All legal articles – Page 9
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NewsGovt issues response to consultation on strengthening TPR’s powers
The UK government has issued its response to the Pensions Regulator’s contribution notices and information-gathering powers regulations consultation.
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NewsGovt to reform discount rate and cost-control mechanism
The government has proposed aligning the discount rate review periods with the valuation cycles of public service pension schemes, and is taking forward reforms to the cost-cap mechanism first proposed by the government actuary.
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NewsHigh Court clarifies rules over pension back payment arrears
The High Court has further clarified the procedure for paying arrears when a member has not claimed a back payment within the usual six-year period, confirming that scheme rules will determine whether trustees have discretion as to whether those benefits have been forfeited.
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NewsMP tables bill to clarify rules around GMP conversion
On the go: A private members’ bill has been tabled in the House of Commons that aims to amend and clarify existing rules around guaranteed minimum pension conversion.
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NewsGovernment actuary proposes cost control mechanism reform
Martin Clarke, the government actuary, has proposed changing the cost-control mechanism used in the reformed public service pension schemes in a bid to tackle the “perverse outcome” of the 2016 valuation.
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NewsOmbudsman reports failing AE employer to the regulator
On the go: The Pensions Ombudsman has upheld a complaint against accounting company Berics over £678 in unpaid auto-enrolment contributions, reporting the employer to the Pensions Regulator.
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NewsTimms urges action on fraudsters posing as Dalriada trustees
Work and Pensions Committee chair Stephen Timms has written to the City of London Police asking why no urgent action has been taken against fraudsters masquerading as representatives of Dalriada.
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NewsTreasury slammed for McCloud errors, but members will foot the bill
The Public Accounts Committee has issued a scathing report highlighting HM Treasury’s failure to predict the numerous problems stemming from 2011-15 public sector reforms, warning its mistakes will take “generations” to resolve.
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NewsHigh Court spares council £6.5m in LGPS exit credit ruling
The High Court has found in favour of a county council in a battle with a contractor over £6.5m in exit credits, a ruling legal experts say provides much-needed clarity over regulations that have given rise to several legal disputes.
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NewsGovt fixes NHS scheme rules to avoid hefty retirement bills
The government is to amend regulations to the NHS Pension Scheme that has seen hundreds of employers, including GPs, hit with charges for staff members who are in the last three years prior to retirement, which could amount to hundreds of thousands of pounds.
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PodcastsPodcast: Police officers let down by poor McCloud communication
Podcast: Police officers, who have complained about the ramifications of the government’s McCloud remedy, face a difficult battle to get their plight rectified, in another case where inadequate policy and communications has created damaging uncertainty for members. Quietroom development lead Joe Craig and Taylor Wessing senior associate Hadassah Shulman discuss this case, as well as simpler annual statements and the government’s anti-scam proposals.
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NewsTPR urges trustees to remain vigilant of sponsor activity
The Pensions Regulator has used its latest annual funding statement to call for trustees to remain vigilant of weakening employer covenants and corporate activity, while laying out guidance on how to approach scheme valuations under the current challenging conditions brought by the pandemic.
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NewsDWP DC single charging structure to bring headaches for master trusts
The Department for Work and Pensions is considering introducing a universal charging structure for the default funds in defined contribution schemes. The move was welcomed for the clarity it might give to DC savers, but experts have warned of the problems it would cause master trusts like Nest.
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NewsSPP, PMI criticise rushed code of practice consultation
The Society of Pension Professionals and the Pensions Management Institute have both criticised the timeframe of the Pensions Regulator’s consultation on its combined code of practice, raising the prospect of its flawed and costly implementation.
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NewsScams, dashboards, superfunds feature in TPR’s three-year plan
The Pensions Regulator has published its latest three-year plan, an agenda encompassing everything from pensions security, tackling scams, dashboards, superfunds, and coping with the changing nature of defined contribution pension provision.
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NewsGovt’s new anti-scam measures cause industry concern
Industry reaction to the government’s new consultation on pension scams and transfers have been far from unanimous, with many welcoming the intention but warning of the potential for thousands of legitimate transfers to be needlessly blocked and delayed.
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PodcastsPodcast: Pension schemes’ under-allocation to China is ‘anachronistic’
Podcast: UK pension schemes are too often under-allocated to China and missing out on the significant opportunities presented by its continued growth and development. There are, however, lingering environmental, social and governance concerns around investing in the “nominally communist” state, says RisCura investment consultant Lars Hagenbuch. He is joined by SEI Investments director Cyprian Njamma in an episode also covering Covid-19 mortality data and the Pensions Regulator’s proposed asset information reform.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsFRC slaps DB scheme auditor with £125,000 fine
A chartered accountancy firm and one of its partners have been slapped with a hefty fine for “pervasive failures” in the manner in which they conducted an audit of Associated British Engineering, which included shortcomings in the audit of the company’s defined benefit pensions scheme liabilities.
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NewsPolice slate ‘deeply unfair’ ramifications of McCloud remedy
Police officers from every federated rank in the UK have written to the chairs of the Police Pension Scheme advisory boards to complain about the “deeply unfair” ramifications of the government’s McCloud remedy.