit of BHS pension schemes.