More Law & Regulation – Page 103
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PLSA pushes for retirement income targets and AE increases
The Pensions and Lifetime Savings Association has set out its final recommendations from its ‘Hitting the Target’ consultation, calling for an increase in minimum auto-enrolment contributions to 12 per cent, and the introduction of retirement income targets.
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Could mastertrust consolidation result in stranded schemes?
Strict requirements for mastertrusts to contingency plan for their own demise as part of the sector’s new authorisation regime may have unintended consequences if wound-up schemes become stranded, experts have warned.
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Dormant pots could cost £1bn in admin charges, research finds
Auto-enrolment is set to create 50m dormant pension pots by 2050, which may cost savers up to £1bn in administration charges, according to Hargreaves Lansdown research.
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NewsFCA recommends investment pathways for drawdown
The Financial Conduct Authority has proposed that pension providers are required to develop three ready-made investment pathways to help confused drawdown customers, but has shied away from imposing a charge cap on the products.
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DWP proposes power for regulator to impose civil fines of up to £1m
The Department for Work and Pensions has proposed granting the Pensions Regulator the ability to fine employers and associated parties up to £1m where they are found guilty of serious breaches and reckless behaviour.
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Disclosure standard aims for strengthened trustee buy side
Investment consultants could be required to disclose scheme data allowing clients to judge the quality of their advice under a new performance framework, which has already attracted positive early statements from two top 10 firms including 'big three' member Mercer.
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Warned scam victims must take responsibility, code says
The Pension Scams Industry Group has emphasised that scam victims must take responsibility for fraudulent defined benefit transfers where they have been previously warned by their providers.
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Smart Pension fined for failure to report missing contributions
On the go: Smart Pension's trustee has been fined by the Pensions Regulator for failing to report unpaid pension contributions to members and the watchdog.
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Government rejects calls for default decumulation pathways
The government has rejected the Work and Pensions Committee’s recommendation for default decumulation pathways, but has agreed that there is a strong case for pensions dashboard compulsion.
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Trustees warned to be vigilant before approving superfund deals
Trustees eyeing a transfer into one of the UK’s nascent superfunds must consider the viability of the acquiring consolidation vehicle before consenting to a ‘buyout-lite’ deal, the Pensions Regulator’s executive director of frontline regulation has warned.
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TPR suspends trustee after fraud investigation launched
On the go: The Pensions Regulator has suspended a pension scheme trustee after detectives launched a fraud investigation.
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Less than a third of trustees think TPR will monitor fairly
Just 31 per cent of trustees are confident the Pensions Regulator will police funding agreements fairly and effectively in future, according to a survey by consultancy Willis Towers Watson.
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Industry calls for regulatory speed and stronger approach to scams
The pensions industry has voiced concerns over regulatory weaknesses and a lack of urgency when tackling scams and regulating defined benefit to defined contribution transfers.
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Government sets out proposals for trustee ESG investment duties
Trustees will be expected to publish a statement on how they take account of scheme members’ ethical views, if proposed requirements floated in a government consultation are implemented.
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Self-employed should not be auto-enrolled, says trade body
The Association of Independent Professionals and the Self-Employed has said that auto-enrolment should not be extended to the self-employed as a way of providing them with retirement income.
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SNP bill seeks PPF support for orphan liabilities
A private members’ bill submitted by Scottish National Party MP Alan Brown last week could see the Pension Protection Fund taking on so-called orphan liabilities from multi-employer pension schemes.
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Regulator sees merit in criminal sanctions for DB sponsors
The Pensions Regulator is prepared to deploy tough new powers promised by the Department for Work and Pensions’ defined benefit white paper, although it admitted that there will be a high bar for beginning any criminal proceedings against sponsoring employers.
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NewsPlumber wins workers' rights case
The Supreme Court has upheld a verdict that Gary Smith, a former contractor who carried out work for Pimlico Plumbers between 2005 and 2011, was indeed a worker at the company and was consequently entitled to workers’ rights there.
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Industry backs alternative to mandatory clearance
Requiring companies to prepare a formal statement on how corporate activity might affect their pension schemes could help protect members from being put at risk, a survey of restructuring professionals has suggested.
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ITV cleared to appeal Box Clever judgment
On the go: ITV has been granted permission to appeal a court decision upholding the Pensions Regulator's ability to issue a financial support direction against the broadcaster in relation to the Box Clever scheme.