All The Pensions Regulator (TPR) articles – Page 30
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News
Pension scheme strategies not fit for ‘purpose’
On the go: The number of trustees having to alter their scheme’s long-term plans in the past year suggests pension scheme strategies are “not fit for purpose”, according to new research.
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Cyber security awareness lags as attacks jump threefold
On the go: A third of respondents to a poll by the Pensions and Lifetime Savings Association confessed they did not know their organisation’s cyber security plans, despite cyber crimes surging by 86 per cent in a single quarter this year.
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PPF reserves could be ‘wiped out’ by one or two big claims
Pension Protection Fund chief executive Oliver Morley has warned that the lifeboat’s reserves could be wiped out by just a few large claims, while downplaying the risk of a post-Covid run of small-scheme claims.
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Surge in AE non-compliance during pandemic
On the go: The number of warnings issued to employers for failing to pay pension contributions for staff has increased by almost 200 per cent between July and September, the Pensions Regulator has said.
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Experts wary on BoE governor’s DC pandemic recovery call
The governor of the Bank of England has suggested rules should be relaxed to allow defined contribution schemes to play a part in the post-Covid economic recovery, but experts warn some structural problems remain.
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HMRC’s leapfrog on insolvencies to hinder PPF recoveries
Government changes to prioritise the payment of insolvent businesses’ tax bills at the expense of other creditors could reduce recoveries by the Pension Protection Fund and adversely impact levy payers, according to the lifeboat.
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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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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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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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News
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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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.