All Trustee boards articles – Page 9
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PodcastsPodcast: Tackling climate change will require a ‘step change’ in governance
Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.
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GMP tax guidance expected to land in February
On the go:Guidance from the Pensions Administration Standards Association on the tax implications of guaranteed minimum pensions equalisation is expected to be published next month, according to an update from the body’s dedicated working group.
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Trustees demand greater access to technology to support their role
On the go: The coronavirus pandemic has seen off the quarterly meeting cycle, with 80 per cent of trustees agreeing that ad hoc and online meetings are the way forward, according to new research.
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NewsDWP proceeds with ‘revolutionary’ climate change agenda
The Department for Work and Pensions has proposed broadening the scope of climate risk analysis to cover not just the environmental impact of pension schemes’ portfolios, but also sponsor covenants and actuarial valuations.
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‘Challenging’ 2020 forces 80% of DB schemes to reassess portfolios
On the go: Eighty per cent of defined benefit pension schemes plan to reassess their investment portfolios after the events of 2020 put returns in doubt, according to research by the Pensions Management Institute and River and Mercantile.
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PodcastsPodcast: New powers in Pension Schemes Act could cause bankruptcies
Podcast: New criminal provisions in the Pension Schemes Act are so broadly drafted that they could strangle legitimate business activity, potentially resulting in unnecessary bankruptcies. So says Arc Pensions Law partner Jane Kola, who, along with Society of Pension Professionals president James Riley, warn about the potentially dire consequences and call for more clarity from the regulator. More cheerfully, this inauguration day episode also covers the future of actuaries, small pots, and Donald Trump’s pension.
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New pensions act offences have ‘far-reaching consequences’, LCP warns
On the go: New powers granted to the Pensions Regulator by the Pension Schemes Act could see directors, lenders and trustees made criminally liable for their mistakes, LCP has warned.
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NewsNew DB funding code could be delayed until 2022
The Pensions Regulator has issued an interim response that experts say could presage meaningful changes to the final version of the defined benefit funding code, which is likely to be delayed until 2022.
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Trustees should monitor sponsor longevity when assessing covenant
On the go: Sponsor longevity is a vital part of covenant assessment, requiring professional judgement and a range of strategic tools, according to a new report by the Employer Covenant Practitioners’ Association.
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Calls for actuaries to offer strategic advice as schemes target endgame
An industry group is proposing a radical change in the actuarial role, suggesting these professionals should step away from a technical specialist position to offer strategic advice, while moving away from triennial valuations.
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PodcastsPodcast: Economic uncertainty, DC consolidation, ESG to mark 2021
Podcast: Economic uncertainty from the pandemic and the aftereffects of Brexit, solving the small pots problem and consolidation in the defined contribution universe, and yet more environmental, social and governance regulation are the themes to watch out for this year. These are the predictions for the pensions industry in 2021 from Marc Hommel, senior pensions adviser at EY-Parthenon, and Sue Pemberton, head of technology and DC consulting at Premier Pensions.
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Trustees cannot outsource responsibility for cyber risk
On the go: Trustees bear ultimate responsibility for managing cyber risk even when they outsource administration to a third party, and must ensure they carry out due diligence, according to a new report.
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TCFD reporting requirements leave too little time for compliance
On the go: Almost half of respondents to a poll carried out by Eversheds Sutherland expressed a fear that trustees will not have time to comply with new climate change reporting requirements before they are introduced.
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Threat of TPR action forces changes to merchant navy trustee board
On the go: A four-year bitter dispute over the running of a naval industry pension scheme has finally been brought to a close by the Pensions Regulator, after it identified governance failings that had cost the scheme £1m.
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PodcastsPodcast: Trustees advised to self-certify before Christmas
Podcast: Jo Myerson, trustee director at Ross Trustees, tells Pensions Expert it is important that trustees comply with the Competition and Markets Authority’s self-certification rules early in order to avoid a mad, post-Christmas dash to meet the January 7 deadline. She is joined by David Rae, head of strategic client solutions at Russell Investments, in an episode also covering insolvencies, superfunds and the fallout from the reform of the retail price index.
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NewsOmbudsman rejects ex-plumber appeal to dismiss section 75 debt
The Pensions Ombudsman has rejected an ex-plumber’s appeal against paying £977,000 in Section 75 debt, as an updated trustee board membership tries to address historical issues in the Plumbing & Mechanical Services (UK) Industry Pension Scheme.
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NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
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Alternative strategies could wipe out UK’s £190bn DB deficit
On the go: Alternative approaches to scheme funding and investments could eliminate the UK’s current £190bn defined benefit pension deficit, according to new analysis by PwC.
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GardaWorld offers G4S trustees £770m funding package
On the go: Trustees of the G4S pension scheme have been offered a £770m funding package by Canadian security company GardaWorld, the latest development in its attempt at a hostile takeover of the UK outsourcing company.
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Arcadia, Debenhams the first high street dominoes to fall
High street retailer Debenhams became the latest domino to fall following the collapse of Philip Green’s Arcadia Group on Monday, with the pension schemes of both now entering the Pension Protection Fund assessment period.