All Law & regulation articles – Page 128
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NewsEiopa opts for standardised risk framework
The European Insurance and Occupational Pensions Authority has advocated the creation of a standardised framework for risk assessment and transparency in EU pension funds, quashing long-running fears of a shift to more stringent solvency funding requirements.
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News
Union seeks parliamentary debate on LGPS pooling
A parliamentary petition launched by public service trade union Unison, seeking debate on the pooling of Local Government Pension Scheme assets, has attracted nearly 30,000 signatures and could spell delays to progress in the pooling project.
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FeaturesFallout from contracting-out continues at Bombardier
Workers at engineering company Bombardier are considering industrial action over employer plans to pass on the cost of contracting-out cessation to members of two of its defined benefit schemes, while sharing the cost for the Railways Pension Scheme.
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Features
Long-term saving solution continues to elude pensions industry
Missed by many amid the Budget’s pomp and circumstance, the summary of responses to the government consultation – ‘Strengthening the incentive to save’ – contains a resounding call for stability but no clear solution to the nation’s savings crisis.
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OpinionWhat a move to CPIH could mean for UK pension schemes
Analysis: A letter from the Office for National Statistics recently cast ripples of doubt over the future shape of UK consumer inflation statistics; a move to consumer price inflation including housing, or even a household inflation index could have far-reaching effects on UK pension fund benefits and liabilities.
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NewsLifetime Isa blurs lines between long and short-term saving
Budget 2016: The dreaded tax change on pension saving has been narrowly avoided in the chancellor’s Budget 2016, but the announcement of a Lifetime Isa could be a step towards a pensions Isa, industry comments suggest.
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News
PLSA launches DB taskforce as deficits spiral
PLSA Investment Conference 2016: While the combined deficit in the PPF 7800 index has reached £322.8bn, the Pensions and Lifetime Savings Association said it has launched a taskforce to “tackle the problems faced by defined benefit pension schemes”.
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NewsSchemes urged to prepare for bad investment outcomes
PLSA Investment Conference 2016: The question of what powers trustees have – if any – when things go wrong on the investment provider side received some surprising answers at the PLSA Investment Conference held in Edinburgh this week.
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LGPS to meet cost of GMP inflation proofing
A quirk in regulation could leave the Local Government Pension Scheme and several other public sector arrangements responsible for meeting the costs of inflation-proofing the benefits of members retiring between April 2016 and December 2018.
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Which? calls for pensions dashboard but obstacles remain
Consumer group Which? has called on the government to introduce a pensions dashboard, but experts say there are still significant barriers to overcome before it becomes a feasible option.
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Tax relief off the table but Budget could still bring surprises
The chancellor is reported to have shelved anticipated changes to pensions tax relief ahead of next week’s Budget, but industry commentators predict a further wrangle of the landscape could still be afoot.
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NewsRoyal London publishes first IGC report but independence questions remain
Royal London has become the first provider to release an independent governance committee report, providing key insights into how committees are defining value for money and dealing with legacy pension schemes.
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News
Barclays scheme probes impact of ringfencing
Barclays is assessing which of its entities will participate in the bank’s UK Retirement Fund from 2026, when ringfencing regulations become fully effective, as schemes across the sector face up to complex covenant questions.
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NewsCostly equalisation error: Morrisons handed £100m liability by High Court ruling
A High Court ruling on the benefits for 15,000 former Safeway workers has added a £100m liability to current owner Morrison’s defined benefit obligation, pointing to the difficulties involved in equalisation.
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News
Larger mastertrusts welcome imminent regulation
Providers have welcomed plans to increase regulation of mastertrusts, as the government reveals it intends to bring in legislation for the arrangements “as soon as practically possible”.
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Regulation and markets force schemes to step up on governance
Efforts to cope with a combination of market volatility and demographic shift towards an older population are causing pension schemes to re-examine and improve their governance structures, research from State Street this week showed.
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High Court ruling ramps up fears over pension liberation
The High Court has ruled against insurer Royal London for blocking a pension transfer where it suspected the receiving fund could be a pensions liberation scheme, prompting industry observers to raise concerns about protections for members, providers and trustees.
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NewsIndustry concern over government's 'dangerous' ESG proposals
A proposal that would empower the government to intervene in local government pension investment decisions where they contradict British foreign policy has raised concern in the pensions industry.
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NewsLooser regulation needed as over-65s shun advice
Looser rules about financial advice could be necessary, as research shows more than half of over-65s have never sought regulated advice.
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News300 Scots hit by pension scam as advice gap persists
Scottish police are investigating a £10m pension liberation fraud that has targeted more than 300 people north of the border – a reminder for the industry of members’ vulnerability to evolving fraudulent operations.