More Law & Regulation – Page 56
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NewsHMRC extends reporting and payment deadlines for scheme pays
On the go: HM Revenue & Customs has extended the deadline for savers who want to use their pension scheme to settle tax charges from a previous year.
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NewsUSS employers pledge greater covenant support
Universities UK, the group representing 340 Universities Superannuation Scheme employers, has pledged additional covenant support to the pension scheme, in a move it said will spare its members the crippling contribution rate rises announced following the scheme’s 2020 valuation.
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NewsDWP’s stronger nudge is not ‘fit for purpose’
On the go: The “stronger nudge” towards guidance recently proposed by the Department for Work and Pensions is inadequate on its own and will impact members too late in the process to have a real effect, according to industry experts.
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NewsDWP failed in communicating women’s state pension age changes
On the go: The Department for Work and Pensions failed in communicating changes to women’s state pension age, according to the Parliamentary and Health Service Ombudsman.
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NewsSavers given opportunity to lock in minimum pension age at 55
The government has given savers a way to avoid the minimum pension age increase in 2028, as new rules will allow individuals to keep their protected pension age if they transfer their pension.
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NewsGovt introduces public service pensions bill in parliament
On the go: The government introduced the public service pensions and judicial offices bill in the House of Lords on Monday that will allow the implementation of the McCloud remedy.
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NewsOmbudsman slaps fine on ‘reckless’ trustee for multiple breaches
The Pensions Ombudsman has upheld a complaint against the trustee of a small pension scheme for multiple breaches of trust and instances of malpractice, while demanding they reimburse the scheme to the tune of hundreds of thousands of pounds.
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NewsDWP extends Anthony Arter’s term as Pensions Ombudsman
On the go: The Department for Work and Pensions has extended the term of Anthony Arter as Pensions Ombudsman for another year.
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NewsTPR updates board code of conduct following Smart’s appointment
On the go: The Pensions Regulator has updated its policies in relation to its board members’ declaration of interests, following criticisms that TPR did not publish potential conflicts arising from connected parties in its public register.
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NewsDWP loses court battle on PPF cap
The Department for Work and Pensions has seen its appeal on the Pension Protection Fund cap, previously considered discriminatory by the High Court, dismissed by the Court of Appeal, which means the pensions lifeboat will have to alter its benefits structure.
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NewsIndustry experts predict limited roll-out of CDC schemes
The government's consultation on regulations governing collective defined contribution schemes was received as a welcome step forward in the industry, but experts have cautioned that initial demand is likely to be low due to the restrictive conditions and high costs imposed on the market.
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NewsDWP’s ‘vision’ for superfunds to be published later this year
On the go: The Department for Work and Pensions intends to set out its “vision” for the future regulation of superfunds in autumn/winter this year, according to its annual report published on Thursday.
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NewsDWP’s move to DC universal charge structure could do ‘serious damage’
Industry commentators are worried about the Department for Work and Pensions’ proposal to introduce a universal annual management charge in defined contribution default funds, warning that the move is premature and could do “serious damage” to the pensions market.
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NewsFCA to focus on driving value for money for savers
On the go: The Financial Conduct Authority is planning to access how to drive value for money in pensions during accumulation, its business plan for 2021-22 has revealed.
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NewsPension tax change proposals branded ‘tragic’ and ‘crazy’
On the go: Rumours that the Treasury is planning to raid pensions have been branded “tragic” and “crazy” by speakers at a Hymans Robertson webinar, who warned that any reforms harming incentives to save could undo the work put in to boost retirement standards.
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NewsPASA launches GMP conversion guidance
The Pensions Administration Standards Association has published guidance on guaranteed minimum pension conversion for trustees striving to achieve GMP equality, providing examples of approaches that have been adopted or considered by “early movers”.
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NewsCalls for a ‘rethink’ as dashboards call for input closes
The Pensions Dashboards Programme’s latest call for input closed on Friday. Industry figures, though encouraged by progress made on timescales, said problems stemming from inadequate disclosure regulations and estimated retirement income remain, leading LCP to call for an implementation “rethink”.
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NewsDWP issues ‘stronger nudge’ to pensions guidance consultation
On the go: The Department for Work and Pensions has opened a consultation into regulations requiring trustees and scheme managers to “nudge” individuals to obtain pensions guidance.
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NewsAltmann urges pensions triple lock reform as Sunak changes tone
On the go: Choosing to scrap the pensions triple lock just because of one year’s set of numbers is unwise, but a radical overhaul of state pension support is needed, according to former pensions minister Baroness Ros Altmann.
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NewsFCA revamps scams campaign as further £2m lost to fraud
On the go: A total of £2.2m has been lost to pension scams in the first five months of 2021, with the Financial Conduct Authority warning that savers are nine times more likely to accept ‘advice’ from someone online than a stranger in person.