More Law & Regulation – Page 54
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NewsTPR’s ESG guidance raises industry concerns on privacy and penalties
The Pensions Regulator’s draft guidance on climate change reporting and governance is not sufficiently clear on what constitutes compliance, and the watchdog needs to provide clarity on its approach to discretionary penalties, the Society of Pension Professionals has warned.
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NewsTPR urges employers to carry on with auto-enrolment duties
On the go: The Pension Regulator has warned employers to not forget auto-enrolment duties as the economy adjusts to the new normal following the pandemic crisis.
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NewsIndustry bodies to 'develop the case' for DC illiquid investments
Industry bodies including the Pensions and Lifetime Savings Association, the Association of British Insurers and the Investment Association will “develop the case” for defined contribution schemes to invest in less-liquid assets, as part of a push to secure “long-term value” for its members.
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NewsOmbudsman facing 'significant queue of work' from Covid-19
On the go: The Pensions Ombudsman is expecting demand to increase by 10 per cent in light of Covid-19, but is already facing a “significant queue of work” caused by the pandemic, according to its 2021-24 corporate plan.
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NewsEY fined £3.5m for Stagecoach pension audit failings
EY has been fined £3.5m and given a “severe reprimand” by the Financial Reporting Council, in part for failing to meet requirements when auditing Stagecoach’s defined benefit scheme obligations.
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NewsIsle of Man civil servants to choose between DB and DC
On the go: Civil servants on the Isle of Man are to be given a choice between an existing defined benefit scheme and a new defined contribution arrangement, the island’s government has announced.
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NewsOmbudsman criticises Railways scheme for maladministration
The Pensions Ombudsman has partly upheld a complaint by a member of the Railways Pension Scheme against its trustee and administrator, RPMI, after finding maladministration in the scheme’s decision to suspend a member’s pension between July and December 2018.
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NewsTPR to amend single code as industry slates new requirements
The Pensions Regulator’s combined code of practice has been dealt a blow after widespread industry criticism forced it to scrap new rules on unregulated investments, while the fate of its proposed “own risk assessment” remains uncertain.
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NewsActuaries propose changes to public sector pension increases
The Association of Consulting Actuaries is calling on the government to change the way it calculates pension increases for unfunded public sector schemes, proposing that these are based on economic growth rather than inflation, as this would be “fairer” for future generations of taxpayers.
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NewsTPR to prosecute former owner of Norton Motorcycles
The Pensions Regulator has announced its intent to prosecute the former owner of Norton Motorcycles for illegally investing money into the business from three pensions schemes of which he was the sole trustee.
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NewsPPI to launch pensions framework report by 2022
On the go: The Pensions Policy Institute will be launching its first report providing a picture of trends, issues and outcomes of the UK pensions system in 2022.
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NewsIntroducer fined after making thousands of cold calls
On the go: A Halifax-based company has been fined £50,000 by the Information Commissioner’s Office after making 97,000 marketing calls to people offering to review their pensions.
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NewsFederated Hermes agrees to acquire remaining interest in HFML
On the go: Federated Hermes agreed on Thursday to obtain the remaining 29.5 per cent interest in Hermes Fund Managers Limited held by the BT Pension Scheme.
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NewsState pension ‘too low’ to scrap earnings link
On the go: With the state pension still below the 1979 level relative to earnings, it would be unwise for the chancellor to drop the triple lock earnings link, Baroness Ros Altmann has warned.
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NewsOmbudsman criticises Aon, Willis Towers Watson over benefits error
The Pensions Ombudsman, Anthony Arter, has partially upheld a complaint against Aon and Willis Towers Watson over their handling of a benefits estimation error.
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NewsTriple lock ‘ticking time bomb’ as earnings grow 8.8%
On the go: Pressure is piling on UK chancellor Rishi Sunak to review the pensions triple lock as average earnings have jumped 8.8 per cent in the latest quarter.
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NewsOmbudsman finds Covid is not an excuse to renege on auto-enrolment
The Pensions Ombudsman has ordered a company to pay £1,000 to five staff members for “distress and inconvenience” after it deducted pension contributions without paying them into the scheme.
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NewsGenerations divided over triple lock reform
On the go: There is a large generational divide when it comes to keeping the triple lock in its current form, with the over-fifties more keen for it to stay than younger people.
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NewsDWP sets up working group to explore ‘statements season’
On the go: The Department for Work and Pensions has established a working group looking at options to develop the ‘statements season’ proposed in its recent simpler annual benefit statements consultation.
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NewsMerger with WTW would have been a good deal, says Aon CEO
On the go: Aon chief executive Greg Case continues to argue that the merger with Willis Towers Watson would have been a good deal for the UK pensions market.