More Law & Regulation – Page 95
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NewsFirefighters case demonstrates need for clarity over pensionable pay
A recent High Court decision that overtime payments for firefighters in Wales are pensionable has highlighted the importance of clarity and collaboration regarding pensionable status when new types of pay are introduced, lawyers have said.
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Scammer sentenced to three years in prison
On the go: A trustee has been jailed after fraudulently taking more than £29,000 from a pension scheme.
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NewsCharity blames insolvency on pension costs and local govt rules
A charity in Northern Ireland has announced it is closing this month, citing pension costs and a lack of flexibility in the region's local government scheme as the reason behind its insolvency.
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Government gives green light to CDC schemes, but questions remain
The government has given the go-ahead to collective defined contribution schemes, but experts say its consultation response has left a number of issues unaddressed.
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National Pension Trust files for authorisation days before deadline
On the go: With just days to go before the deadline of March 31, the National Pension Trust has submitted its application to The Pensions Regulator for master trust authorisation.
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PPF seeks member representative for board position
On the go: The Pension Protection Fund is taking a novel approach to recruitment, seeking a board member who has been compensated by the fund.
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Field condemns TPR failure to act on Johnston Press pension
On the go: The chair of the Work and Pensions Select Committee has condemned The Pensions Regulator’s finding that restructured publisher Johnston Press did not use a ‘pre-pack’ insolvency to avoid its pension obligations.
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Delivery date for vital CMA reforms questioned
The government has welcomed reforms to the fiduciary management and investment consulting industry suggested by the Competition and Markets Authority, but experts fear it may be some time before at least one of the recommendations is implemented.
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BMA launches legal challenge against govt over NHS pensions
On the go: The British Medical Association plans to take the government to court over discriminatory aspects of the NHS Pension Scheme, the trade union announced on Monday.
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TPR could face last-minute ‘tsunami’ of master trust applications
On the go: With just over three weeks left until the end of the authorisation window for master trusts, 13 applications have been received by the Pensions Regulator from the 90 master trusts in the market, meaning it could face a last-minute tsunami of applications, according to consultancy Hymans Robertson.
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SEI seeks master trust authorisation just weeks before the deadline
On the go: With just weeks to go before the final deadline of March 31, SEI is the latest trust to reveal that it has applied for authorisation of its SEI Master Trust.
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Aon ends takeover talks with Willis Towers Watson
On the go: Insurance brokerage and consulting giant Aon has pulled out of takeover talks for rival Willis Towers Watson.
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Professional trustee standards created to encourage better practices
The introduction of formal standards for professional trustees has been welcomed as a vital step in improving scheme governance, but concerns remain over whether the framework is robust enough.
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Aon mulling offer for Willis Towers Watson
On the go: Insurance brokerage and consulting giant Aon is reportedly preparing to submit a bid for rival Willis Towers Watson, in a move that would send shockwaves through the pensions advisory industry.
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Regulator turns focus to DB sponsors’ long-term plans
Trustees and sponsors of defined benefit pension schemes will have to recognise a long-term funding target for their plans, under guidance set out on Tuesday by the Pensions Regulator.
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NewsTrustees not responsible for bad IFA transfer work, scheme professionals say
Advisers to pension schemes have hit out at proposals that British Steel Pension Scheme should award discretionary payouts to members who mistakenly left the plan, saying it shifts the blame for bad financial advice on to trustees.
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Trustee who used scheme as ‘personal piggy bank′ pleads guilty
On the go: A Lancashire accountant has pleaded guilty to fraud after transferring more than £280,000 out of a pension scheme on which he was a trustee.
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PTSWG publishes new set of standards for professional trustees
On the go: Professional trustees will soon have to pass an initial application process to hold accreditation, and will have to demonstrate that they meet a new set of standards published today by the industry-led Professional Trustee Standards Working Group.
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PPF beset by fresh court proceedings over 50% payout level
On the go: Court proceedings have started against the Pension Protection Fund, seeking to challenge its approach for calculating any increases due to its members as a result of a European Court of Justice ruling last September.
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LifeSight first master trust to gain TPR authorisation
On the go: Willis Towers Watson’s LifeSight is the first master trust to gain authorisation, the Pensions Regulator confirmed on Wednesday.