All News articles – Page 164
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DB employers mandated to justify further payment holidays
Trustees of defined benefit pension schemes will have to report decisions to allow sponsors to skip or delay deficit payments to the Pensions Regulator from July, as the watchdog drew fire for not insisting on this transparency from the start of its Covid-19 easements.
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Maps prioritises dashboards delivery
On the go: The Money and Pensions Service is increasing its focus on pensions dashboards as a way to deliver for customers, according to its new business plan.
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Pensions compliance with furlough tapering ‘horrendously complicated’
The Pensions Regulator’s updated guidance on auto-enrolment and defined contribution schemes is likely to lead to large numbers of mistakes being made, some experts predict, as employers have to grapple with the bifurcated system resulting from the slow death of furlough.
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Covid-19 leads to unexpected interest in bridging pensions
On the go: The coronavirus pandemic has led to an increase in the number of defined benefit scheme members looking to bridging pensions, according to a report by Aon.
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DWP directs savers to unofficial pension tracing website
On the go: The Department for Work and Pensions has been wrongly directing savers searching for their lost pension pots to a website linked to an independent financial adviser company rather than the government’s official service.
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Poor data management keeps ombudsman busy
The Pensions Ombudsman has ruled in favour of a former bank employee in a dispute about the transfer of deferred pension liabilities, in a case reinforcing the impact that poor data management can have for schemes and members.
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No-deal Brexit could deny thousands lifeboat protection
As Covid-19 continues to wreak its devastation on the corporate landscape, dozens of pension schemes could fall into the Pension Protection Fund. However, a no-deal Brexit could scupper that option for up to one-fifth of distressed employers with an EU connection.
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Regulator appoints 91 trustees during first quarter
On the go: The Pensions Regulator has appointed 91 trustees to ensure the proper administration of pension schemes between January and March, according to new data.
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Schemes to take a £5bn hit as analysts predict deflation
On the go: Pension schemes already suffering the funding implications of Covid-19 could be facing a further £5bn of pressure, as the prospect of deflation later in the year produces a “ratchet effect”, according to analysis by LCP.
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Industry bodies lobby government to change insolvency bill
Pensions industry bodies are lobbying the government to make changes to the Corporate Insolvency and Governance Bill, which unless revised will “inevitably lead to more pensioners not receiving their benefits in full and greater strain on the Pension Protection Fund”.
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London boroughs add real assets income fund
On the go: The investment pool for London’s Local Government Pension Scheme partner funds has launched a new real assets fund aiming to steadily outstrip inflation, with seed money from the boroughs of Redbridge and Bexley.
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Pandemics, climate change pose ‘systemic risks’ to actuarial work
On the go: Global pandemics and the threat of a climate catastrophe present dire risks to the quality of actuarial work, according to a new report by the Joint Forum on Actuarial Regulation.
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Fiduciary managers outperform during coronavirus crisis
Analysis: A year after emerging from the scrutiny of the Competition and Markets Authority, fiduciary managers are now embracing transparency to advertise outperformance of traditional advised defined benefit schemes.
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Regulator to issue rules for consolidators ‘in the coming weeks’
The Pensions Regulator is shortly to issue interim regulation covering commercial consolidators, Pensions Expert can reveal.
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Charities suffer under the strain of DB scheme deficits
On the go: Three-quarters of charities have defined benefit schemes in deficit, adding extra strain to a sector already hit hard by coronavirus, according to a new report by Hymans Robertson.
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Tory peer aims to tighten dashboard commitments
On the go: An amendment to the pension schemes bill tabled by Lord Young of Cookham on Monday will force the Money and Pensions Service to provide a complete pensions dashboard for savers.
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Sponsors facing perfect storm as furlough nears its end
Pension schemes and their sponsors face a potential perfect storm of costs as the furlough scheme reaches its endgame, with sponsors in some sectors of the economy facing acute pressure as government support dries up.
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Auto-enrolment weathers second contribution increase
A step up in the level of minimum contributions to workplace pension schemes in the UK has resulted in a minor uptick in employees choosing to opt out of saving, according to a new study.
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Webinar today: Has Covid-19 blown endgame plans off course?
A key moment is approaching for defined benefit pension schemes, where trustees' investment strategies will be tested on their ability to pay pensions on time, without recourse to cash-strapped sponsoring employers.
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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.