All articles by Benjamin Mercer – Page 17
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NewsMassive retender exercise sees fiduciary manager fees drop
On the go:The Competition and Markets Authority order for schemes to run a fiduciary management tender exercise led to a 345 per cent increase in retenders in 2021, a process that saw a marked decline in fees, according to research from Isio.
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NewsFirefighters threaten legal action over McCloud costs
The government is braced for more McCloud drama after the Fire Brigades Union published a letter threatening legal action to stop the cost of the remedy falling on members.
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NewsUSS directors sued over climate inaction and breaches of duty
Two university lecturers, backed by a number of branches of the University and College Union, have filed a wide-ranging legal action against the directors of the Universities Superannuation Scheme, accusing them of multiple failings with respect to the controversial 2020 valuation, and of inaction around climate change commitments.
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NewsESG factors more important to investors than financial metrics
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including a survey showing institutional investors believe ESG is more important than financial metrics when it comes to evaluating a company’s long-term attractiveness, and more signatories to the Make My Money Matter charter.
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NewsBudget: Govt not expecting tax relief take-up and millions for McCloud
Pensions Expert’s roundup of the key figures from the Autumn Budget: the government assumes most people will not claim their net pay tax relief top-up, £10m has been set aside to help administer increasingly complex McCloud tax arrangements, and the Goodwin remedy could end up costing £3bn. However, savings have been made from the double lock and state pension overpayment revisions.
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NewsDB master trust self-certification regime launched
On the go: A self-certification regime for defined benefit master trusts was launched on Wednesday that will provide “useful information” for trustees considering a move to such schemes.
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NewsBudget 2021: Sunak announces further changes to DC charge cap
Chancellor of the exchequer Rishi Sunak announced on Wednesday that the government will consult “within the next month” on further changes to the charge cap intended to encourage more investment in illiquid assets by defined contribution schemes. But experts have said this is “missing the point”.
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NewsActuaries demand ‘comprehensive guidance’ on TPR’s notifiable events
On the go: The Association of Consulting Actuaries has called for “comprehensive guidance” to be published before the Pensions Regulator’s new notifiable events regime comes into force, citing the “significant penalties” that apply for non-compliance.
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NewsBig funds invest £128bn in fossil fuels, LCP urges net-zero action
ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including research by Friends of the Earth that found the UK’s largest pension funds have no “credible plan” to divest the £128bn currently held in fossil fuels, and a call from LCP for defined contribution schemes to take meaningful action on net-zero ambitions.
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NewsTPR to demand more asset information from schemes in 2023
The Pensions Regulator has confirmed it will press on with reforming the asset class information it collects via the scheme return, in a consultation response published on Thursday.
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NewsInflation and Covid uncertainty temper PPF performance
Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.
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NewsUnion calls for McCloud fix for civil service retirees
On the go: The Public and Commercial Services Union has warned that former civil servants who retired early for health reasons are not being paid what they are owed under the McCloud remedy, and has called on the Cabinet Office to apply the same fix recently agreed with firefighters
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NewsGreen finance roadmap still missing key details
The government has published its “roadmap to sustainable investing”, laying out a number of new reporting requirements. However, some experts have warned that the plan does not go far enough to make a real difference.
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NewsSimpler statements delayed until October 2022
On the go: The government has decided to delay the introduction of simpler annual benefits statements until October 2022, following industry concerns about the amount of work required to implement them.
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NewsEmployers hit back at benefit cut claims as USS strike action looms
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has hit back at claims from University and College Union that a reform package agreed with the USS trustee will lead to members suffering benefits reductions of 35 per cent.
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NewsPPF pays out £1bn but fraud compensation claims raise concerns
The Pension Protection Fund paid out £1bn in member compensation in 2020-21, but there are concerns as potential claims with a value in excess of £358m against its Fraud Compensation Fund vastly exceed the money available to pay them, according to the PPF’s annual report.
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NewsMembers on lower incomes to pay more in NHS pensions overhaul
The government has announced its intent to overhaul the way in which NHS Pension Scheme members pay contributions from April next year, following the implementation of the McCloud remedy.
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NewsStrikes to continue at Dundee Uni due to DB scheme closure
Strike action at the University of Dundee is set to continue in October over proposals to move workers from a defined benefit to a defined contribution plan that unions say will leave members 40 per cent worse off in retirement.
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NewsUSS employers call for union co-operation ahead of strike ballot
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called on trade unions to co-operate with it as it bids to reform the embattled pension scheme.
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NewsExperts warn against major pension tax changes this autumn
The government’s attempts to source billions of pounds in spending by altering pensions taxation are unlikely to be successful, although the Autumn Budget is unlikely to produce major announcements in this area, experts have said.