All articles by Stephanie Hawthorne – Page 13
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News
Master trust authorisation period closes with 38 left in the running
On the go: A total of 38 master trust authorisation applications had been submitted to The Pensions Regulator by Tuesday, as the extension period closed with more casualties expected.
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TPR to issue two consultations on plans for a clearer DB funding framework
On the go: The Pensions Regulator has announced its intention to launch two consultations – the first to be published this summer – as part of the watchdog’s plans to make the funding standard for defined benefit schemes clearer.
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Members ‘blissfully’ unaware of pension minefield ahead
On the go: Pension scheme members nearing retirement are ill-prepared for the problems they face when accessing their pensions, ranging from paying too much tax, to running out of money before the end of their days, or even losing their life savings to scams, according to a new survey of trustees.
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Employers and unions rail against latest USS proposals
On the go: Academics and employers have expressed their disappointment at the latest Universities Superannuation Scheme proposals in the long-running pensions dispute which saw universities brought to a standstill last year.
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New parliamentary group looks at benefits of longevity
On the go: The new All Party Parliamentary Group for Longevity has outlined plans to introduce a national strategy for healthy longevity, focusing on the benefits – rather than the problems – of ageing.
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Link Pension Trustees receives record fine of £104k from TPR
On the go: The Pensions Regulator has fined professional trustee company Link Pension Trustees, a total of £103,750 for breaching multiple areas of pension law. This is the largest ever fine handed to trustees by the watchdog.
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70,000 DB members exercise freedoms each year, research shows
On the go: Some 70,000 members could be leaving defined benefit schemes each year, according to research by XPS Pensions.
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FCA paper highlights intergenerational disparity
On the go: The Financial Conduct Authority’s new discussion paper on intergenerational shifts highlights the disparity in pensions, mortgages, consumer credit and insurance coverage of UK citizens from millennials to baby boomers.
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MPs query Lloyds Bank chief executive’s high pension award
On the go: In a letter to Lloyds Banking Group, the chairs of two parliamentary select committees have questioned pension and share awards at the bank, following reports that chief executive António Horta-Osório has “voluntarily” given up a portion of his pension.
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DOIs: Could a cup of coffee lead to £1m DB fine?
A lack of clarity on proposed new legislation means a meeting over a cup of coffee to discuss a corporate transaction could cost an employer up to £1m in civil fines if a declaration of intent is not made in advance, according to law firm Pinsent Masons.
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FeaturesAkzoNobel valuation results in £550m Q1 funding call
Paint manufacturing giant AkzoNobel has contributed €639m (£548.8m) into its pension schemes in the first quarter of 2019 alone, after a triennial valuation increased the company’s funding obligations beyond its previous projections.
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BlueSky and Crystal master trusts gain authorisation
On the go: Two more master trusts have gained authorisation from the Pensions Regulator, bringing the total approved schemes in the sector to five.
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Pensions still high on FCA agenda despite Brexit demands
On the go: Dealing with Brexit is the Financial Conduct Authority’s overarching concern, its business plan for 2019-20 reveals, but pensions are still high on its agenda.
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LGIM votes against record number of companies in 2018
On the go: Legal & General Investment Management has broken its record for voting against companies of which it is a shareholder, as the asset manager tries to cement its stewardship credentials.
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ONS: Three in four people now members of a workplace pension
On the go: Since the introduction of auto-enrolment in 2012, the proportion of UK employees enrolled in a workplace pension has soared from 47 per cent to 76 per cent in 2018, according to research published today by the Office for National Statistics.
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Field: Sir Philip Green up to 'old tricks again' with Arcadia
On the go: The Work and Pensions Committee has condemned proposals to cut deficit recovery funding for the Arcadia pension schemes.
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Higher pension costs could see 57 schools closing
On the go: Fifty-seven independent schools could close because of the £1.1bn rise in the employers’ contribution to the Teachers’ Pension Scheme from September 1 2019, with a further 185 withdrawing from the scheme.
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News
Fiduciary managers struggle in 2018’s testing markets
On the go: Fiduciary managers significantly undershot their targets in 2018, with underperformance ranging from 6 per cent to more than 11 per cent, according to the first XPS FM Watch report.
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News
TPO orders trustees to repay £2.4m into pension scheme
On the go: The Pensions Ombudsman has required the trustees of Henry Davison Limited Pension Scheme to repay £2.4m back into the scheme.
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Tax regime ripe for reform says AJ Bell as 12,000 lose LTA protection
On the go: Over 12,000 pension savers have breached lifetime allowance ‘protections’ in the past 12 years, leaving them to face tax bills running into hundreds of thousands of pounds.