All articles by Benjamin Mercer – Page 20
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NewsIsle of Man civil servants to choose between DB and DC
On the go: Civil servants on the Isle of Man are to be given a choice between an existing defined benefit scheme and a new defined contribution arrangement, the island’s government has announced.
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NewsTPR to amend single code as industry slates new requirements
The Pensions Regulator’s combined code of practice has been dealt a blow after widespread industry criticism forced it to scrap new rules on unregulated investments, while the fate of its proposed “own risk assessment” remains uncertain.
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NewsActuaries propose changes to public sector pension increases
The Association of Consulting Actuaries is calling on the government to change the way it calculates pension increases for unfunded public sector schemes, proposing that these are based on economic growth rather than inflation, as this would be “fairer” for future generations of taxpayers.
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NewsTPR to prosecute former owner of Norton Motorcycles
The Pensions Regulator has announced its intent to prosecute the former owner of Norton Motorcycles for illegally investing money into the business from three pensions schemes of which he was the sole trustee.
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NewsHousing associations to suffer following SHPS valuation
On the go: Housing associations are facing average contribution rate increases of 17 per cent following the Social Housing Pension Scheme’s 2020 valuation, a full 50 per cent higher than expected under the current deficit repayment plan, LCP has said.
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NewsDC providers default funds weather ‘torrid’ 2020
A new report from Punter Southall has revealed the best-performing defined contribution default providers during Covid-19, with Nest and L&G leading in the consolidation phase, Smart Pension topping cumulative performance in the growth phase, and L&G Multi Asset doing best in the retirement phase.
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PodcastsPodcast: Covid-19 could have killed the PLSA
Podcast: The Pensions and Lifetime Savings Association “could have died” from the financial damage wrought by the Covid-19 pandemic, and was only saved thanks to prudent long-term planning. Richard Butcher, managing director of PTL, reflects on his tenure as PLSA chair in an episode covering guaranteed minimum pensions guidance, master trusts and bespoke indices for environmental, social and governance investments.
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NewsOmbudsman criticises Aon, Willis Towers Watson over benefits error
The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.
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NewsOmbudsman finds Covid is not an excuse to renege on auto-enrolment
The Pensions Ombudsman has ordered a company to pay £1,000 to five staff members for “distress and inconvenience” after it deducted pension contributions without paying them into the scheme.
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NewsDWP sets up working group to explore ‘statements season’
On the go: The Department for Work and Pensions has established a working group looking at options to develop the ‘statements season’ proposed in its recent simpler annual benefit statements consultation.
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NewsUltra pension scheme set for £100m acquisition windfall
On the go: A proposed £2.57bn cash acquisition by Cobham Ultra Acquisitions of Ultra Electronics Holdings will see the defence company’s defined benefit scheme receive an extra £100m in funding.
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NewsTPR threats enough to secure fair treatment for hybrid scheme
On the go: The Pensions Regulator’s issuance of a warning notice against a scheme sponsor has been sufficient to restore parity between it and other creditors.
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NewsDaily Mail pension schemes to benefit from RMS sale
On the go: Daily Mail and General Trust pension schemes could stand to benefit from the £1.4bn sale of insurance risk business RMS to Moody’s that is part of a broader restructuring at DMGT.
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NewsSelf-employed pension contributions rise despite pandemic impact
On the go: Scheme members are paying more into their pensions in 2021 than in 2020, with the largest monthly contributions coming from the self-employed, according to figures from PensionBee.
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NewsChallenges of green regulation should not be underestimated
On the go: More than a quarter of defined benefit pension schemes are only aiming for minimum compliance with new rules and regulations around climate change, the challenge of which should not be underestimated, LCP has warned.
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NewsDIY strategies are ‘better and cheaper way’ to do ESG investing
Customisation of index strategies and direct ownership of equities is a more efficient and cost-effective way of investing sustainably than using ‘off-the-shelf’ index products, according to SigTech, which offers quant technologies to investors.
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NewsPASA updates GMP guidance in light of Lloyds 2020 judgment
The Pensions Administration Standards Association has updated its guaranteed minimum pension equalisation to account for the Lloyds 2020 judgment, setting out the role of transferring schemes and receiving plans in individual transfers.
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NewsOmbudsman criticises civil service pensions administrator
The Pensions Ombudsman has partially upheld a complaint brought against MyCSP, which administers Civil Service Pensions, for causing “significant distress” in its handling of an overpayment case.
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NewsEmployer seeks £265,000 in damages from Plumbing Pensions
A plumbing employer has filed a summons at the Court of Session in Edinburgh seeking more than £265,000 in damages from Plumbing Pensions over its alleged repeated failures to manage the scheme’s Section 75 debt.
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NewsPodcast: Too much jargon hampers sustainable investing drive
Podcast: Politicians and the pensions industry risk jeopardising the progress made on sustainable investing because they are too fond of jargon. Members are keen to get involved, but they have to understand what they are getting involved in. Georgia Stewart, chief executive of Tumelo, and Chris Hulatt, co-founder of Octopus Group, talk sustainability, inter-generational fairness and cryptocurrencies.