More Law & Regulation – Page 27
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NewsAE contributions not reaching those most in need
While many employers offer auto-enrolment contributions above the minimum rate, the workers that benefit are seldom those most in need, according to new research from Nest Insight.
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NewsPPF to slash levy by more than £400mn in two years
The Pension Protection Fund is to slash its levy by more than £400mn by 2023-24, after a review found strong investment performance and a reduced risk of claims.
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NewsMPs call for AE reforms to be introduced by spring 2023
The Work and Pensions Committee has called on the government to introduce auto-enrolment reforms next spring, while setting up new policy goals to ensure a “new consensus on adequate retirement income” is achieved.
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NewsTPR updates climate risks guidance
On the go: The Pensions Regulator has updated its guidance on climate-related risk requirements to include mention of the “portfolio alignment metric”, which affected schemes have had to provide since October 1.
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NewsAdviser finds errors in nearly 20% of NHS pension records
An NHS pensions expert has identified mistakes in almost one in five pension records, having spotted misallocated arrears that artificially inflated a member’s pension growth, which would have otherwise triggered a £15,000 annual allowance charge.
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NewsBank of England buys gilts to protect pension funds
The Bank of England has commenced a round of government bond purchases in an attempt to stabilise markets, after falling government bond prices prompted collateral calls for pension funds.
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NewsMore than a third of schemes ignore own trustee diversity data
More than one-third of the pension schemes that collect trustee diversity data have no intention of using it, the Pensions Regulator has found, as it publishes an action plan to boost boards’ diversity and inclusion.
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NewsUnion attacks ‘unacceptable’ hike to Railways pension contributions
The National Union of Rail, Maritime and Transport Workers has warned that changes to the Railways Pension Scheme’s investment strategy, following a Pensions Regulator intervention, would result in an “unaffordable and indeed unacceptable” 7.6 per cent hike in members’ contributions.
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NewsRPI reform judgment stands as High Court refuses appeal
On the go: The trustees of the BT, Ford and Marks and Spencer schemes have decided not to seek a review of a September High Court judgment in the Court of Appeal, after the High Court struck down their judicial review against the government’s plans to axe the retail price index and refused a permission to appeal.
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NewsTPR finds contribution errors in auto-enrolment inspections
On the go: The Pensions Regulator’s automatic enrolment inspections found a “number of errors” in compliance with auto-enrolment, including miscalculation of pension contributions and miscommunication with staff.
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NewsDC charge cap performance fees scrapped to spur investment
Chancellor of the exchequer Kwasi Kwarteng has announced that performance fees will be removed from the charge cap applied to defined contribution schemes, in a bid to spur pension scheme investment in science and technology.
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NewsTPR approached a ‘number of times’ by capital-backed consolidators
The Pensions Regulator has been approached a “number of times” by companies working on capital-backed consolidation models, according to Charles Counsell, who has called for superfund legislation.
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NewsGovt to fix NHS inflation link and mandate pensions recycling
The government will be correcting pension rules regarding inflation and will mandate NHS trusts to offer pensions recycling by 2023, as part of its bid to prevent punitive pension rules from encouraging workers to leave the NHS.
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NewsMajority of low earners cannot afford auto-enrolment contributions
Nearly seven in 10 (69 per cent) of low earners are unable to afford pension contributions due to the cost of living crisis, according to new research from Legal & General Investment Management.
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NewsInflation presents ‘considerable risk’ to DC pension pots
Skyrocketing inflation figures pose unique challenges for defined contribution pension schemes as memberships surge to record highs, according to the Pensions Policy Institute’s DC Future Book.
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NewsGuy Opperman removed as pensions minister
The UK’s longest-serving pensions minister, Guy Opperman, has been removed from his post by new prime minister Liz Truss, after five years in the role.
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NewsAPPT pushes for diversity and inclusion in trustee boards
On the go: The Association of Professional Pension Trustees has launched a “hints and tips” briefing focused on diversity and inclusion, in a bid to influence how trustees go about shaping their boards.
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NewsEnvironment Agency fund races ahead of emissions targets
On the go: The £4.3bn Environment Agency Pension Fund is ahead of its target to cut emissions exposure to coal, oil and gas, according to its new stewardship report.
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NewsACA: Early pensions access could encourage people to save
On the go: Younger generations could be encouraged to save more for the long term if they were allowed to dip into their retirement savings early in order to cover urgent, essential expenditure.
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NewsCovid-hit fiduciary management market gains 70% in 5 years
Although the UK fiduciary management market has risen by 11 per cent a year over the past five years, its growth is still below the previous period’s figures, with Covid-19 having an impact on selection processes in 2021, according to a survey by IC Select.