All Regulation articles – Page 49
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News
TPR fines FCA for pension failures
On the go: The Financial Conduct Authority has been ordered to pay a £2,000 fine by the Pensions Regulator for lack of details in its defined contribution scheme documentation.
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NewsGovt to consult on McCloud solution as new members could be worse off
The government has warned that changes ordered by the courts to rectify a landmark discrimination case could make some members worse off.
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Pensions Ombudsman to hold hearing against failed trustee
On the go: The Pensions Ombudsman will hold an oral hearing against the trustee and administrator of three pension schemes solely invested in a motorcycle manufacturer, as it has received 30 complaints against these individuals.
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Lords bill on TPR dividend approval and scrapping PPF cap resurfaces
On the go: A bill that would give the Pensions Regulator approval over company dividends payments and remove the cap on compensation payments made by the Pension Protection Fund has returned to the House of Lords.
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Contractors take advantage of LGPS loophole on exit payments
The pensions industry is still waiting for the government to close a loophole allowing outsourcers to claw back surplus from the Local Government Pension Scheme even when they have not paid into the plan.
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Pensions experts predict RPI limbo for years to come
Experts have condemned delays in publishing a long-awaited consultation on reforms to the retail price index, since its outcome could radically alter the fortunes of pension funds and pensioners.
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FCA launches pensions advice market review
On the go: The Financial Conduct Authority is set to embark on a fresh crackdown on financial advisers, where it will analyse whether savers are receiving unsuitable pensions advice.
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AA considers DB scheme closure
On the go: The AA is considering closing the last section of its defined benefit scheme still open to future accrual, with 2,800 employees expected to be transferred to one of its defined contribution plans.
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Pension schemes bill to cost industry £818m in first year
The pensions industry faces an annual cost increase of £818m as a result of changes brought in by the pension schemes bill, with the new defined benefit funding regime and the pensions dashboard requiring the lion’s share of this investment.
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Regulator outlines Q1 policy plans
On the go: The Pensions Regulator is to publish recommendations on trustee diversity and governance in February, as the watchdog set out its policy commitments for the early months of 2020.
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TPR presses Church of England for shorter deficit recovery
The Pensions Regulator has dismissed the idea of the Church of England employers reducing their deficit contributions, after a change in the valuation method used in one of its defined benefit schemes resulted in a shortfall decrease from £236m to £50m.
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Professionals say regulation creating unnecessary costs
On the go: A survey of pensions professionals has uncovered concerns about the added cost burden placed on schemes by increasingly strict regulation.
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Chappell ordered to pay £9.5m into BHS schemes
On the go: Dominic Chappell has been ordered to pay £9.5m into two pension schemes related to the collapsed high street chain BHS.
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NewsRailways Pension Scheme deficit called into question
New calculations showing an £11bn deficit for the Railways Pension Scheme have been dismissed by the National Union of Rail, Maritime and Transport Workers, which has promised industrial action if new measures to plug the gap are imposed without negotiation.
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Mineworkers and British Coal secure £268m settlement
On the go: The Mineworkers’ Pension Scheme and the British Coal Staff Superannuation Scheme have secured a $350m (£268m) settlement from a class action against a photovoltaic solar panel producer.
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Accountant ordered to pay £5k for misleading pensions regulator
On the go: A former accountant has been ordered to pay £4,987 for providing false or misleading information to the Pensions Regulator over workplace pensions duties.
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Pensions Ombudsman reports Green Coal to TPR
On the go: The Pensions Ombudsman has reported the Green Coal Limited Occupational Pension Scheme to the Pensions Regulator with concerns over the “status of the scheme”, after upholding a complaint against it.
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Government brings identical bill back to parliament
On the go: The Department for Work and Pensions has reintroduced its pension schemes bill in the House of Lords, after the December general election delayed its debate in Parliament.
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Trustees sitting on hands over ESG investment
On the go: A new survey has raised serious doubts as to whether pension funds will take meaningful action in the short term on sustainable investment issues, despite new regulations coming into force in October.
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Scandal-ridden Equitable Life finally wound up
On the go: Equitable Life has finally passed into oblivion, closing its doors to a dwindling band of existing policyholders and falling into the hands of Utmost, a private equity firm that mops up old life companies.