More Law & Regulation – Page 53
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NewsStatements season could cause mayhem for admins, PASA warns
On the go: The creation of a statements season could cause “significant difficulties, additional and unnecessary costs, and adverse implications” for schemes and administrators if a route of a common valuation date is chosen, the Pensions Administration Standards Association has warned.
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NewsRegulators propose DC-wide ‘value for money’ framework
The Pensions Regulator and the Financial Conduct Authority will be forcing defined contribution schemes to disclose more data around their investment performance, scheme oversight, and costs and charges, as they unveil a discussion paper looking at creating an “holistic framework” for assessing value for money in this sector.
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NewsInflation jump poses ‘a real challenge’ for pension schemes
The surge in inflation in August – the highest since records began in 1997 – could prove “a real challenge” for pension schemes, experts have warned, especially if it proves not to be a transitory phenomenon.
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NewsABI calls for govt to 'rethink' normal minimum pension age hike
The Association of British Insurers has called on the government to scrap its “complicated”, “arbitrary” and “confusing” plans to raise the normal minimum pension age “until something fit for purpose” has been developed.
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NewsCalls for climate reporting harmony as FCA and DWP rules diverge
The Financial Conduct Authority’s climate-related disclosure rules for asset managers, life insurers and its regulated pension providers should be brought into line with Department for Work and Pensions regulations to give greater clarity and consistency, the Pensions and Lifetime Savings Association has said.
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NewsKent Pension Fund breaches LGPS regulations
On the go: Connection trouble with a third-party pensions administrator’s systems has caused staff productivity at the Kent Pension Fund to suffer, while poor record management by Kent Police led to a breach of Local Government Pension Scheme regulations.
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NewsDWP rules out appeal on PPF’s compensation cap ruling
On the go: The Pension Protection Fund will soon start making changes to its benefit structure, since the Department for Work and Pensions will not be appealing the Court of Appeal decision which ruled the compensation cap unlawful.
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NewsTPR auto-enrolment enforcement figures back to pre-pandemic levels
On the go: The number of warnings issued to employers for failing to comply with auto-enrolment rules are back to pre-pandemic levels, the Pensions Regulator has said.
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NewsAuto-enrolment at risk after national insurance increase
On the go: The implementation of the auto-enrolment reform could be at risk after the government announced a national insurance hike, Aegon has warned.
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NewsTriple lock suspension unpopular but fair, says industry
On the go: By suspending the wages element of the pensions triple lock the government has remained fair to both pensioners and taxpayers, although the former is likely to be disappointed, industry experts have said.
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NewsTPR’s notifiable events regime more impactful than criminal powers
The new regime setting out what type of events trustees and employers are required to notify the Pensions Regulator about will have a greater potential to impact corporate activity than the regulator’s controversial new criminal powers, experts have warned.
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NewsPM announces 1.25% levy and dividend tax rise to fix social care
On the go: Prime minister Boris Johnson has set out the government’s long-awaited plans for social care reform, announcing a 1.25 per cent ‘health and social care levy’ and a rise in dividend tax as central elements to cover the costs.
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NewsState pension: Triple lock earnings link suspended for 1 year
On the go: The government has suspended the wages element of the pensions triple lock to avoid a disproportionate rise in the state pension following the pandemic.
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NewsBig schemes turn to fiduciary managers during pandemic
Data crunch: The average size of a pension scheme taking on a fiduciary manager rose by around 80 per cent during the Covid-19 pandemic, suggesting the flexibility afforded by the model was particularly attractive in turbulent market conditions, according to research from IC Select.
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NewsUSS pushes ahead with reform proposals despite strike threat
The Universities Superannuation Scheme trustee is to push ahead with a reform package agreed by USS employers, despite threats of strike action from the University and College Union.
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NewsPublic sector schemes wary of TPR’s new code of practice
Public sector schemes should press on with implementing the Pensions Regulator’s new code of practice, Aon has said. However, schemes are concerned about the new rules and have asked for more clarity from the watchdog.
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NewsIndustry fears another missed dashboards deadline
On the go: The pensions industry doubts whether the pensions dashboards will be delivered on time, as more than three-quarters of respondents to a Pensions Management Institute survey said they thought the project would still not be operational by 2023.
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NewsStrike action ‘inevitable’ after employers agree USS reforms
The University and College Union is to ballot its members over industrial action, branding strikes “inevitable” after employers agreed to press ahead with reforms of the Universities Superannuation Scheme.
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NewsFCA to review DB transfer redress guidance
On the go: The Financial Conduct Authority is preparing to review its redress guidance for unsuitable pension transfer advice by the end of the year and has clarified what it expects of financial advice companies in the meantime.
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NewsDraft CDC regulations hampered by poor definitions, industry warns
The government’s consultation into draft regulations governing collective defined contribution schemes requires more work on definitions if these pension funds are to be properly implemented, with the Pensions and Lifetime Savings Association warning it could create a “back door” for unscrupulous employers.