Law and Regulation
Scheme sponsors face £100bn in costs under DB funding code and pensions bill rules, says LCP
The sponsoring employers of the UK’s largest pension schemes may have to put an additional £40-£45bn into their schemes over the next decade, Lane Clark & Peacock (LCP) warns.
What trustees looking to transfer to superfunds should consider
Caroline Kurup explores the latest TPR guidance on superfund transfers and what scheme trustees should be considering
Schemes must meet three gateway principles for superfund transfers
Pension scheme trustees and sponsors should only seek to transfer members’ benefits to a defined benefit (DB) consolidator if there is no “realistic prospect of buyout in the foreseeable future”, The Pensions Regulator (TPR) says.
EXCLUSIVE - Guy Opperman: Why we are consigning dozen-page pension statements to the dustbin
Guy Opperman says two page, simpler statements as well as an annual ‘season’ in which to issue them could be transformative steps for the UK pensions industry
Second pensions bill expected in this parliament
A second pensions bill is likely during the “life of this parliament”, according to pensions and financial inclusion minister Guy Opperman.
Guy Opperman: Debate on AE contribution rates could take place in 2021
A “legitimate debate and discussion” is needed over future auto-enrolment (AE) contribution rates, says Guy Opperman, and that could take place next year.
Schemes must face the future to drive better outcomes
Julian Mund writes about planning for the future and the four challenges he sees for the pension industry over the next five years.
At-retirement regulatory framework needed for schemes to support savers, says PLSA
The Pensions and Lifetime Savings Association (PLSA) has called on the government to implement regulations for schemes to better assist savers with complex decisions regarding pot access at the point of retirement.
Transparency Task Force publishes FCA 'wish list'
TTF wants greater consumer protection
MPs call for input on Pension Schemes Bill
The pensions industry is being given a fresh chance to feed into the Pension Schemes Bill as the Public Bill Committee launches a call for written evidence.
Pension Schemes Bill passes latest stage without a vote
The Pension Schemes Bill has been passed in the House of Commons at the second reading, laying the groundwork for its final approval.
Legal Review: Assessing PPF compensation
The PPF's compensation regime has been subject to a number of court challenges. Jonathan Hazlett takes a look at the complexities involved
Saving money is no goal for tax reform
Richard Butcher says the past 25 years has been a mixed bag when it comes to pension reform but says more change is still needed to fix the system.
Time ticking to complete fiduciary management retenders
With under three-quarters of a year left for retendering exercises to be completed, capacity issues could arise and reduce choice, writes James Phillips.
TPR: Trustees can't duck questions on climate change
Trustees need to develop their understanding and capacity around ESG issues to be able to make better decisions for their members, The Pensions Regulator (TPR) says.
Government rules out review into impact of pension tax relief
The Public Accounts Committee’s recommendation that HM Revenue & Customs (HMRC) should conduct a review into the impact of pensions tax relief has been ruled out by government.
Pensions payable under new coronavirus job support scheme
Pension contributions and class one employer National Insurance (NI) contributions remain payable by employers making use of the government’s coronavirus job support scheme.
Chancellor confirms Covid-19 salary top-up scheme
Chancellor Rishi Sunak has confirmed a salary top-up scheme designed to minimise job losses over the next six months will be introduced on 1November as tighter Covid-19 restrictions remain in place.
PLSA publishes vote reporting templates ahead of stewardship changes
The Pensions and Lifetime Savings Association (PLSA) has published vote reporting templates to assist schemes in disclosing how they enact shareholder voting rights.
Autumn Budget cancelled amid Covid-19 crisis - reports
The November Budget will not go ahead due to the ongoing coronavirus crisis, according to reports.
Time for some quid pro quo on scams
If authorities really want to stop scams, they ought to make it safe for trustees to refuse a transfer that shows red flags, says Margaret Snowdon
Industry must fight Pension Schemes Bill mission creep
While the Pension Schemes Bill is continuing its route through the parliamentary process, there are still some loose ends to tie up - including section 107. Here, Richard Butcher, looks at what the implications of that clause could mean for DB schemes....
Covid-19 has removed any doubt over the necessity of superfunds
Superfunds will be a “useful weapon” for defined benefit schemes moving forward, with their need solidified after the economic struggles caused by the coronavirus pandemic, Guy Opperman has said.
Guy Opperman: People are trying to delay the pensions dashboard
Schemes trying to delay the dashboard project by not collecting the necessary data will be left behind, Guy Opperman has warned.
