More Law & Regulation – Page 127
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News
Provider's failed attempt to reclaim death benefit sets rectification warning
Schemes have been reminded they cannot simply revoke decisions if a mistake has been made, after the pensions ombudsman ruled against a scheme provider that tried to claw back death benefit payments.
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News
Consultants expect DC flexibility to drive DB member transfers
Defined benefit schemes could see a short-term increase in requests from members to switch their benefits into defined contribution schemes, due to potential government plans to restrict such transfers, benefit consultants have predicted.
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Scheme costs to ratchet up under IORP II revision
Trustees and schemes will face substantial administrative burden after the European Commission announced revisions to its incoming pension fund directive, including a requirement to continually evaluate environmental risk, which have been deemed “too prescriptive” by experts.
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News
Charge cap consultation ramps up governance, weakens employers
News analysis: Defined contribution scheme representatives will see governance responsibilities increase after the pensions minister announces further reforms to ensure members get value – with a backdrop of industry debate on the charges cap.
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The Cut – How today's IORP II revision affects your scheme
The European Commission has today proposed revisions to the IORP II directive which will introduce new governance requirements, encourage investment in long-term assets and require cross-border schemes to be fully funded.
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News
Schemes delay mergers over tax risk concerns
Schemes are thinking twice about undertaking bulk transfers of benefits to avoid the risk of passing on individual tax charges to members as they await final official rules.
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Fair deal fog leads to pricing concerns for employers
Private sector employers bidding for central government contracts are facing difficulties building pension strategies into their costs due to uncertainties surrounding contribution rates and exit payments in the new fair deal guidance.
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Civil partner rule uncertainty poses questions for trustees
Schemes may want to consider holding off adjusting their spousal benefits, after a tribunal overturned a previous ruling that deemed entitlements should take into account membership pre-dating the Civil Partnership Act 2004.
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Deciphering the govt's charges disclosure call
The government has today tabled an amendment to the pensions bill which will call for pension providers to disclose transaction costs of defined contribution schemes.
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NewsBAE shrinks pensioner committee in efficiency bid
BAE Systems is reducing the size of its joint pensioner committee as part of a comprehensive review of the body, as technological advances have made it easier to communicate with members.
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NewsDerivatives regulation leaves schemes liable for manager reporting
News analysis: Trustees could be found liable for their investment managers not reporting derivative trades under extended derivatives regulation, with legal experts recommending reviewing contracts to hard-code duties.
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News
Essex mulls delaying SME rep election as reform hits
Essex Pension Fund is considering extending the tenure of its smaller-employer representative, allowing time for the government to provide more clarity on local government scheme governance changes.
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News
NUJ to appeal ombudsman ruling over BBC pensionable pay cap
The National Union of Journalists will appeal the pensions ombudsman’s determination that the BBC's pensionable pay cap did not breach its obligations, as more employers look to such tools to derisk schemes.
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Ombudsman decision underscores record-keeping risk
Schemes have been urged to record benefit decisions after a determination by the pensions ombudsman found against trustees that had not properly documented a resolution to cease discretionary increases.
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News
FCA review prompts calls for trivial commutation increase
Industry figures have called for an increase to the trivial commutation limit after a Financial Conduct Authority report found small-pot holders were more likely to get a bad annuity deal.
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News
Regulator's DC self-assessment tool gets cautious welcome
Industry figures have welcomed the governance 'nudge' provided by the Pensions Regulator's self-assessment tools, but questioned whether schemes can hold themselves to account.
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News
How the pension fraud action group will tackle scam increase
The Pension Liberation Industry Group will develop a code of practice on pension transfers to protect trustees, as liberation schemes find new ways of targeting members.
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News
How to build the pension income builder
News analysis: Industry experts have been exploring how the government’s preferred risk-sharing scheme design could work in practice, whether through a not-for-profit, mutual or insurance provider set-up.
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News
Schemes called upon to boost comms as tax deadline approaches
Schemes should communicate changes to the annual and lifetime allowance to both active and deferred members to ensure savers do not lose their fixed protection, industry experts have said.
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News
Employers open to risk of reporting errors on contingent assets
News analysis: Employers have been told to approach the use of certain contingent asset funding deals with caution, after the Financial Reporting Council said solvency improvements could be cause for investigation.