More Law & Regulation – Page 86
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News
Accountant ordered to pay £5k for misleading pensions regulator
On the go: A former accountant has been ordered to pay £4,987 for providing false or misleading information to the Pensions Regulator over workplace pensions duties.
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Pensions Ombudsman reports Green Coal to TPR
On the go: The Pensions Ombudsman has reported the Green Coal Limited Occupational Pension Scheme to the Pensions Regulator with concerns over the “status of the scheme”, after upholding a complaint against it.
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Chancellor announces March Budget
On the go: The government has confirmed that Chancellor of the Exchequer Sajid Javid will deliver his first Budget on March 11, with the announcement expected to bring some changes for the pensions industry.
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Government brings identical bill back to parliament
On the go: The Department for Work and Pensions has reintroduced its pension schemes bill in the House of Lords, after the December general election delayed its debate in Parliament.
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Govt urged to scrap tax relief on minimum AE contributions
On the go: Former pensions minister Baroness Ros Altmann suggested the government could make the legal minimum auto-enrolment contributions compulsory and remove tax relief from this amount.
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Trustees sitting on hands over ESG investment
On the go: A new survey has raised serious doubts as to whether pension funds will take meaningful action in the short term on sustainable investment issues, despite new regulations coming into force in October.
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Pensions dashboards unlikely to go live this year
On the go:Despite pensions dashboards having both industry-wide and government backing, it is unlikely that the technology will be delivered “any time soon”, Sir Steve Webb warned.
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Scandal-ridden Equitable Life finally wound up
On the go: Equitable Life has finally passed into oblivion, closing its doors to a dwindling band of existing policyholders and falling into the hands of Utmost, a private equity firm that mops up old life companies.
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NewsLawyers demand simpler system to rectify drafting mistakes
Lawyers are urging reform to ease the correction of obvious drafting mistakes in pension scheme rules, after Lloyds Bank was forced to go to the High Court to avoid a £25m hit to its liabilities.
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Providers divided on mandatory simpler annual statements
Workplace providers such as Smart Pension and PensionBee are supporting the government’s intention to introduce a standardised annual statement, with calls for legislation if take-up from schemes does not increase.
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Thousands of firefighters to return to pre-2015 pensions
On the go: An employment tribunal ruled on Wednesday that more than 6,000 firefighters are entitled to return to pre-2015 public sector schemes, following similar decisions for other affected civil servant groups.
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Large employers to face higher PPF levy in 2021
On the go: The Pension Protection Fund is proposing changes to its levy risk assessment model, which will result in increased charges for larger employers.
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PPF only needs to hike benefits if member faces poverty risk
The European Court of Justice ruling on the Bauer case has been described as a “welcome relief” for the Pension Protection Fund, as the lifeboat will only have to up member benefits if the individual is living below the at-risk-of-poverty threshold.
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Opperman promises ‘refined’ Pension Schemes Bill
On the go: The Pension Schemes Bill has been included in the Queen’s Speech delivered on Thursday, with pensions minister Guy Opperman stating it will be a refined version from the previous document.
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Trustees receive positive sign from ombudsman on scam checks
Trustees and administrators must maintain the utmost vigilance against scammers, industry experts warn, despite a Pensions Ombudsman determination on a £367,601 loss to fraudsters favouring the ceding pension scheme.
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Opperman reappointed pensions minister
On the go: Guy Opperman remains as minister for pensions and financial inclusion after being reappointed as MP for Hexham.
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Recruitment agency fined for avoiding AE duties
On the go: A recruitment agency and its managing director have been ordered to pay £10,890 for avoiding their auto-enrolment duties and misleading the Pensions Regulator by falsely claiming staff had been put into a workplace pension.
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DB schemes pursuing riskier investments, TPR warns
On the go: Some defined benefit schemes are are pursuing more risky investment strategies that seek extra returns, which could be damaging in the event of adverse economic shocks, the Pensions Regulator warned.
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Part-time judges win court case
On the go: Four judges have seen the Supreme Court rule in favour of their appeal to reclaim a pension, in a case that could cost the government £1bn.
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IGCs face ‘huge challenges’ with extended oversight remits
The new rules coming into force for independent governance committees – taking oversight of the provider’s policy on environmental, social and governance factors, and guaranteeing the value for money of new investment pathway solutions – have been branded a “huge challenge” by industry experts.