All Regulation articles – Page 42
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PodcastsPodcast: Schemes cannot eliminate chance of cyber breach
Podcast: Pension schemes hold an extraordinary amount of personal data. Though trustees have done much since the passage of the General Data Protection Regulation to improve data security, it is impossible to remove the risk of breaches entirely. So says ITM director Maurice Titley, joined this week by Aon partner Lynda Whitney to discuss cyber security, McCloud, and Covid-19’s impact on recovery plans.
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News
Small pension pots put AE success at risk
Research released by the Pensions Policy Institute warned that the proliferation of small pension pots risks undermining auto-enrolment success, unless significant government intervention is undertaken.
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New DB funding code could imperil sponsors and members
Some of the proposals in the Pensions Regulator’s consultation on a new defined benefit funding code could lead to worse outcomes for scheme sponsors, members and the Pension Protection Fund, according to a new report by LCP.
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McCloud remedy ‘must be implemented efficiently’
On the go: The Association of Consulting Actuaries has warned that the government’s proposed solutions to the McCloud dilemma “must be implemented efficiently” for each affected scheme.
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Warnings of 20% member losses as RPI consultation closes
On the go: Investment managers have demanded that the government compensates clients for losses they will suffer if the retail price index is downgraded, as a consultation on changes to the outdated inflation measure closes.
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New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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Provider nudges increase guidance uptake
On the go: A strong provider nudge drives three times more savers to seek pension guidance, trials arranged by the Money and Pensions Service have found.
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TPR touts tougher DB approach and shrinking DC universe
On the go: The Pensions Regulator has stated its ambitions to extend its direct supervision of schemes and refocus on prompt transactions, after meeting the majority of its performance objectives over the past year.
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NewsGovernment ponders solutions to £17bn McCloud problem
The Treasury has set out two proposals for ending the discrimination between scheme members that resulted from its 2015 public sector pension reforms, with costs of unwinding its scheme changes estimated to cost £17bn.
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Govt’s ‘landmark’ pensions bill proceeds to Commons
On the go: The pension schemes bill, which includes rules for pension dashboards and new powers for the Pension Regulator, has cleared its first hurdle in the House of Lords.
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LGPS faced with huge McCloud admin challenge
On the go: Local Government Pension Scheme administering authorities urgently need to carry out impact assessments to clarify how many of their members fall under the scope of the McCloud judgment, according to Aon.
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Trend towards master trusts continues apace
On the go: The rate at which FTSE 250 companies move to master trusts as their main defined contribution vehicle is set to accelerate over the next two years, according to a new report from Willis Towers Watson.
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News
£4m lost to new forms of large-scale fraud
On the go: Fraudsters are targeting investors with new, innovative and large-scale scams, according to a report by the Investment Association published today.
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TPR’s fast-track proposal 'risks levelling down by employers'
Actuaries have expressed concern that the Pensions Regulator’s proposal of a ‘fast-track’ route for compliance, with its expectations on defined benefit funding, could spur market-leading employers to level down their approach.
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Pensions Ombudsman unhappy with FOS overlap
Pensions Ombudsman Anthony Arter believes the current overlap with the Financial Ombudsman Service should be addressed as the current stance is “confusing and not satisfactory”.
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Nissan workers protest against DB scheme closure
On the go: Workers at Nissan’s Sunderland plant will stage a socially distanced protest on Saturday against the carmaker’s proposal to close its defined benefit scheme.
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Volunteer schemes and providers to test pensions dashboards
On the go: The Pensions Dashboards Programme is planning to start extensive testing with individuals, dashboard providers, and volunteer pension providers and schemes, after it publishes a first version of the pensions dashboards data standards this autumn.
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NewsPodcast: Pension schemes bill could have ‘unintended consequences’
Podcast: The pension schemes bill defines criminal offences so broadly that it could have “unintended consequences” for the running of pension schemes, potentially stifling legitimate corporate activity. Tiffany Tsang, Local Government Pension Scheme and defined benefit policy lead at the Pensions and Lifetime Savings Association, and Eversheds Sutherland partner Jeremy Goodwin both agree that more clarity is needed, in an episode also covering fallout from the passage of the insolvency bill, the launch of the Make My Money Matter campaign, and a 16th century pension scheme bailout.
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Environment Agency scheme takes aim at private equity ESG failings
When BBC sports presenter Gary Lineker took to Twitter after the Make My Money Matter campaign launch to say he “hadn’t even contemplated that investment into our pensions could be so questionable. Will be asking questions now, though”, he manifested the point and the goal of the campaign: most people have a vision for the future, but very few realise the power of pensions in realising it.
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News
Formal superfunds authorisation could take 5 years
The Pensions Regulator anticipates that it could take five years for the government to put in place a statutory authorisation framework to oversee defined benefit superfunds, as it looks ahead to publishing specific guidance for trustees considering a transfer to the new vehicles.