More Law & Regulation – Page 81
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Plumbers’ scheme braced for legal battles over employer debts
Trustees of the £2bn Plumbing and Mechanical Services (UK) Industry Pension Scheme have asked a Scottish court to let them use plan assets to fund legal battles, after an unnamed participating employer commenced action against the fund.
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HSBC ahead of curve with TCFD compliance
As the government seeks powers to mandate pension schemes to disclose their climate change risks, the HSBC Bank (UK) Pension Scheme is already on its second report under the Task Force on Climate-related Financial Disclosures.
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Deferral of DB contributions ‘may be appropriate’
On the go: New guidance for defined benefit trustees accepts that some employers may need to delay deficit repair contributions due to economic disruption caused by the Covid-19 outbreak, but urges schemes to test employer claims carefully.
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Govt backtracks over policy on Ssas consolidation
On the go: The Department for Work and Pensions has been forced to clarify that small self-administered schemes will not be included in its push for consolidation of subscale defined contribution arrangements, following industry backlash.
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ITV given six months to fund pension scheme
On the go: ITV has been given six months to fund the Box Clever pension scheme after it lost its eight-year legal challenge against the Pensions Regulator.
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New all-party group to tackle pension scams
On the go: A cross-party group of MPs and Lords have united to better protect pension scam victims and develop a range of policies to prevent scammers from operating.
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Trustee boards display unacceptable lack of diversity
On the go: The Pensions and Lifetime Savings Association has published a guide to improving diversity and inclusion in pensions, amid enduring concerns over groupthink and prejudice in the trust-based system.
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Pension bill progress halted due to emergency health laws
On the go: Progress on the pension schemes bill has come to a halt following the government’s commitment to hurry through emergency health legislation to combat the effects of coronavirus.
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Tax changes pose admin challenge for pension schemes
On the go: Pension specialists have welcomed the announced changes in pensions tax relief in this week’s Budget, but have pointed out that it brings an added administration challenge to schemes.
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Charge cap could be a barrier to CDC, experts fear
A collective defined contribution pension scheme for Royal Mail employees is inching closer to the starting gate, but an amendment to the pension schemes bill to impose a charge cap could derail other nascent CDCs from ever getting off the ground, according to experts.
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Opperman to legislate for DC consolidation
On the go: The minister for pensions and financial inclusion has unveiled plans to force the consolidation of subscale defined contribution arrangements.
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NewsTCFD reporting confirmed as climate guidance takes shape
Trustees should stress-test their portfolios against a range of climate change scenarios, according to provisional guidance launched on Thursday, as pensions minister Guy Opperman warned of consequences for those in dereliction of their duties.
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TPR alerts trustees for contingency planning amid Covid-19 fears
On the go: The Pensions Regulator has reminded trustees of the need for appropriate monitoring and contingency planning to be able to continue to run their schemes amid a coronavirus outbreak.
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Maps refuses to give public dashboard launch date
On the go: The chair of the Money and Pensions Service has declined to give a launch date for the public pensions dashboard, since there are too many variables to be considered at this time.
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RPI to drop 1% per year with proposed reform
The UK Statistics Authority is proposing to align the retail price index with the consumer price index including housing costs, which is expected to lower its annual rate by an average of 1 percentage point.
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Budget 2020: AA taper thresholds hiked by £90k
On the go: Chancellor of the exchequer Rishi Sunak has unveiled plans to raise the point at which tapering of the annual allowance kicks in by £90,000 as of next month.
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Chancellor launches probe into net pay anomaly
On the go: The government is launching a consultation to address an anomaly in the pensions tax relief system that sees low earners missing out on a 20 per cent boost on their pension contributions.
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MPs question TPR’s action on Norton pension schemes
On the go: The chair of the Work and Pensions select committee, Labour MP Stephen Timms, has written to the Pensions Regulator questioning its action over the case of Norton Motorcycles and the three pension schemes invested in the company.
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Aon’s merger with Willis Towers Watson to create $80bn giant
Aon and Willis Towers Watson have agreed on a merger, which will see the companies creating the UK’s largest pensions consulting firm and a worldwide insurance broker worth $80bn (£61bn).
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Govt to tweak tapered annual allowance in Budget
On the go: Chancellor of the exchequer Rishi Sunak will use his first Budget next Wednesday to raise the tapered annual allowance threshold income to £150,000 from the current £110,000, according to reports.