More Law & Regulation – Page 105
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TPR to seize assets of rogue employers
The Pensions Regulator has said it will appoint High Court Enforcement Officers to seize assets of employers who do not pay a pension fine.
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Further details emerge on consolidator safeguards
Investors in The Pension SuperFund will not begin to receive returns on their capital until its consolidated schemes have passed a 115 per cent funding target, its executives have told the Work and Pensions Committee.
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Are trustees engaging with fiduciary managers properly?
Most trustees are perfectly capable of operating beyond the conflicts of interest inherent in fiduciary management, but some small schemes lack resources and support, according to experts.
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CMA: Fiduciary management not overly concentrated
Neither the investment consultancy or fiduciary management industries show signs of excessive concentration, the Competition and Markets Authority has found, but the vertical integration of the ‘big three’ firms could distort the market in future.
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Opperman tells insurers to do more for savers
Pensions and financial inclusion minister Guy Opperman has urged insurers to deliver the products and processes the market is often criticised for lacking, and to defend the pension freedoms policy.
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Regulator to prosecute brewery for failing to provide financial info
The Pensions Regulator is to prosecute Samuel Smith Old Brewery and company chairman Humphrey Smith for failing to provide information and documents required for an ongoing investigation.
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High Court rules against statutory limit for overpayment recovery
The High Court has ruled that defined benefit schemes are not subject to a time limit on their ability to recoup pension overpayments. Such a recovery must be carried out equitably by altering future payments, however.
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Select committee launches inquiry into DB white paper
The Work and Pensions Committee has launched an inquiry into the government's recent white paper on defined benefit security and sustainability, asking how the proposed measures are likely to be most effective and whether legislation should be fast-tracked.
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Trustees with fid man less likely to check quality of service
Trustees employing fiduciary managers are less engaged in assessing the quality of their provider than those with a traditional investment consultancy relationship, the latest report from the Competition and Markets Authority has found.
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FCA tackles information deficit with new rules and consultation
The Financial Conduct Authority has published new rules on the duties of fund managers and is launching a consultation on proposed rules and guidance for improving fund information for investors.
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TPR fires warning shot over dividend to DRC balance
Defined benefit trustees and sponsoring employers should act sooner rather than later to secure members' pensions, the Pensions Regulator has said in its latest annual funding statement, and warned against prioritising dividends.
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Default drawdown tops select committee's at-retirement wishlist
Providers of drawdown products should be required to develop charge-capped default products to help disengaged savers make their pension last, the Work and Pensions Committee has recommended.
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TPR to prosecute recruitment firm
The Pensions Regulator is to prosecute recruitment company Workchain Ltd and seven of its directors and staff for unauthorised access to a computer programme. They are accused of logging into the company pension scheme using employees' details to opt them out of the scheme.
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Fast Pensions in provisional liquidation following investigation
Six companies, including Fast Pensions and FP Scheme Trustees, have been placed in provisional liquidation by the High Court following an investigation by the Insolvency Service, the government agency has said.
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Nortel reaches PPF-plus after nine years of 'scorched earth'
The UK Nortel Pension Scheme has retrieved enough assets from the insolvency of its communications giant parent to buy out benefits at a level above that guaranteed by the Pension Protection Fund.
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TPR raises bar with mastertrust code of practice
A new authorisation code requiring mastertrusts to demonstrate their financial sustainability may force a number of providers from the market, experts have speculated.
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CWU members vote for Royal Mail deal
The Communication Workers Union has announced that its members have overwhelmingly voted in favour of a deal with Royal Mail over pensions and pay.
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Industry welcomes FCA transfer advice rules
The Financial Conduct Authority has published new rules on pension transfer advice following its research that showed a high proportion of advice was not suitable. It is also seeking views on contingent charging among others. The industry has welcomed the additional clarity provided in this area.
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NewsSelf-employed do not trust pensions, experts say
Self-employed workers lack confidence in pensions partly because of questions over their affordability, according to experts.
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Can schemes still justify active management?
The average active fund manager cannot outperform their benchmark net of fees, and according to the Competition and Markets Authority, the average investment consultant cannot reliably identify those managers who do. Can an average trustee board reasonably keep the faith in active management?