More Law & Regulation – Page 60
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NewsDC schemes to send two-page ‘simpler statements’ in 2022
The Department for Work and Pensions is consulting on regulations that would see schemes required to send simpler annual benefit statements to their members from April next year.
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NewsPLSA calls for new legislation to support members at retirement
On the go: The Pensions and Lifetime Savings Association has called on the government to introduce legislation underpinning a new set of product, communication and governance standards to build on pension freedoms and provide greater support for savers at retirement.
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NewsPPI launches UK pensions framework
On the go: The Pensions Policy Institute is launching a UK pensions framework, since “work and retirement landscapes are undergoing significant change around the world”.
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NewsLow earners miss out on £150m in pensions tax relief
On the go: Low earners have missed out on almost £150m in pensions tax relief, according to new analysis from Quilter.
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NewsMPs urged to tweak 25% tax-free cash rules
On the go: Pensions consultancy LCP has proposed new rules that would allow pension savers to access tax-free cash at a normal minimum pension age while leaving the remaining balance behind.
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NewsGovt’s new anti-scam measures cause industry concern
Industry reaction to the government’s new consultation on pension scams and transfers have been far from unanimous, with many welcoming the intention but warning of the potential for thousands of legitimate transfers to be needlessly blocked and delayed.
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NewsDWP to consult on dashboards’ draft regulations in December
The Department for Work and Pensions will be launching a consultation on the pensions dashboards’ draft regulations, which will include rules on the different stages pension schemes will need to start sharing their data to be included in the project.
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NewsGovt announces public service pension bill to implement McCloud
On the go: The government has announced a new bill intended to push ahead with the implementation of the McCloud remedy.
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NewsRPI change may leave DB schemes at risk of overpaying transfer values
On the go: The change to the retail price index means that defined benefit schemes risk overpaying transfer values by 10 per cent if transfer terms are not adjusted, according to calculations by Hymans Robertson.
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NewsFRC slaps DB scheme auditor with £125,000 fine
A chartered accountancy firm and one of its partners have been slapped with a hefty fine for “pervasive failures” in the manner in which they conducted an audit of Associated British Engineering, which included shortcomings in the audit of the company’s defined benefit pensions scheme liabilities.
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NewsGovt urged to encourage later life pension contribution plan
On the go: Policymakers should carefully consider later life cycle factors when developing future policies to increase retirement savings, according to the Institute for Fiscal Studies.
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NewsPolice slate ‘deeply unfair’ ramifications of McCloud remedy
Police officers from every federated rank in the UK have written to the chairs of the Police Pension Scheme advisory boards to complain about the “deeply unfair” ramifications of the government’s McCloud remedy.
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NewsFinancial bodies call for new online scam rules
On the go: Seventeen groups have joined forces to warn about online scams and lobby the government to include methods to tackle this issue in its upcoming online safety bill.
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NewsFCA proposes new illiquid fund structure for DC schemes
On the go: The Financial Conduct Authority is proposing a new category of fund that will allow defined contribution schemes to invest in illiquid assets.
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NewsFCA to require TCFD reports from providers and asset managers
On the go:The Financial Conduct Authority is to consult on the introduction of Task Force on Climate-related Financial Disclosures requirements for schemes it regulates, bringing its regulations into line with those proposed by the Department for Work and Pensions.
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NewsBarnet Pension Fund back on track following change in administrators
Barnet Council’s pension fund has largely recovered from an era of errors under Capita, with its new administrators overseeing significant improvements in the handling of member data.
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NewsSarah Smart appointed permanent chair at the Pensions Regulator
On the go: The Department for Work and Pensions has confirmed the appointment of Sarah Smart as permanent chair of the Pensions Regulator.
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NewsMPs demand Sunak addresses mineworkers’ scheme issues
On the go: The Business, Energy and Industrial Strategy Committee has called on the government to bring its approach to the Mineworkers’ Pension Scheme into line with its “levelling up” agenda, branding the current arrangement “antithetical” to that policy.
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NewsActuary receives £65,000 fine from FRC due to misconduct
The Financial Reporting Council has issued a £65,000 penalty and imposed a severe reprimand to an actuary, due to misconduct relating to services provided to Coats Group between 2005 and 2012.
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NewsNest recommits to closing ethnicity and gender pay gaps
On the go: Nest has recommitted itself to closing its ethnicity and gender pay gaps, following the publication of data showing more work is needed to achieve parity.