More Law & Regulation – Page 119
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News
FAMR makes headway but experts say further progress is needed
The Financial Conduct Authority has published a progress report on its Financial Advice Market Review, alongside a consultation that sets out proposed guidance, but reactions in the pensions industry show there is still a long way to go.
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Freedom and choice: Engagement improved but confusion remains
Two years have passed since the government introduced the pension freedoms, and although the flexibilities have improved engagement to some extent, the increased complexity has also led to confusion.
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NewsCourt of Appeal lessens burden on FDR in rule change dispute
A High Court judgment on the method for increasing pension payments where a power of amendment was improperly applied has been overturned by the Court of Appeal, lessening the burden on the corporate sponsor.
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NewsArcadia agrees shorter recovery plans as Green feels pressure
Arcadia Group has agreed to increase its scheduled contributions to its two pension schemes, a sign that public pressure and 'naming and shaming' may be having some impact.
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Lawyer survey highlights lack of clearance sought from regulator
Just 21 per cent of pensions and restructuring lawyers normally suggest that clients go through the Pensions Regulator’s clearing process, reflecting a similar decrease in clearance applications submitted.
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NewsIndustry unconvinced by MPs' funder of last resort concerns
Amendments to the pension schemes bill requiring member representation on mastertrust boards and a funder of last resort have been rejected by the House of Commons, amid concern from opposition politicians about a lack of oversight.
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TPR guidance: Welcome set of principles or waste of time?
While some have welcomed the Pensions Regulator’s recently published and extensive collection of investment guidance for those running defined benefit pension schemes, there are some concerns over the effectiveness of the information for time-stretched or less diligent trustees.
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Dashboard prototype launch prompts next steps
Plans to deliver a pensions dashboard prototype by March 2017 have been completed, despite the complex nature of technology infrastructure involved. But while experts think the progress is encouraging, they say more needs to be done to maintain this momentum.
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IA consults on cost disclosure code amid data overload concerns
The Investment Association is calling for views on a proposed industry code on disclosure of charges and transaction costs, as some have stressed the importance of making such data easy to interpret.
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CPS 'auto-protection' call reignites freedoms debate
Thinktank the Centre for Policy Studies has highlighted the need to shield savers from financial risks in later life through the idea of “auto-protection”, with the introduction of auto-drawdown, followed by auto-annuitisation at age 80.
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Face-to-face comms can sweeten 'unpalatable' news
With the world of pensions constantly changing, employers and trustees are investing more time, effort and resources into liaising with members, but face-to-face communication has been deemed particularly effective when it comes to bad news.
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News
Lack of savings highlights importance of state pension
The number of women retiring without a pension has dropped, new research shows, but nearly 14 per cent of people have not made provisions for their retirement, highlighting the significance of the state pension for savers.
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CDC could refocus industry on purposeful finance
Refocusing the industry on the purpose of finance could deliver huge benefits to UK pensions, a new academic paper has suggested, as calls were lodged for the resurrection of collective defined contribution.
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NICs U-turn puts pension tax back on the table
Chancellor Philip Hammond has cancelled plans to increase class 4 national insurance contributions for the self-employed, creating a £2bn shortfall in the nation’s accounts between 2018 and 2022, which many fear will be plugged by changes to pension tax relief.
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Pensions fail to convince savers but attitudes are expected to change
Fewer than half of people view workplace pensions as the most secure form of retirement savings, but experts have said attitudes towards saving for the future could change, driven by the current housing shortage, auto-enrolment developments and the demise of defined benefit pension funds.
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NewsHow would Scottish independence impact schemes?
Scotland's first minister Nicola Sturgeon will seek a second referendum on Scottish independence, to be held by spring of 2019, triggering concerns about the challenges a Yes vote would pose to UK pensions.
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News
AE review: Tension between engagement and inertia comes to the fore
PLSA Investment Conference 2017: With the Department for Work and Pensions’ review of auto-enrolment underway, advisory groups are seeking views on engagement, contributions and coverage, but questions remain over the necessity of engagement and the pensions reality in other countries.
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News
FCA throws cold water on IA input ambitions
PLSA Investment Conference 2017: The Financial Conduct Authority’s director of strategy and competition Christopher Woolard has said he does not want to be bound by industry initiatives in making new rules for asset managers.
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NewsSpring Budget focus on self-employed lets industry hope for more
The chancellor’s focus on the self-employed could pave the way for bringing the group into the pension system, some experts have said, as the spring Budget brings no significant news on pensions.
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NewsPLSA ‘superfunds’ solution gets lukewarm reception
The Pensions and Lifetime Savings Association is calling on the government to facilitate consolidation while creating a regulatory framework for the creation of superfunds, but the proposal has seen a muted response.