All Regulation articles – Page 40
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News
New job support scheme risks increasing AE confusion
On the go: The new job support scheme announced by the government on Thursday will increase the risk of employers miscalculating pension contributions for employees, a law firm has warned.
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News
Govt consults on auto-enrolment tests for DB and hybrid schemes
On the go: The Department for Work and Pensions is questioning whether the current alternative tests used by defined benefit and hybrid schemes for auto-enrolment suitability are fit for purpose.
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News
Scheme members wait on up to £25,000 from GMP equalisation
On the go: Some defined benefit scheme members could still be waiting on payments of up to £25,000 resulting from guaranteed minimum pension equalisation, according to research by XPS Pensions.
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News
TPR’s new guidance on mandatory AE reporting causes confusion
Updated guidance from the Pensions Regulator will see the 90-day limit for reporting late payments becoming mandatory from April 2021. However, the wording of the guidance has caused some confusion, with schemes being asked to make the adjustment for January 1.
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News
Fraction of pension scams investigated by police
On the go: Just 7 per cent of reported pension scams were passed on for police investigation last year, Quilter has found, as it pressed for changes to legislation to prevent scams.
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News
Mercer launches DB master trust as demand for consolidation increases
Mercer has launched a new defined benefit master trust promising sponsors enhanced governance and economies of scale, amid an accelerating trend towards consolidation and outsourced solutions, with pensions minister Guy Opperman stating that “bigger is better”.
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News
McCloud to delay LGPS progress on pensions dashboards
The McCloud reform will create challenges for Local Government Pension Scheme funds to provide information for the pensions dashboards, with a delay that could take up to three years.
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News
Redundant local civil servants face pension cut
Public sector members of the Local Government Pension Scheme aged above 55 who are made redundant and want to retire early will face a cut to their benefits, according to new rules proposed by the government.
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News
Smaller schemes to prove value for members or face consolidation
Defined contribution schemes with assets below £100m will have to prove their value for members, or face being advised to wind up or consolidate, according to new rules proposed by the Department for Work and Pensions.
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News
Rail sector pension plan staring down £15bn black hole
On the go: The largest pension scheme serving the UK’s rail sector is standing on the event horizon of a £15bn black hole created by changes to its funding rules, the Financial Times has reported.
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News
LCP: ‘Pot-follows-member’ could solve small pots problem
On the go: The government has been urged to look again at a ‘pot-follows-member’ solution to the small pots problem plaguing auto-enrolment and master trusts.
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News
Employers exiting LGPS to get new powers
On the go: Local Government Pension Scheme administering authorities and employers are to be given a host of new powers, as well as flexibility on exit payments, the government has announced.
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News
USS announces ‘challenging’ valuation consultation
The Universities Superannuation Scheme has launched a consultation with employers over its 2020 valuation, which at worst could present a £17.9bn deficit. But it faces a fight with the University and College Union, which said it had no confidence in the “needlessly cautious” approach taken by the USS.
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News
Mere 4% of advisers appointed by DB schemes
On the go: Trustees of defined benefit schemes have been encouraged to work with a wider range of financial advisers as it emerged only 4 per cent have been appointed by a scheme.
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PodcastsPodcast: DB schemes could be ‘doomed to failure’ by new funding code
Podcast: Defined benefit schemes could be “doomed to failure by measures that are designed to help them”, says Baroness Ros Altmann of the proposed new funding code. She is joined by SEI’s client strategy director Alistair Jones to discuss that issue, as well as the challenges faced by master trusts, and the increasingly bizarre McCloud remedy that, though intended to tackle age discrimination, has been accused of age discrimination.
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News
TPR looks to reclaim £250,000 from fraudster
On the go: The Pensions Regulator has announced it is attempting to recoup £250,000 from a convicted fraudster.
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News
Trustees on the hook for advice under new FCA guidance
On the go: Trustees have been warned that providing personalised illustrations to demonstrate the outcomes of a defined benefit pension transfer will be viewed as regulated advice under new guidance from the Financial Conduct Authority.
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OpinionTPR sets dangerous precedent with AE breathing space
The pandemic has prompted some jaw-dropping actions from both government and regulators.
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News
DB transfer values rocket to £500k
On the go: The number of defined benefit transfer requests has dropped in the past quarter, but the average value still rocketed to above £500,000.
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OpinionRPI switching – dead in the water?
While for many of us 2020 has been anything but predictable, for the courts hearing pensions-related cases this year has seen a predictable and steady continuation of existing themes.