More Law & Regulation – Page 125
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News
Latest IORP revision ditches 'professional' qualification requirement for trustees
The latest revision of the European Commission pensions directive has removed a contentious requirement for trustees to have a "professional" qualification – reigniting debate in the industry on the merits of a minimum standard of training.
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Concerns that DC reforms will drive pensions liberation reach MPs
Industry figures have said the guidance guarantee and independent advice are important to prevent scheme members being lured into punitive liberation schemes by the prospect of increased retirement flexibilities – a problem brought before parliament this week.
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Plumbing scheme works to trace 7,000 addresses in data push
The Plumbing and Mechanical Services Industry Pension Scheme has taken steps to trace scheme members to improve its record-keeping, with the address of almost one in every five currently missing.
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What the revised Sorp requires of your scheme reporting
Pension schemes will have to boost transparency and detail under reporting requirements in the revised statement of recommended practice by the Pensions Research Accountants Group, which comes into force next year.
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Managers predict cash will be king for many post-April retirees
It may be a caravan rather than a Lamborghini, but scheme managers across the country are getting ready for a wave of savers cashing in their pension pots come April’s introduction of George Osborne’s retirement flexibilities.
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ABI wants second line of defence on guidance for retirees
The Association of British Insurers has called for a second line of defence for people who do not take up guidance, to ensure they are buying an appropriate product at retirement.
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LGPS consultation to drive greater member representation
The creation of national and local advisory boards for the Local Government Pension Scheme is expected to improve engagement and representation for members, but could lead to increased cost for compliance.
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Wider default definition will land more funds in charge cap net
The wider-than-expected definition of default funds in the government’s draft regulation could mean the charge cap applies to multiple funds at a scheme, hiking governance requirements expected of managers.
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Academic backs call for IGCs to mirror trustee boards
NAPF Annual Conference 2014: Senior industry figures have called for independent governance committees to be more like trustee boards in their activities, to protect member interests.
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How changes to the PPF levy could affect your scheme
Schemes are being advised to assess the cost of completing an annual valuation of asset-backed contributions, after the Pension Protection Fund announced non-property ABCs will be considered in levy calculations.
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Experts call for Dutch-style information standards
Industry experts have called for the standardisation of pension scheme information, in the style of the uniform pension overviews found in the Netherlands.
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Lothian reports on governance reform
Lothian Pension Fund has completed the first full year of governance reforms designed to increase representation for stakeholders and strengthen processes.
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Employers face increased pension loss payouts after NHS case
Employers may be liable to pay increased compensation relating to pension loss to employees dismissed unfairly, lawyers have warned, after a tribunal appeal found an earlier decision had miscalculated the sum owed to an NHS scheme member.
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How scrapping 55% 'death tax' could affect your DB scheme
Consultants have again predicted greater interest in transfers out of defined benefit schemes following the proposed removal of inheritance tax on pension pots, while others doubted the changes would have much impact.
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How devolution could affect your scheme
Scheme professionals have predicted devolved tax and welfare powers to Scotland, England, Wales and Northern Ireland could increase the cost of administering schemes which have members across the UK, though others doubt the impact.
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Schemes consider money purchase reversion to reduce employer risk
Legal experts have reported that schemes caught by the recent change in the definition of money purchase are trying to amend their benefits structures to remove the additional risk of guarantees.
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Tax changes: how they affect scheme rules
Schemes have been urged to move quickly to prepare for forthcoming changes to pension tax legislation, with the new ‘uncrystallised funds pension lump sum’ expected to prove popular among members.
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Yes or No: schemes brace for Scottish independence vote
Pension scheme managers and industry experts are focusing on tax and cross-border funding requirements as challenges that could arise out of next month’s Scottish independence vote, regardless of the outcome.
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NewsRegulator nets £184m from Lehmans as cases treble
The Pensions Regulator’s unprecedented £184m settlement for the members of the Lehman Brothers pension scheme is its biggest trophy in a growing anti-avoidance campaign, with the number of investigations trebling since last year.
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DB steals limelight in 75% of hybrid scheme trustee meetings
Three-quarters of hybrid scheme trustees spend more time on their defined benefit offerings than defined contribution, sparking concerns that they are failing to respond to the shift to DC.