More Law & Regulation – Page 19
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NewsDashboard implementation deadline extended by two months
Financial Conduct Authority-regulated pension providers have been given an extra two months to comply with the regulator’s pensions dashboard rules on implementation.
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NewsOpperman returns to DWP as minister of state
On the go: Guy Opperman has been appointed as a minister of state at the Department for Work and Pensions, a little over a month after being let go as pensions minister.
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NewsTPR: Improved funding steering DB sector towards buyout
Around nine in 10 defined benefit trustees and employers now have a long-term objective in place, with positioning for a buyout more common than reaching a position of low dependency.
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NewsPension dashboards near live testing stage
On the go: The Pensions Dashboards Programme has moved into the testing of digital architecture phase, with more than 20 organisations taking part as early participants, programme principal Chris Curry has said.
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NewsPost-pandemic retirement surge increases LGPS expenditure
A rise in the number of people retiring following the pandemic contributed towards a 6.6 per cent increase in Local Government Pension Scheme expenditure, new data from the Department for Levelling Up, Housing and Communities has revealed.
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NewsSwitching providers too difficult for employers, DWP finds
Companies rarely switch pension providers as the process is too onerous, the Department for Work and Pensions has discovered.
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NewsMel Stride appointed work and pensions secretary
On the go: Prime minister Rishi Sunak has appointed Mel Stride as the new secretary of state for work and pensions.
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NewsLecturers’ USS lawsuit to proceed to the Court of Appeal
On the go: A lawsuit against Universities Superannuation Scheme directors alleging climate inaction and breaches of duty will be heard by the Court of Appeal.
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NewsTPR publishes consolidated enforcement powers
The Pensions Regulator has published its new enforcement policy, which contains new powers awarded in the Pension Schemes Act 2021, and replaces and consolidates compliance and enforcement policies governing defined benefit, defined contribution and public sector pension schemes.
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NewsIFoA withholds ‘risk alert’ over LDI
On the go: The Institute and Faculty of Actuaries has opted not to issue a “risk alert” over liability-driven investments, in response to the liquidity crisis faced by many defined benefit schemes that unfolded after the September “mini” Budget.
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NewsMPs to question DB schemes’ use of LDI in new inquiry
On the go: The Work and Pensions Committee has launched an inquiry into the regulation and governance of defined benefit schemes with liability-driven investments.
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NewsTfL sets out ‘significantly less generous’ pension reform options
Transport for London has published two concepts for the future design of its pension arrangements, while also asking that the government either reclassify past service assets and liabilities under a public sector arrangement or provide a Crown guarantee.
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NewsLabour ‘should bring in workplace pension for self-employed’
On the go: A future Labour government should look to establish a workplace pension for self-employed workers, a centre-left think tank has said.
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NewsBoE acted to prevent a gilt market ‘fire sale’, MPs told
The Bank of England had no choice but to intervene in the gilt markets, having received signals from pension funds that a “fire sale” may occur, BoE deputy governor for financial stability Sir Jon Cunliffe has told MPs.
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NewsFirefighters receive £3,750 govt payout over Sargeant ‘distress’
On the go: Nearly 9,000 firefighters will receive £3,750 from the government to compensate for anxiety and stress caused by a “government pensions debacle”.
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NewsTPR to prosecute former trustees over ‘illegal’ pension loans
Two former trustees will appear before court as part of a prosecution brought by the Pensions Regulator over allegations that the pair made illegal loans and investments.
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NewsChancellor non-committal on pensions triple lock
On the go: Chancellor Jeremy Hunt says he is “not making any commitments” on the pension triple lock, just weeks after his predecessor Kwasi Kwarteng reiterated the government’s commitment to this safeguard.
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NewsRogue trustees to pay £880,000 redress bill
Trustees of the BWFS Occupational Pension Scheme were found to have committed “multiple breaches of trust and many acts of maladministration” by the Pensions Ombudsman.
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NewsLDI funds prepared for ‘much larger increases in yields than before’
Liability-driven investment funds have built sufficient capital to shield themselves from the impact of further spikes in gilt yields, the Bank of England has said.
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NewsDWP concedes to industry demands on dashboards lead time
The Department for Work and Pensions has recognised its proposed 90 days pensions dashboards lead time “creates challenges” for schemes and administrators, and will now give providers a six-month notice before the project goes live.