More Law & Regulation – Page 51
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NewsTPR to demand more asset information from schemes in 2023
The Pensions Regulator has confirmed it will press on with reforming the asset class information it collects via the scheme return, in a consultation response published on Thursday.
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NewsState pension to rise by 3.1% in April as inflation dips slightly
On the go: The UK state pension is set to increase by 3.1 per cent in 2022-23, in line with September’s inflation figure.
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NewsInflation and Covid uncertainty temper PPF performance
Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.
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NewsUnion calls for McCloud fix for civil service retirees
On the go: The Public and Commercial Services Union has warned that former civil servants who retired early for health reasons are not being paid what they are owed under the McCloud remedy, and has called on the Cabinet Office to apply the same fix recently agreed with firefighters
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NewsSimpler statements delayed until October 2022
On the go: The government has decided to delay the introduction of simpler annual benefits statements until October 2022, following industry concerns about the amount of work required to implement them.
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NewsGreen finance roadmap still missing key details
The government has published its “roadmap to sustainable investing”, laying out a number of new reporting requirements. However, some experts have warned that the plan does not go far enough to make a real difference.
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NewsEmployers hit back at benefit cut claims as USS strike action looms
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has hit back at claims from University and College Union that a reform package agreed with the USS trustee will lead to members suffering benefits reductions of 35 per cent.
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NewsPPF pays out £1bn but fraud compensation claims raise concerns
The Pension Protection Fund paid out £1bn in member compensation in 2020-21, but there are concerns as potential claims with a value in excess of £358m against its Fraud Compensation Fund vastly exceed the money available to pay them, according to the PPF’s annual report.
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NewsStrikes to continue at Dundee Uni due to DB scheme closure
Strike action at the University of Dundee is set to continue in October over proposals to move workers from a defined benefit to a defined contribution plan that unions say will leave members 40 per cent worse off in retirement.
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NewsMembers on lower incomes to pay more in NHS pensions overhaul
The government has announced its intent to overhaul the way in which NHS Pension Scheme members pay contributions from April next year, following the implementation of the McCloud remedy.
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NewsUSS employers call for union co-operation ahead of strike ballot
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has called on trade unions to co-operate with it as it bids to reform the embattled pension scheme.
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NewsSmart: Trust is key to ensure TPR’s powers are applied fairly
On the go: Member-nominated trustees have “nothing to fear” from the Pensions Regulator’s newly introduced criminal sanctions, chair Sarah Smart told the Pensions and Lifetime Savings Association’s annual conference.
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NewsExperts warn against major pension tax changes this autumn
The government’s attempts to source billions of pounds in spending by altering pensions taxation are unlikely to be successful, although the Autumn Budget is unlikely to produce major announcements in this area, experts have said.
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NewsOpperman lauds ‘transformational’ climate requirements
Pensions minister Guy Opperman has lauded the government’s “utterly transformational” approach to climate reporting requirements, while promising legislation on “simpler statements” and the “statements season” in the near future.
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NewsCalls for an inquiry over teachers’ 7-year contributions gap
Councillors have called for an independent inquiry to determine how 14 members of the Teachers’ Pension Agency found they were missing seven years’ pension contributions from their employer.
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NewsPublic sector schemes told to conclude 2016 valuations
The Government Actuary’s Department has agreed with HM Treasury that its amendments to the cost-control framework used in public sector schemes meet the government’s policy objectives, drawing a line under the troubled 2016 valuation process and allowing public sector schemes to complete these.
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NewsPodcast: Mandating net zero could ‘cut straight through’ fiduciary duties
Podcast: The government mandating default funds be aligned with ‘net zero’ would be a way around concerns about fiduciary responsibility, but there are questions about what this would mean in practice. Stuart O’Brien, partner at Sackers, and Gareth Stears, pensions technical consultant at Aries Insight, discuss environmental, social and governance issues, social housing, and the Pensions Regulator’s controversial criminal powers.
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NewsTPR may leave sponsors ‘guessing’ over potential enforcement action
Sponsors could be “left guessing” as to whether key decisions could lead to enforcement action under new guidelines from the Pensions Regulator, LCP has warned.
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NewsUSS sponsor claims members will be ‘priced out’ without reform
On the go: Universities UK, the group representing 340 Universities Superannuation Scheme employers, has warned that USS members will be priced out of the scheme if the union’s threats of strike action derail reform proposals.
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NewsOmbudsman finds NHS ‘negligent’ failings led to doctor's tax breach
The Pensions Ombudsman has upheld a complaint against the NHS Business Services Authority and Primary Care Support England after they “negligently” failed to provide a GP with tax information and delayed the handling of his pension contributions.