More Law & Regulation – Page 129
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Why three in four say they will shun guidance guarantee
Only one in four over-55s intend to use the government’s free retirement guidance service, falling below one in 10 for women approaching retirement, in another sign of the challenge facing the system.
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Schemes win extended reprieve from European OTC clearing rules
The European Commission has recommended schemes be given a two-year reprieve from over-the-counter derivative clearing requirements. But industry experts still expect pension funds to end up paying higher transaction costs.
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What the regulator's £8.5m Carrington Wire deal means for your scheme
The Pensions Regulator has settled with two linked Russian companies for £8.5m over their UK pension fund obligations, prompting calls for trustees to re-examine covenant agreements.
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DC experts cautious on FCA's 'second line of defence'
Defined contribution experts have cautiously welcomed the Financial Conduct Authority’s intervention on a second line of defence for retiring scheme members, but saw upheaval ahead for trust-based schemes.
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How bankruptcy orders could drain savers' retirement pots
The April flexibilities could make the retirement savings of those in financial difficulty vulnerable to demands from creditors, with courts set to have their final say on whether a saver’s uncrystallised pot is open to a claim.
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How DC savers feel about their retirement options
Most over-55s would prefer a secure guaranteed income for life over all other retirement options, a survey has found, prompting calls for the government’s guidance guarantee to cater to this preference.
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Uncertainty on IGC detail as providers get ready for April
Pension scheme providers are gearing up ahead of the April deadline to create independent governance committees, but are eagerly awaiting further details on how the arrangements will be run.
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How the staged, opt-in approach to PFM affects your scheme
The government’s plan for a staged, opt-in approach to pensions consolidation has divided the industry, with some calling the proposals pragmatic while others say they weaken a policy that may not survive the general election.
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NewsOmbudsman's RBS ruling builds pressure on scheme comms
Pension schemes have been encouraged to increase the pre-retirement education given to scheme members, after the pensions ombudsman found the RBS Group Pension Fund “failed in [its] duty of care" to one member.
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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.