More Law & Regulation – Page 63
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News
Guidance brings ‘welcome clarity’ for trustees over financial advice
On the go: New guidance from the Financial Conduct Authority and the Pensions Regulator has clarified what constitutes unregulated financial advice, allowing schemes to offer cash equivalent transfer value quotations and annuity estimates, but banning drawdown illustrations.
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Third of schemes had data breaches in the past year
On the go: One-third of pension schemes have had their data breached in the past 12 months, according to new research.
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NewsMPs call on government to mandate anti-scam intelligence sharing
MPs on the Work and Pensions Committee have called on the government to beef up anti-scam intelligence sharing via legislation, amid warnings tech giants are profiting from pension scam adverts.
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NewsIndustry facing trustee exodus due to TPR’s new powers
Concerns about the reach and remit of the new powers afforded to the Pensions Regulator have not been addressed by its guidance or draft policy, and are even forcing some trustees to quit, Aon has said.
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TPR clarifies expectations in settlements policy statement
On the go: The Pensions Regulator published a settlements policy statement on Thursday with the overarching aim that these agreements offer fair and appropriate outcomes.
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TPO publishes guidance for trustees on IFA appointments
On the go: The Pensions Ombudsman has published guidance for trustees when appointing financial advisers for their members, and how they can protect themselves from complaints.
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Pension schemes urged to raise alarm over scams
On the go: Pension schemes are being urged to raise the alarm over scams following a concerning long-term drop in reporting.
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Industry expects TPR influx of clearance applications
More than 90 per cent of pension professionals said they believe clearance applications are likely to increase, according to a Pension Schemes Act survey conducted by Norton Rose Fulbright.
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Govt proposes new rules for companies’ climate disclosures
On the go: The government is consulting on new rules to mandate climate-related financial disclosures by companies, which will aid pension schemes’ compliance on environmental, social and governance factors.
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NewsGovernment calls for greater emphasis on social factors
The government has called for a greater emphasis on the social element of pension schemes' environmental, social and governance strategies, as there is a concern trustees are ill-equipped to deal with these factors.
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Government to review DB consolidators taxation regime
On the go: The government is to review the taxation framework for defined benefit consolidators, which will occur alongside the work being done by the regulator in this area.
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Govt chooses full indexation of GMPs for public sector schemes
The Treasury has decided to abandon the idea of converting guaranteed minimum pension benefits in public sector schemes, opting for a permanent extension of full indexation, which will be more expensive for private pension funds that are forced to mirror government rules.
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Govt to clear up 'scheme pays' issues in McCloud remedy
On the go: The government will amend pension tax rules to make it easier for those who incur annual allowance charges as part of McCloud remedies to pay these through the pension schemes.
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Suspect in £13.7m pension fraud extradited to UK
On the go: An individual has been extradited from Spain in connection with a £13.7m pension fraud in a criminal case being brought by the Pensions Regulator.
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TPR to test employer resources in contribution regime
On the go: The Department for Work and Pensions has proposed that the Pensions Regulator includes a new employer resources test in its contribution regime, which will be used to determine whether an act or failure to act has occurred.
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NewsPensions dashboards’ 2023 target ‘under threat’
The target date of 2023 for the introduction of the pensions dashboards is under threat from a lack of clarity in several key areas, the Society of Pension Professionals has warned.
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DWP consults on removing charge cap DC investment barrier
On the go: The Department for Work and Pensions on Friday opened a consultation into whether the charge cap acts as a barrier to defined contribution scheme investments in a range of alternatives, such as venture capital, illiquids and growth assets.
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£10,000 auto-enrolment threshold ‘should be removed’
On the go: The £10,000 threshold below which people do not qualify for auto-enrolment should be removed to help underserved groups, like women and the self-employed, build up pension wealth, a Trades Union Congress pensions conference heard on Tuesday.
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Uber drivers given pensions after court ruling
On the go: Uber drivers will be auto-enrolled into a pension scheme after a Supreme Court judge ruled that its drivers should be classed as ‘workers’.
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NewsTPR’s new code of practice has ‘major implications’
The Pensions Regulator’s proposed new code of practice has “major implications” for pension schemes, introducing a raft of new duties and requirements around climate change, stewardship, investment and administration, experts have said.