More Law & Regulation – Page 126
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NewsHow your scheme could benefit from the Arcadia CPI judgment
Employers have been encouraged to assess whether they can switch from the retail prices index to the consumer price index to reduce their liabilities, after a High Court ruling last week.
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Newly defined money purchase plans wake up to actuarial and comms obligations
Trustees and employers offering money purchase benefits may face increased member communication and valuation requirements as a result of the government’s new statutory definition.
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Ombudsman: pension liberation reports expected in a 'few weeks'
The pensions ombudsman has said it should be publishing determinations on pension liberation cases within the next few weeks, with trustees hoping the reports will help them on difficult transfer decisions.
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One in four executives taking cash in lieu of pensions
The number of FTSE 250 executives taking taxable cash supplements instead of pensions has risen, according to a survey, as the way high-earners receive benefits has changed in light of lower lifetime and annual allowance limits.
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Trade body calls for review of charity pension rules
News analysis: The Charity Finance Group has called for a review to the regulations surrounding multi-employer pension schemes, claiming they can threaten charities’ ability to raise donations.
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Environment Agency plans web comms overhaul to boost transparency
The Environment Agency Pension Fund is working on a redesign of its website as part of an ongoing communications drive to boost transparency and engagement among its members.
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Covenant-lite market expands as small schemes digest DB code
Small and medium-sized employers’ pension schemes are finding greater access to pared-down, lower-cost covenant assessments following the Pensions Regulator’s revised defined benefit code of practice, which has increased focus on employer strength.
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How the Law Commission report affects your scheme
The Law Commission has released what has been branded a “common sense” guide for trustees, clarifying their fiduciary duties in respect of responsible investment as well as weighing in on defined contribution scheme governance.
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Schemes face costly tax defeat after HMRC ruling
Defined benefit schemes have been urged by advisers to take steps to ensure they can continue to recover VAT on professional services, following an unexpected legal interpretation from HM Revenue & Customs.
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Override sought ahead of state pension reforms
Legal experts have called for a statutory override in scheme rules to avoid members getting more benefits than originally intended from bridging pensions, as the industry approaches the switch to a single-tier state pension in 2016.
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LLPs forced to consider enrolling partners after Supreme Court ruling
The Pensions Regulator has said limited liability partnerships will have to consider auto-enrolling their partners, after a Supreme Court decision threw their employment status into doubt.
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Transfer industry: pot-follows-member transfers can cost just £1
Pension transfer systems have countered concerns raised by industry figures that implementing pot-follows-member could result in high costs, which may be passed onto members.
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Employer raises doubts on impersonal retirement guidance
Industry figures have predicted that early engagement and face-to-face guidance will drive take-up of the Budget’s promised guidance guarantee, as the industry debates how it will be delivered.
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NewsPPF targets transparency with insolvency levy changes
Schemes will be able to more precisely focus their efforts to reduce their Pension Protection Fund levy, following the lifeboat’s proposals to make its insolvency risk system more transparent.
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PPF assesses out-of-cycle valuations for schemes affected by 'money purchase' definition
The Pension Protection Fund launched a consultation last week to assess the material change in risk to the lifeboat brought about by the changes to the definition of money purchase benefits, which will come into force later this year.
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Wiltshire: Early engagement key to managing LGPS reform
The head of Wiltshire Pension Fund said early engagement has been crucial to its implementation of this year’s Local Government Pension Scheme reforms, as local authority decision-makers stress the importance of staff training.
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Local authority experts debate how to fireproof governance
Local authority scheme experts at Wednesday's National Association of Pension Funds' 2014 Local Authority Conference discussed greater separation in decision-making structures, or increasing guidance, as ways to improve governance.
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Schemes face LDI rethink to meet Emir collateral demands
Industry experts have warned that schemes using liability-driven investment strategies may face higher costs and additional risks when the European Market Infrastructure Regulation’s collateral diversity requirements come into force.
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Webb seeks to alleviate scheme guidance concerns
Pensions minister Steve Webb has tried to assuage the concerns of defined contribution schemes by implying the guaranteed retirement guidance could be delivered in less intensive ways than face-to-face meetings.
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Webb reveals further detail on guidance guarantee
Pensions minister Steve Webb released this week further details about the upcoming guidance guarantee, with concerns mounting on the timetable for its implementation and the subsequent burden on pension schemes.