Law and Regulation
TPR bans quartet behind £13.7m cold-calling scam from being trustees
Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
TPR will not set firm ratio for dividends and DRCs
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Final CMA decision likely by Christmas; remedies enforced from June 2019
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.
Bumper bill inbound but pension policy stability will follow, Opperman pledges
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
DWP names three single financial guidance body non-execs and completes board
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
TPR drafts in FCA and PRA staff for help on master trust authorisation
The Pensions Regulator (TPR) has seconded staff from other national watchdogs as it rolls out the master trust authorisation and supervision regime, Lesley Titcomb has revealed.
TPR and FCA to review consumer pensions journey in joint strategy
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have outlined plans to better understand the consumer pensions journey as they launch their joint strategy.
Lifetime allowance to rise to £1.05m as inflation falls to 2.4%
The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.
DWP 'exploring' ways to extend 50% benefits to FAS solvent schemes
The government is seeking ways to ensure "parity" of compensation treatment between Financial Assistance Scheme (FAS) members from solvent and insolvent schemes.
PPF admits it does not know precise cost of ECJ ruling
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
Fears grow over GMP equalisation hit on corporate profits
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Opperman: Government in 'daily contact' with industry over dashboard
The government is "in daily contact" with industry figures over the pensions dashboard as it prepares for the roll-out and its feasibility report, Guy Opperman has said.
Updated: Key dates for pensions
PP has compiled a list of what to watch out for over the coming months.
Exclusive: TPR spends nearly £60,000 on rebranding exercise and new logo
The Pensions Regulator (TPR) spent just under £60,000 on a rebrand, including the design of a new logo and implementation of a refreshed colour scheme, Professional Pensions can reveal.
IGCs face stronger ESG reporting duties under FCA plans
Contract-based schemes could face requirements to disclose their firms' policies on environmental, social and governance (ESG) issues under Financial Conduct Authority (FCA) plans.
Treasury rejects tax relief reform citing 'significant impact' on schemes
The government has rejected the Treasury Committee's call for fundamental and incremental changes to pensions tax relief, noting there is "no clear consensus".
Government should not require schemes to offer partial transfers - PP research
In this week's Pensions Buzz, respondents warned schemes being required to offer partial transfers could lead to too many administrative burdens
PLSA urges Hammond to address five pensions priorities in Budget
The government needs to boost pension schemes' access to illiquid investments, remedy the net-pay tax relief anomaly, and focus on securing a "successful Brexit" for pensions in its upcoming Budget, says the Pensions and Lifetime Savings Association (PLSA)....
Five stories you may have missed this week
This week's top stories include Smart Pension and Legal & General revealing a prototype demo of their workplace retirement income product, combining drawdown and annuities.
Johnston Press still seeking RAA as publisher put up for sale
Newspaper publisher Johnston Press is pushing on with hopes to detach itself from its defined benefit (DB) pension scheme as it launched a search for a buyer.
TPR fines Salvus Master Trust trustees for failing to invest £1.4m of savings promptly
Four trustees of the Salvus Master Trust have been fined by The Pensions Regulator (TPR) for failing to promptly invest £1.4m of member contributions.
HMRC 'looking at opportunities' to address net-pay tax anomaly
The government is set to review an anomaly which sees lower-paid workers in the majority of master trusts lose out on tax relief, it has confirmed.
Auditors' accountability to pension trustees faces CMA scrutiny
"Defective" company audits could mean millions of savers in pensions funds are "losing out", says the Competition and Markets Authority (CMA) as it launches a probe of the audit sector.
Former FCA advice director Linda Woodall dies
Former Financial Conduct Authority (FCA) advice director Linda Woodall died in September after leaving the regulator at the end of 2017.
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