All Governance articles – Page 9
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NewsRegulators propose DC-wide ‘value for money’ framework
The Pensions Regulator and the Financial Conduct Authority will be forcing defined contribution schemes to disclose more data around their investment performance, scheme oversight, and costs and charges, as they unveil a discussion paper looking at creating an “holistic framework” for assessing value for money in this sector.
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NewsMorrisons schemes granted additional security in takeover bid
On the go: An agreement has been reached between a private equity manager and the trustees of Morrisons’ defined benefit schemes to grant additional security, as the attempted takeover of the supermarket chain progresses.
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NewsCalls for climate reporting harmony as FCA and DWP rules diverge
The Financial Conduct Authority’s climate-related disclosure rules for asset managers, life insurers and its regulated pension providers should be brought into line with Department for Work and Pensions regulations to give greater clarity and consistency, the Pensions and Lifetime Savings Association has said.
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NewsKent Pension Fund breaches LGPS regulations
On the go: Connection trouble with a third-party pensions administrator’s systems has caused staff productivity at the Kent Pension Fund to suffer, while poor record management by Kent Police led to a breach of Local Government Pension Scheme regulations.
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NewsPMI launches new diploma for pension professionals
On the go: The Pensions Management Institute is launching a new diploma in pension trusteeship.
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NewsLondon Borough of Newham invests in Paris-aligned index fund
On the go: The £1.6bn London Borough of Newham Pension Fund has invested in a new environmental, social and governance fund with Legal & General Investment Management.
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NewsBig schemes turn to fiduciary managers during pandemic
Data crunch: The average size of a pension scheme taking on a fiduciary manager rose by around 80 per cent during the Covid-19 pandemic, suggesting the flexibility afforded by the model was particularly attractive in turbulent market conditions, according to research from IC Select.
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NewsPublic sector schemes wary of TPR’s new code of practice
Public sector schemes should press on with implementing the Pensions Regulator’s new code of practice, Aon has said. However, schemes are concerned about the new rules and have asked for more clarity from the watchdog.
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PodcastsPodcast: Industry ‘irritation’ with TPR’s code of practice could have been avoided
Podcast: The negative reaction of the industry to the Pensions Regulator’s new code of practice shows what can happen if consultations are handled poorly, says Tim Middleton, director of policy and external affairs at the Pensions Management Institute. He is joined by Steven Taylor, partner at LCP, to discuss consultations, collective defined contribution schemes, and flexibility within the defined benefit universe.
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NewsIndustry fears another missed dashboards deadline
On the go: The pensions industry doubts whether the pensions dashboards will be delivered on time, as more than three-quarters of respondents to a Pensions Management Institute survey said they thought the project would still not be operational by 2023.
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NewsTPR’s ESG guidance raises industry concerns on privacy and penalties
The Pensions Regulator’s draft guidance on climate change reporting and governance is not sufficiently clear on what constitutes compliance, and the watchdog needs to provide clarity on its approach to discretionary penalties, the Society of Pension Professionals has warned.
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NewsIndustry bodies to 'develop the case' for DC illiquid investments
Industry bodies including the Pensions and Lifetime Savings Association, the Association of British Insurers and the Investment Association will “develop the case” for defined contribution schemes to invest in less-liquid assets, as part of a push to secure “long-term value” for its members.
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NewsEY fined £3.5m for Stagecoach pension audit failings
EY has been fined £3.5m and given a “severe reprimand” by the Financial Reporting Council, in part for failing to meet requirements when auditing Stagecoach’s defined benefit scheme obligations.
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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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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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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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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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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.