All Department for Work and Pensions (DWP) articles – Page 19
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TPR ordered to set out climate change strategy
On the go: The government is expecting the Pensions Regulator to publish a strategy for dealing with the financial risks arising from climate change, among other requirements to integrate the Green Finance Strategy into its activities.
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Govt maintains earnings trigger despite industry criticism
On the go: The government has opted to maintain the earnings trigger for automatic enrolment at £10,000 for 2020-21, despite long-held industry concerns that the current level is limiting pensions coverage among underprivileged demographics.
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ESG amendments to give govt ‘unprecedented new powers’
The Pensions and Lifetime Savings Association has warned that government bodies will have “unprecedented new powers” to interfere in pension scheme investment strategies if an amendment to the pension schemes bill is passed.
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NewsWhat are the risks of flouting ESG statement rules?
Analysis: A report into trustees’ first efforts on the new statements of investment principles has yielded damning results. But what can regulators, or even members, actually do about it?
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Charity boss jailed for pension fraud
On the go: The former head of a charity for the disabled has been jailed for five years after being found guilty of transferring £250,000 from the organisation’s pension scheme.
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Webb urges experts to lobby Lords for pension schemes bill changes
On the go: Former pensions minister Sir Steve Webb has urged pension specialists to lobby the House of Lords for changes in the pensions schemes bill, warning that it will pass through the House of Commons unchanged.
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Only six in 10 pensions to be located by dashboards
On the go: Savers may only be able to locate six out of ten pension pots when pension dashboards are launched unless the industry starts to improve data quality, PensionBee has warned.
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Successful reforms require Pensions Commission return
On the go: Pension reforms from the mid-2000s, such as the introduction of auto-enrolment, were only implemented successfully because of the Pensions Commission and its membership, research has found.
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Industry questions regulators misalignment on chair statements
Analysis: Industry experts have questioned why regulators have taken different approaches when it comes to the disclosure of funds costs and charges in chair statements.
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NewsPodcast: Govt and regulators urged to review chair statements
Podcast: Government and regulators should rethink schemes’ chair statements, as they have become a regulatory compliance tool for the pensions industry, according to Darren Philp, director of policy and communications at Smart Pension, and Judith Fish, professional trustee at Dalriada Trustees. The experts discuss, among other subjects, the recent fine received by the Financial Conduct Authority from the Pensions Regulator due to pension failures.
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FCA drops cost requirement for all contract-based funds
On the go: The Financial Conduct Authority has ditched a requirement for workplace pension providers to disclose and illustrate the impact of charges on all of their defined contribution funds, after industry concerns were raised in consultation.
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Criminal sanctions could deter businesses and trustees, Lords warn
The government has been urged to review the scope of new criminal sanctions introduced by the pension schemes bill that have “been drawn incredibly widely” and could “deter respectable people from becoming trustees”.
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Four candidates named for Work and Pensions select committee chair
On the go: Debbie Abrahams, Chris Bryant, Stephen Timms and Karen Buck are the Labour MPs that so far have been nominated for the election of the next Work and Pensions select committee chair.
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Opperman warns providers on dashboard preparations
On the go: Pensions minister Guy Opperman has urged providers to start preparing their data now for the anticipated arrival of pensions dashboards.
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Pension schemes bill to cost industry £818m in first year
The pensions industry faces an annual cost increase of £818m as a result of changes brought in by the pension schemes bill, with the new defined benefit funding regime and the pensions dashboard requiring the lion’s share of this investment.
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Investigation into state pension age complaints resumes
On the go: The Parliamentary and Health Service Ombudsman has resumed its investigation into complaints about the state pension age rise for women, following the outcome of a judicial review last year.
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New rules for pension transfers to cost industry £1m
On the go: New rules to prevent scams are expected to cost the industry and employers about £1m in their first year and impact more than 160,000 pension transfers.
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Professionals say regulation creating unnecessary costs
On the go: A survey of pensions professionals has uncovered concerns about the added cost burden placed on schemes by increasingly strict regulation.
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Government brings identical bill back to parliament
On the go: The Department for Work and Pensions has reintroduced its pension schemes bill in the House of Lords, after the December general election delayed its debate in Parliament.
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Trustees sitting on hands over ESG investment
On the go: A new survey has raised serious doubts as to whether pension funds will take meaningful action in the short term on sustainable investment issues, despite new regulations coming into force in October.