Law and Regulation
DWP confirms general levy hike from April; Option one chosen
The Department for Work and Pensions (DWP) has confirmed that it will increase the general levy pension rates from April 2021 in line with its preferred option.
DWP delays consultation response on trustee oversight of investment consultants
The Department for Work and Pensions (DWP) has delayed further a consultation response and final regulations to enact requirements relating to investment consultants.
Pensions minister sets out timetable for Pension Schemes Act regulations
Pensions minister Guy Opperman has set out a timetable for secondary legislation to bring Pension Schemes Act provisions into force.
What a ban on corporate directors could mean for schemes
Shane O'Reilly and Julia Chirnside look at how a government proposal could put professional trustees in breach of the law.
MPs to investigate advice in ongoing pensions freedoms inquiry
MPs on the Work and Pensions Committee (WPC) will assess the availability of financial advice in the second stage of its pensions freedom inquiry.
TPR publishes full details of charity pension trustee fraud case
The Pensions Regulator (TPR) has published a regulatory intervention report on the case of jailed former charity for the disabled trustee and chief executive Patrick McLarry.
Uber drivers win pension rights
Uber drivers have once again won a legal battle to access to workers’ rights including auto-enrolment (AE) pensions, the minimum wage, and paid holidays.
The challenge of GMP equalisation continues
Pension professionals will need to get to grips with a number of points in order to effectively implement the most recent GMP decision, write Stephen Richards and Julia Ward.
Finalisation of net pay review vital in Budget, Now Pensions says
Chancellor Rishi Sunak must conclude the net pay review in the upcoming Budget to support the retirement income of low-paid workers, Now Pensions says.
Guy Opperman: Landmark legislation moves pensions into the digital age
The Pension Schemes Act 2021 will revolutionise savings and help build back better and greener, says Guy Opperman.
Opperman: Secondary legislation now priority following Royal Assent for Pension Schemes Act
Minister for Pensions and financial inclusion minister Guy Opperman has pledged to make secondary legislation for the Pension Schemes Act his “number one” priority over the coming months.
Government sets out plans to raise normal minimum pensions age to 57 by 2028
The normal minimum pension age (NMPA) is set to increase to 57 under plans unveiled in a government consultation today (11 February).
Pension Schemes Act 2021 becomes law with DB, CDC, ESG and dashboard rules
Enhanced criminal and civil sanctions for defined benefit (DB) scheme negligence have become law after the Pension Schemes Act 2021 gained its place on the statute book.
Treasury opts to give members deferred choice on McCloud remedy
The government has opted to proceed with its “deferred choice underpin” (DCU) route for implementing a remedy to the McCloud judgment for public sector workers.
'Disappointed' PLSA calls for structural reform as part of DWP's general levy proposals
The Pensions and Lifetime Savings Association (PLSA) has expressed it is disappointed with the Department for Work and Pensions’ (DWP) general levy consultation – saying there should be no increase in the levy without structural reform.
New TPR powers could lead to upsurge in clearance applications
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
Pension Schemes Bill gets final approval and waits for Royal Assent
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
FCA data reveals over £20bn of DB transfers between 2018 and 2020
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.
Trustees will need to be corporate finance experts under new TPR powers
Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.
Is mediation set to become the new normal for pension disputes?
Mediation has been under-utilised historically as a means of dispute resolution in this area. Mark Blyth and Geoff Egerton think this is going to change.
TPR response to funding code consultation reveals level of industry concern over twin-track regime
The Pensions Regulator (TPR) has published the interim response to its first defined benefit (DB) funding code consultation – highlighting the depth of industry concern around its proposed twin-track regime.
DWP sets de-minimis for flat-fee AE charges and launches work to standardise cost reporting
The Department for Work and Pensions (DWP) will ban the charging of flat fees on AE auto-enrolment (AE) pots below £100 and launch work on how to standardise cost and charges reporting.
2021 outlook: What's next for regulation?
After a year that took everyone by surprise, experts tell Professional Pensions what could be on the horizon for regulation in 2021.
TPR bans corporate trustee and its director for 'serious' failings
The Pensions Regulator (TPR) has banned a corporate trustee and one of its directors from acting as pension scheme trustees after multiple governance failures highlighted a lack of competence, capability and integrity.
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