Law and Regulation
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.
Industry raises significant concerns over FCA consultation on advising on pension transfers
The industry has raised serious concerns that Financial Conduct Authority (FCA) transfer advice proposals on illustrative figures could hamper schemes’ ability to help members to understand their retirement options and force many to take full regulated...
Scheme governance going public: a member's foe or friend?
While designed to boost member understanding, published statements of investment principles could muddy the waters and put members off altogether, says Anna Copestake.
DC value consultation a 'wake up call' but consolidation not always easy
Plans to improve value to members in defined contribution (DC) plans by improving investment options and governance while consolidating small schemes have been welcomed as a “wake-up call” for the industry.
DWP launches consultation to improve DC outcomes
The Department for Work and Pensions (DWP) has launched a consultation to improve saver outcomes and promote investment in green technology and infrastructure.
Parliamentary pensions scams group launch welcomed by WPC
The formal establishment of the All-Party Parliamentary Group (APPG) on Pension Scams has been welcomed by Work and Pensions Committee (WPC) chairman Stephen Timms.
A new DB code on the horizon
Nigel Cayless looks at TPR's proposed funding regime and whether a more objective approach is on the way
Partner Insight: The first defence against scams
Jonathan Watts-Lay of WEALTH at work says trustees must step up and ensure appropriate retirement processes if members are to achieve better outcomes
TPR needs power to halt suspected fraudulent transfers, report urges
Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension and The Police Foundation have said.
Cohesive and specialist response needed on scams
Law enforcement, financial regulators and the private sector need to do much more and work together to protect savers from fraudsters, says Phil Brown.
Fraudster ordered to repay £250,000 of stolen scheme funds
The former trustee and chief executive officer of Yateley Industries for the Disabled has been ordered to pay back £250,000 he stole from the charity’s pension scheme.
TPR seeks confiscation of trustee's £250,000 charity pension fraud
The former trustee of a charity who defrauded a pension fund of £250,000 will appear in court today (4 September), one year after The Pensions Regulator (TPR) said it would seek a confiscation order for the funds’ return.
Under The Pensions Regulator's microscope
Chris Edwards-Earl and Stephen Richards offer some tips for those finding themselves under TPR's microscope.
Is history repeating itself with the Pension Schemes Bill and introduction of new DB funding code?
Jonathan Stapleton says the Pension Schemes Bill is the latest in a long line of well-meaning legislation that makes it more difficult for employers to offer good schemes to their staff
DB funding regime will provide 'clarity and flexibility' to all schemes, says TPR
Both open and closed defined benefit (DB) schemes will be given the clarity and flexibility they need under the proposed revision of the funding code, says The Pensions Regulator (TPR).
Fast track DB rules in danger of 'mission creep' and 'levelling down' scheme objectives
The Pensions Regulator’s (TPR) proposal for a ‘fast track’ approach to defined benefit (DB) scheme funding regulation is being “used too broadly” and in danger of suffering from “mission creep”, says Aon.
Schemes face 'multi-million pound' dashboard compliance bill
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).
Seven steps to prepare for investment pathways
As the deadline draws nearer for the implementation of investment pathways, Tim Jablonski sets out what IGCs and GAAs will need to scrutinise.
PPF and DWP seek appeal over Hampshire implementation
The Pension Protection Fund (PPF) and Department for Work and Pensions (DWP) will appeal court judgments relating to the way the lifeboat fund pays compensation.
Long-running Staveley court case clarifies rules on pension transfers in ill-health
The long-running HM Revenue & Customs (HMRC) v Parry & Ors case, otherwise known as the Staveley case, has concluded Staveley’s actions gave rise to an inheritance tax bill, bringing clarity around pension transfers or switches made in ill-health.
A history and the rationale for DB schemes - part two: Maxwell and his impact on scheme funding
In the second feature of a three-part series, Iain Clacher and Con Keating look back at the UK’s defined benefit universe, exploring how the Maxwell scandal impacted scheme funding regulations.
TPR undertaking internal review after Norton Motorcycles case
The Pensions Regulator (TPR) chief executive Charles Counsell has written to Work and Pensions Committee (WPC) chairman Stephen Timms responding to questions over how the watchdog handled issues around the Norton Motorcycles pension schemes.
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