More Law & Regulation – Page 77
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Lockdown spikes fears of democratic deficit in LGPS
As the Covid-19 crisis unfolds, there could be a worrying governance and democratic deficit in some local authority pension schemes, with only 27 per cent of councils having virtual pension committee meetings.
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Brunel achieves carbon intensity reduction target
Brunel Pension Partnership has achieved its target of reducing the carbon intensity of its active portfolio by 7 per cent a year in time for the UN’s World Environment Day, but smaller schemes saddled with pooled products may lack the clout required to emulate them.
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CMA gives trustees six months to submit compliance statements
On the go: The Competition and Markets Authority has updated its timeline for compliance with orders in its investigation into the investment consultant and fiduciary management sectors, reminding trustees that they have until January 7 2021 to submit statements to the markets regulator.
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NewsNissan proposes DB scheme closure as sponsor pressure mounts
Workers at Nissan’s manufacturing plant in Sunderland could be facing a cut to their benefits, with the carmaker proposing to close its defined benefit scheme, while experts said the Covid-19 pandemic could push more sponsors to follow suit.
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Trustees advised to focus on going concern in schemes’ accounts
On the go: Consideration of going concern in the preparation of pension scheme financial statements requires greater focus from trustees due to the coronavirus crisis, accountancy bodies have warned.
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NewsUSS divests from coal, tobacco and weapons manufacturers
The UK’s largest pension scheme has announced it is to divest from selected coal, tobacco and weapons manufacturers, following years of campaigning by members and activist groups.
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LGPS has £2bn invested in alleged ‘illegal Israeli settlement’ companies
Thirty-three Local Government Pension Scheme funds retain investments worth more than £2bn in arms manufacturers and in companies accused of supporting illegal Israeli settlements, as some of these schemes opt for engagement instead of divestment.
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Firefighters considering pension compensation claims
On the go: The Fire Brigades Union is looking at potential compensation claims for its members in public sector pension schemes who were victims of age discrimination.
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Carlsberg DB scheme to be absorbed into newly formed brewery
On the go: Carlsberg will remain the sole sponsor of its UK defined benefit pension scheme after it is absorbed into a joint venture with fellow beer producer Marston’s.
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Chair’s statement template to ease trustee headaches
On the go: The Pensions and Lifetime Savings Association has released a new template designed to help trustees of well-run defined contribution schemes avoid being caught out by chair’s statement requirements.
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Pension bodies join forces to address Covid-19 concerns
On the go: Seven UK regulators and authorities have teamed up to create a guide to address savers’ most common pension concerns throughout the coronavirus crisis.
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Millions fall for pension scams amid coronavirus crisis
On the go: One in five victims of a financial scam during the coronavirus pandemic were targeted by pension fraudsters amid warnings of “low-life” scammers preying on the vulnerable
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Regulator to issue new guidance on capital-backed endgame deals
The Pensions Regulator is to issue new guidance on defined benefit employers seeking to use third-party investors to back the cost of buyout, following the completion of a first-of-a-kind deal without the need for regulatory clearance last week.
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PPF: DWP is ‘key’ for Bauer solution
On the go: The Pension Protection Fund hopes to use Department for Work and Pensions data to help it implement tricky increases required by the landmark Bauer judgment, according to Sara Protheroe, chief customer officer at the PPF.
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Willis Towers Watson’s merger with Aon faces US lawsuit
On the go: Willis Towers Watson is facing a shareholder class action in the US due to its planned merger with Aon, which would create a worldwide insurance broker worth $80bn (£65.5bn).
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New insolvency laws could impact healthy DB schemes
On the go: New insolvency laws introduced in parliament, designed to prevent companies being forced to file for bankruptcy due to the Covid-19 crisis, could cause new hurdles for defined benefit schemes, a law firm has warned.
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First 14 professional trustees become fully accredited
On the go: Some 14 professional trustees have become fully accredited under the Association of Professional Pension Trustees framework.
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Regulator warns on alternative funds for DC self-select
On the go: The Pensions Regulator has warned trustees of defined contribution schemes to check they are not “unintentionally breaching” pension legislation when moving member contributions due to gating in alternative asset funds.
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True scale of pension scams unknown, says PPI
On the go: The “true scale” of pension scams remains unknown, as only a minority are reported and data is not collected in comparable ways across the industry, the Pensions Policy Institute has warned.
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Regulator warns employers exploiting Covid flexibilities
On the go: The chief executive of the Pensions Regulator has assured MPs that despite its decision to pause enforcement activities, it will make exceptions for employers who treat its intervention as anything other than a temporary cash flow aid.