All News articles – Page 227
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Could airline black box approach take off in the pensions industry?
A Pensions Institute report published on Wednesday has suggested that emulating the airline industry’s black box thinking approach of systematically analysing mistakes could solve many of the problems facing defined benefit schemes.
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CMA sets out publishing timetable for fiduciary investigation
The Competition and Markets Authority could publish the first of its findings on the UK investment consultancy market as early as this month, according to a provisional timetable released on Wednesday.
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Select committee hearing shows deep divide over CDC
Collective defined contribution could dramatically uplift the final values enjoyed by UK pension savers, a parliamentary select committee has heard, but some experts still doubt its compatibility with pension freedoms and performance in market crashes.
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Field: Bring GAD information within ombudsman remit
The chair of the Work and Pensions Committee, Frank Field, wants to see the government bring forward measures to ensure information provided by the Government Actuary's Department to individuals is within the remit of an ombudsman.
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TPR investigates schemes suspected of cold-caller links
The Pensions Regulator and police have begun an investigation into several schemes suspected of links to cold-calling activities; the police has interviewed two people under caution and arrested a third before releasing him.
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NewsUniversity of Oxford learns hard lesson with Care closure
The University of Oxford has introduced a defined contribution scheme for new joiners and is making a number of other changes to reduce costs as universities are waking up to their pension deficits. One expert called the education sector ‘a disaster’ in pension terms.
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Carillion divestor considered lawsuit over reporting
Shareholders of the failed outsourcer Carillion had concerns about the business’ strength as early as 2015, according to a select committee inquiry into its collapse, raising questions about the transparency of the group’s financial reporting.
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Field: Carillion directors ‘contemptuous’ of pension obligations
Letters from trustees of the main Carillion pension schemes to the Pensions Regulator suggest that directors of Carillion were “contemptuous” of their pension obligations, according to chair of the Work and Pensions Committee, Frank Field.
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Field wants Green to seek TPR clearance for Arcadia sale
Work and Pensions Committee chair Frank Field has written to Sir Philip Green asking him to commit to seeking voluntary clearance from the Pensions Regulator before selling Arcadia Group. Field said he will also write to the Pensions Regulator.
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Third of adults miss most obvious scams
Close to a third of adults missed the most obvious pension scams in a survey testing people's understanding of fraudsters' tricks, and 79 per cent said stricter rules and checks are needed to protect savers.
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IGC reporting fails to identify value for money
Independent governance committees are failing to adequately report the value for money represented by their respective providers, according to a new report ranking the committees on scrutiny and transparency.
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NewsSelect committee: Members let down by response to British Steel
The Pensions Regulator, Financial Conduct Authority and the UK government have all let down former members of the British Steel Pension Scheme, according to a scathing report into the scheme’s restructuring and ensuing transfers scandal.
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Barnet grapples with data difficulties
The £1bn London Borough of Barnet Pension Fund has implemented a recovery plan after falling under scrutiny from the Pensions Regulator over its administrative struggles.
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NewsHigh Court backs employers in Wedgwood dispute
The High Court has ruled in favour of participating employers in the Wedgwood Group Pension Plan, who terminated their liability to contribute to the scheme in 2006.
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DWP response on scams and guidance 'light on details'
The Department for Work and Pensions has said it will "continue to work swiftly" to bring in a cold-calling ban, but commentators have warned more needs to be done to protect vulnerable savers.
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Field: Big four audit firms 'feasting on Carillion carcass'
The Work and Pensions Committee inquiry into the collapse of outsourcer Carillion has turned its scrutiny on the 'big four' professional services companies, and has published the consultancies' responses to queries about their involvement.
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TPAS dispute function to be absorbed by ombudsman
The dispute resolution function of the Pensions Advisory Service is to move to The Pensions Ombudsman, in a bid to simplify the process for savers who are dissatisfied with their scheme's service.
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Auto-enrolment passes 1m employers
More than 1m employers have now enrolled their staff into a workplace pension, according to figures compiled by the Pensions Regulator.
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NewsScotland’s transport police could get separate scheme section
Members of the British Transport Police Force Superannuation Fund are set to be moved to a new section in the scheme from April 2019 if trustees agree, while new recruits will join the unfunded police arrangement or Local Government Pension Scheme.
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TPR and FCA to launch joint pensions strategy
The Pensions Regulator and the Financial Conduct Authority are to develop a joint regulatory strategy for the pensions sector, identifying and addressing the key risks for the industry over the next five to 10 years.