All Law & regulation articles – Page 72
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News
Trustees cannot outsource responsibility for cyber risk
On the go: Trustees bear ultimate responsibility for managing cyber risk even when they outsource administration to a third party, and must ensure they carry out due diligence, according to a new report.
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NewsEdinburgh Woollen Mill collapse leaves £17.5m pension black hole
Clothing and homeware manufacturer Edinburgh Woollen Mill’s collapse into administration has sparked fears its defined benefit scheme will not recover the £17.5m owed to it.
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Trustee flagged as scam concern banned over ‘serious’ failings
On the go: The Pensions Regulator has banned the corporate trustee of the Audax Pension Trust from acting as a trustee, following concerns of improper management and links to potential scam activity.
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Now Pensions members’ data leaked by service partner
On the go: Master trust Now Pensions has confirmed that some of its members have had their personal data shared online by a service partner.
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TCFD reporting requirements leave too little time for compliance
On the go: Almost half of respondents to a poll carried out by Eversheds Sutherland expressed a fear that trustees will not have time to comply with new climate change reporting requirements before they are introduced.
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Small pots report recommends member exchange trials
The pensions industry should begin work to facilitate mass exchanges of sub-scale defined contribution accounts, according to a government-commissioned working group looking to address the problem of small pots.
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Schemes call for extension of regulatory easements
On the go: The majority of pension schemes have said that Covid-19 is not having a detrimental effect on their day-to-day operations, but have called for an extension of regulatory easements, according to new research.
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Threat of TPR action forces changes to merchant navy trustee board
On the go: A four-year bitter dispute over the running of a naval industry pension scheme has finally been brought to a close by the Pensions Regulator, after it identified governance failings that had cost the scheme £1m.
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NewsDB schemes to face 120% rise in general levy with new govt proposals
Defined benefit schemes face a 120 per cent general levy increase by 2024 proposed in a new consultation launched on Wednesday, while master trusts will be granted a different rate.
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Govt floats new general levy for master trusts but mulls 100% hikes
On the go: A government consultation has warned that the general levy on schemes used to fund the Pensions Regulator will need to rise steadily to reverse a widening deficit, but floated a fairer methodology for master trusts.
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NewsSchemes to decide on dashboard data verification levels
Pension schemes and providers will be able to set up their own standards for individual data verification, which could lead to missing information on dashboards if pension funds opt for a risk-averse position.
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NewsMore work needed to make ESG meaningful
Scarcely a week passes without an announcement of a new environmental, social and governance-oriented venture. But experts warn more needs to be done if onlookers are to be confident that words have meaning.
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PodcastsPodcast: Trustees advised to self-certify before Christmas
Podcast: Jo Myerson, trustee director at Ross Trustees, tells Pensions Expert it is important that trustees comply with the Competition and Markets Authority’s self-certification rules early in order to avoid a mad, post-Christmas dash to meet the January 7 deadline. She is joined by David Rae, head of strategic client solutions at Russell Investments, in an episode also covering insolvencies, superfunds and the fallout from the reform of the retail price index.
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Govt to correct part-time judges’ pensions by 2022
On the go: The Ministry of Justice plans to lay regulations in early 2022 with amendments to the Fee-Paid Judicial Pension Scheme, in a move that will provide remedy to judges who are owed past pension contributions.
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NewsOmbudsman rejects ex-plumber appeal to dismiss section 75 debt
The Pensions Ombudsman has rejected an ex-plumber’s appeal against paying £977,000 in Section 75 debt, as an updated trustee board membership tries to address historical issues in the Plumbing & Mechanical Services (UK) Industry Pension Scheme.
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TPR: Open schemes can maintain riskier investments in bespoke route
On the go: The Pensions Regulator has stood by its new defined benefit funding code following criticisms from open DB schemes, arguing that a bespoke route will allow these pension funds to continue their current investment strategies.
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Mad December dash to include GMP top-ups in 2020 accounts
On the go: Around one in six companies face the unwelcome prospect of having to include the cost of guaranteed minimum pensions adjustments in their 2020 annual accounts, according to analysis by LCP.
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Trustees warned not to miss CMA’s self-certification January deadline
Fears are mounting that Christmas and remote working may cause trustees to miss a vital deadline in January to comply with new Competition and Markets Authority rules.
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NewsWeekly roundup: It’s not easy being Green
Welcome to Pensions Expert’s roundup of a week in which we bade farewell to a few of the high street’s better-known names, and the Pension Protection Fund brightened everyone’s mood with its new doomsday scenario.
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Court of Appeal gives green light to Pru annuity sale
On the go: The Court of Appeal has overturned a High Court ruling that blocked the transfer of £12bn of annuities from Prudential, now M&G, to Rothesay Life.