All articles by Benjamin Mercer – Page 7
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NewsLecturers’ USS lawsuit frustrated by centuries-old precedent
A lawsuit against Universities Superannuation Scheme directors alleging climate inaction and breaches of duty has failed on a technicality dating back to 1843, though the judge in the case did find that beneficiaries of a pension fund corporation do sometimes have the right to sue directors.
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NewsTPR, FCA to push for ‘consistent and structured’ approach to VfM
The Pensions Regulator and the Financial Conduct Authority are to push for a “consistent and structured” approach in the proposed new value for money framework governing defined contribution schemes, shifting the focus away from costs and towards “long-term value for pension savers”.
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NewsProcurement bill introduces uncertainty for regulated schemes
Government attempts to introduce flexibility to simplified public procurement processes could have an impact on regulated pension schemes, which will have to deal with increased uncertainty as a result.
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NewsDisabled savers’ pension wealth is just 36% of UK average
On the go: Auto-enrolment is excluding disabled savers, leaving them with pension wealth of just 36 per cent of the average UK saver, according to new research from Now Pensions.
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NewsTimms lobbies for pensions inclusion in digital legislation
On the go: Work and Pensions Committee chair Stephen Timms has written to the minister of state for media, data and digital infrastructure calling for reassurance that the government will consider the issues of pensions advice and guidance as it updates its privacy and electronic communications legislation.
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NewsPodcast: Partial AE reform should be prioritised before long-term fix
Podcast: The absence of auto-enrolment reform from the Queen’s speech means the government will be hard-pressed to meet its middle-of-the-decade deadline to achieve it. The priority should be getting the most important parts done as quickly as possible, and introducing the rest of the 2017 reform proposals enacted longer-term. Sackers partner Helen Ball and Mark Ormston, chair of the Industry Policy Committee at the Pensions Administration Standards Association, discuss auto-enrolment, online safety and the proposed value for money framework.
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NewsRailways scheme urges patience as it reviews early retirement
On the go: The Railways Pension Scheme is reviewing its early retirement factors and is advising members considering taking early retirement that they should wait until the review is completed before making their decision.
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NewsHymans Robertson calls for AE credits to tackle gender gap
Hymans Robertson has called for the creation of auto-enrolment credits in a bid to tackle the gender pensions gap, which would see the government paying pension contributions for people taking career breaks.
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NewsPLSA’s retirement living standards now cover 35mn members
On the go: Pension scheme communications from more than 100 organisations now provide up to 35mn members with access to the Pensions and Lifetime Savings Association’s retirement living standards, the industry body has announced.
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NewsOmbudsman fines Cabinet Office and civil service scheme admin
The Pensions Ombudsman has partly upheld a complaint against the Cabinet Office and MyCSP, the administrator of the Civil Service Pension Scheme, after they failed to properly process a member’s request to cease payments to his “added years contract”.
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NewsNHS sends almost 3,000 erroneous pension statements
’Nearly 3,000 members of the NHS Pension Scheme have been sent erroneous pension statements, leading to criticism from the British Medical Association.
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NewsTimms demands changes to GMP factsheet after public’s criticism
Work and Pensions Committee chair Stephen Timms has written to the Department for Work and Pensions demanding that it update and properly publicise its “insufficient” factsheet on guaranteed minimum pensions compensation.
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NewsITV hit with £133mn warning notice by TPR
The Pensions Regulator has slapped a £133mn warning notice on broadcaster ITV after it failed to provide adequate support to the Box Clever pension scheme by the regulator’s deadline.
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NewsNo AE reform, but Queen’s Speech measures spark protests
There was no mention of automatic enrolment reform in the Queen’s Speech, but bills around local boycotts, online safety and a revamped audit and reporting framework will all impact the industry, experts have said.
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NewsMorrisons promises to protect McColl’s pensions in takeover
On the go: Supermarket chain Morrisons has prevailed in the bidding war for troubled retailer McColl’s, beating a rival bid from EG Group. The acquisition will reportedly uphold all promises made to McColl’s pension schemes.
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NewsMcCloud sees more public sector schemes breach cost-cap ceiling
Three more public sector schemes have breached the cost-control mechanism as a result of the McCloud remedy, the Government Actuary’s Department has confirmed.
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NewsBMA issues stinging rebuke of ‘misleading’ NHS pensions claims
The British Medical Association has rebuked NHS England and NHS Improvement for what it calls “misleading” information about “punitive pensions taxation” and its impact on staff retention.
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NewsCrisis-driven mortality increase to reduce scheme liabilities
On the go: An increase in mortality rates brought about by the coronavirus pandemic, pressures on the healthcare system, and the cost of living crisis could see schemes’ liabilities reduced by around 2 per cent in the coming years, according to analysis from LCP.
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PodcastsPodcast: Uncertainty around inflation leads to ‘casino pensions’
Podcast: High levels of volatility around inflation will force trustees to “take a bet” on the future, as it is very difficult — absent a crystal ball — to predict inflationary pressure and its impact on scheme liabilities, says Pension Playpen chief executive Steve Goddard. He is joined by Cardano managing director Emily Goodridge to discuss inflation, technology in pensions, and the future of environmental, social and governance disclosure.
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NewsElectricity pensioners launch campaign amid inflation fears
The Association of Electricity Supply Pensioners has launched a campaign to protect the benefits of more than 100,000 members of the Electricity Supply Pension Scheme, amid fears that pension increases that do not match inflation could amount to significant losses.