More Law & Regulation – Page 48
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NewsL&G ‘well advanced’ with commercial dashboard development
Legal & General is “well advanced” with the development of a commercial dashboard, building on the work done in the alpha and beta stages of the Pensions Dashboards Programme.
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NewsEmployers and union at loggerheads as USS deadline looms
Employer representatives have again criticised the University and College Union as the deadline for avoiding “unaffordable” contribution rate hikes in the Universities Superannuation Scheme approaches.
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NewsOpperman fires back over universal DC charging structure
Pensions minister Guy Opperman stood his ground over the government’s expected move to introduce a single flat charge for defined contribution workplace pensions, after master trust providers criticised the proposal earlier in the week.
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NewsCall for evidence on state pension age changes as costs mount
On the go: The independent review of the state pension age has published a call for evidence seeking views on the fairness, sustainability and affordability of the system.
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NewsThe People’s Pension slams single flat charge proposal
Savers could lose thousands of pounds from their pension pots if the government proceeds with its expected plan to introduce a single flat charge for workplace pensions, according to one master trust.
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NewsMadeline Forrester appointed PPI chair of council
On the go: The Pensions Policy Institute has appointed Madeline Forrester as its new chair of council.
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NewsGovt keeps AE earnings trigger despite calls to scrap it
On the go: The government has opted to keep the earnings trigger for auto-enrolment at £10,000 for 2022-23, despite some in the industry calling for it to be scrapped to bring in more low earners.
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NewsClimate change could impact sponsor cash flow and longevity
On the go: Climate change could have significant impact on sponsor covenant, hitting cash flows and potentially impacting sponsor longevity, according to a report from the Employer Covenant Practitioners Association.
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NewsGovt to consult on ‘levelling up’ LGPS targets in summer
On the go: The Department for Levelling Up, Housing and Communities is expected to consult on the new requirement for Local Government Pension Scheme funds to set out plans for investing up to 5 per cent of their assets in domestic projects, the LGPS Scheme Advisory Board has said.
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NewsEx-Norton owner pleads guilty to illegally investing pension funds
The former owner of Norton Motorcycles has pleaded guilty to the charge of illegally investing pension scheme money in his failing company.
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NewsOpperman defends change to ombudsman appointment criteria
On the go: Pensions minister Guy Opperman has defended changes to the appointment criteria for the Pensions Ombudsman, after the last recruitment attempt failed to attract a suitable candidate.
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News‘No legal basis’ for interest payments on FAS compensation
On the go: Pensions minister Guy Opperman has sought to explain discrepancies in compensation payments between the Pension Protection Fund and the Financial Assistance Scheme arising from the Hampshire ruling, detailing that there is no legal basis for paying interest on arrears in the FAS.
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NewsNearly half of savers in the dark when switching pension providers
On the go: More than four in 10 pension holders surveyed by B&CE said they would not know what to look for when switching pension providers.
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NewsLGPS funds question government’s ‘levelling up’ investment target
A handful of Local Government Pension Scheme funds and a former pensions minister are unconvinced by the government’s new requirement for these schemes to set out plans for investing up to 5 per cent of their assets in domestic projects, as trustees’ fiduciary responsibilities could come under threat.
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NewsDB schemes’ health reaches record high
On the go: The health of UK defined benefit pension schemes edged upwards to a record high at the end of last year, according to Legal & General Investment Management.
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NewsPLSA urges ‘levelling up’ of employer contributions to 5 per cent
On the go: The Pensions and Lifetime Savings Association has called for an increase in employer contributions and an extension of auto-enrolment over the next decade, as part of a submission to the Work and Pensions Select Committee.
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NewsPrudential reports itself to regulator over AVC failings
Prudential reported itself last year to the Pensions Regulator, as a perfect storm of IT problems and coronavirus-led disruption pushed customers looking to cash out their additional voluntary contributions into long delays.
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NewsEmployers look to modify USS proposals in light of inflation
On the go: Universities UK, the group representing 340 employers in the Universities Superannuation Scheme, has proposed temporarily removing a cap on inflationary increases proposed as part of its solution to the scheme’s controversial 2020 valuation, following member concerns.
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NewsAlternative assets could give DC higher returns with no extra risk
Alternative assets could present defined contribution schemes with a means to increase value for members without taking on any extra risk, according to a new report from the Pensions Policy Institute.
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NewsGovernment sets 5% target for LGPS investment in local areas
On the go: Local Government Pension Scheme funds have been asked by the government to set out plans for investing up to 5 per cent of their assets in projects that support local areas, according to the new ‘Levelling up’ white paper.