All Work and Pensions Committee articles – Page 2
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NewsExperts estimate £500bn in assets are ‘missing’ after LDI crisis
Around £500bn in pension scheme assets are “missing somewhere” as a result of the liability-driven investment crisis, the Work and Pensions Committee has been told, with experts also questioning the role of leverage in these funds and the need for more guidance from regulators.
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NewsL&G blames govt for LDI crisis and backs consultant regulation
Legal & General has placed responsibility for the market turmoil that triggered the autumn liquidity crisis firmly at the feet of the government, while adding its support to calls for the regulation of investment consultants.
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NewsHunt declines to commit to state pension inflation uprating
On the go: Chancellor of the exchequer Jeremy Hunt has told the chair of the work and pensions select committee that “there are difficult decisions to be made” in response to a request that social security benefits and state pensions be uprated in April 2023 in line with the consumer price index inflation rate recorded in September 2022.
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NewsMPs to question DB schemes’ use of LDI in new inquiry
On the go: The Work and Pensions Committee has launched an inquiry into the regulation and governance of defined benefit schemes with liability-driven investments.
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NewsExperts warn DWP rules could lead more schemes to LDI
With pension funds still dealing with the current market turmoil, experts point out the government’s proposed rules for defined benefit funding could force schemes into an even lower-risk environment, increasing the need for liability-driven investments.
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NewsTPR reached out to BoE for gilt market intervention
The Pensions Regulator has told MPs that it contacted the Bank of England and other regulators before the launch of its gilt-purchasing programme, to establish what actions they could take in response to volatility in the gilt market.
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NewsYields ‘can’t spike again’: Schemes respond to liquidity pressures
Analysis: On September 23, chancellor Kwasi Kwarteng rose to his feet in the House of Commons to deliver a “mini” Budget that would have profound consequences for pension schemes.
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NewsMPs question TPR role in LDI market turmoil
The Work and Pensions Committee has questioned the Pensions Regulator’s role in the market turmoil that led to the Bank of England’s intervention, asking if the watchdog should have “taken stronger action” earlier and what actions it was taking to monitor risks.
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NewsMPs call for AE reforms to be introduced by spring 2023
The Work and Pensions Committee has called on the government to introduce auto-enrolment reforms next spring, while setting up new policy goals to ensure a “new consensus on adequate retirement income” is achieved.
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NewsOpperman: 12mn people are under-saving for retirement
Pensions minister Guy Opperman has told MPs that around 12mn people are under-saving for their retirement, accounting for 38 per cent of the nation’s working age population.
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NewsDominic Harris confirmed as new Pensions Ombudsman
On the go: The Department for Work and Pensions has confirmed CMS partner Dominic Harris as the next Pensions Ombudsman.
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OpinionWhy are annuities making a comeback for pensioners?
After the introduction of pension freedoms, annuity sales fell off a cliff, with the decline largely driven by the fact that they were no longer compulsory.
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NewsDB goliaths call for AVCs stronger nudge exemption
Seven defined benefit schemes with £217bn in assets have asked for Work and Pensions committee intervention due to concerns regarding ‘stronger nudge’ requirements, which they believe are not fit for purpose.
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NewsMPs approve Dominic Harris as new Pensions Ombudsman
On the go: The Work and Pensions Committee has approved the appointment of CMS partner Dominic Harris as the next Pensions Ombudsman.
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NewsMPs back tax return solution for self-employed retirement savings
The All-Party Parliamentary Group on Financial Resilience has thrown its weight behind using the tax system to help the self-employed save for retirement.
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NewsProspective ombudsman to be ‘evolutionary’, not ‘revolutionary’
On the go: Prospective Pensions Ombudsman Dominic Harris has said he would look to improve customer satisfaction and the backlog that the ombudsman is currently facing, if appointed to the position.
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NewsDWP recommends CMS partner as new Pensions Ombusdman
On the go: The Department for Work and Pensions has announced that CMS partner Dominic Harris is the preferred candidate for the Pensions Ombudsman.
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NewsOpperman blames Webb for state pension errors
On the go: Pensions minister Guy Opperman has blamed Sir Steve Webb for the litany of state pension failures the Department for Work and Pensions is now dealing with.
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NewsOpperman: AE reforms are ‘doable’ by 2025
On the go: Pensions minister Guy Opperman remains committed to introducing auto-enrolment reform, noting that implementation of new legislation is “doable” by 2025.
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NewsTPR working on granting pensions to 200,000 gig economy workers
On the go: The Pensions Regulator is working to give gig economy workers access to pensions, but “legal complexities and routine challenges from employers” remain a challenge.