All Law & regulation articles – Page 75
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News
DWP still keeping millions in the dark over loss of GMP top ups
Millions of people are still unaware of the loss of a valuable indexed guaranteed minimum pension benefit to their state pension since 2016, as the Department for Work and Pensions still has not complied with a Parliamentary and Health Services Ombudsman ruling to inform the public of this deprivation.
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APPT launches new code of practice for sole trustees
On the go: The Association of Professional Pension Trustees has set out a code of practice for trustees carrying out sole trustee appointments.
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Regulator unveils superfunds guidance for trustees
The Pensions Regulator has published new guidance for defined benefit schemes transferring into a commercial consolidation 'superfund', placing the burden of proof on trustees to show that their plan is in members' best interests.
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Lifetime allowance to rise 0.5 per cent next year
On the go: The pensions lifetime allowance is set to rise to £1,078,900 after inflation was confirmed at 0.5 per cent on Wednesday.
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Govt u-turns on fees disclosure in simpler annual statement
The government has abandoned plans to make pension providers include costs and charges in their new simplified annual statements, which could become mandatory for defined contribution schemes in the near future as progress in this area remains slow.
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TPR eyes pivot to ‘Generation DC’
On the go: The Pensions Regulator has set out long-term priorities for the next 15 years, envisaging a shift in focus towards ensuring the financial wellbeing of defined contribution savers.
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PLSA throws weight behind ESG and DC retirement initiatives
The Pensions and Lifetime Savings Association has made a string of recommendations to the government on environmental, social and governance investment issues, alongside a call to point retiring defined contribution members towards “preferred” products.
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Experts pour scorn on ‘pensions as deposit’ suggestion
On the go: The pensions minister’s appeal for suggested schemes that would let young savers use their retirement savings to help them on to the property ladder has been criticised as ignorant of the laws of supply and demand by pensions commentators.
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Timms warns transfer rules ‘must be changed’
On the go: Stephen Timms, chair of the Work and Pensions Committee, has warned that transfer rules are not working and must be changed if the industry is to put a stop to pension scams.
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McCloud remedy could take two years to implement, PLSA warns
On the go: The Pensions and Lifetime Savings Association has warned it may take more than two years for the Local Government Pension Scheme to implement the McCloud remedy, casting doubt on the government’s proposed timeframe.
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Govt consultation suggests abandoning GMP conversion
The Treasury has indicated it may axe guaranteed minimum pension conversion in a new consultation, with experts citing administrative costs as a reason to ditch the idea.
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Charity participants in LGPS face going concern issues
An Institute of Chartered Accountants of Scotland report laying out guidance for charity trustees on going concern has prompted a second look at their participation in the Local Government Pension Scheme, with experts warning that many could face crippling debt payments as they run out of members.
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Statutory pension transfer rights pause becomes bill amendment
A new amendment restricting the statutory right to a transfer is to be tabled to the pension schemes bill, in an attempt to combat pension scammers.
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Aviva pushes for net-zero target in AE default funds
On the go: Aviva is calling on the government to amend the pension schemes bill to make it mandatory for all auto-enrolment default funds to achieve net-zero carbon emissions status by 2050.
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CDC pensions ‘would be 70% higher’ than traditional DC
On the go: A new guide published by Willis Towers Watson estimates that collective defined contribution pensions would be on average 70 per cent higher than traditional defined contribution, and 40 per cent higher than typical defined benefit schemes.
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TPR warns trustees ‘can’t duck’ from climate change
On the go: As new reporting requirements on environmental, social and governance considerations come into force, the Pensions Regulator has warned trustees to build capacity in this area as climate change is a fundamental consideration for schemes.
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LGPS wades into Israel-Palestine row with UN blacklist engagements
At least two Local Government Pension Scheme funds are undertaking engagements with companies linked to contested Israeli settlements, Pensions Expert can reveal.
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PPF sets levy at £520m for 2021-22
On the go: The Pension Protection Fund has set its levy at £520m for 2021-22, which is £100m lower than the previous year.
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PM urged to show leadership in fight against scams
On the go: Prime Minister Boris Johnson has been pressed to take an interest in the ever-growing pension scams issue to stop it becoming a “national scandal”.
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TPR investigates DRC holiday abuse
On the go: The Pensions Regulator is investigating a number of companies’ pension schemes for allegedly taking advantage of a relaxation in the deficit repayment contribution rules due to the pandemic.