Law and Regulation
TPR to prosecute brewery for failing to provide financial information
The Pensions Regulator (TPR) is to prosecute Samuel Smith Old Brewery and chairman Humphrey Smith for failing to provide information and documents for an ongoing investigation.
What TPR's new cyber security guidance means for trustees
The regulator has published a guidance paper on cyber security, advising trustees on how they should go about minimising risks faced by pension schemes. Victoria Ticha looks at the details
Two scammers jailed after coaxing savers to transfer £1m to fake scheme
Two men were sentenced to jail after luring 16 victims into transferring nearly £1m of their pensions into a non-existent occupational scheme in an "elaborate" liberation scam.
What is the purpose of a pension scheme?
British Airways and one of its schemes' trustees are set to argue over the purpose of a pension scheme, leading to an impactful judgment for DB pensions. James Phillips explores the issue
Treasury rules out review of ditched secondary annuity market
The Treasury has reaffirmed its decision against rolling out freedoms to the annuity market, arguing it would be impossible to balance consumer protections with a functioning market.
Pensions least complained about products in financial services
Decumulation and pensions were the least complained about products in the second half of 2017, according to the Financial Conduct Authority (FCA).
RSA report reignites debate over flat-rate tax relief reform
The Royal Society of Arts (RSA) has reignited the debate on the introduction of flat-rate pensions tax relief - saying a 30% flat rate would be progressive, cost-neutral and leave three-quarters of earners better off.
High Court rules no limitation period on recovering pension overpayments
The High Court has ruled that there is no statutory limitation period in which to recover pension overpayments under a defined benefit (DB) scheme, as long as this is by adjusting future payments.
UPDATE: Key dates for pensions in 2018
PP has compiled a list of what to watch out for over the coming months.
FRC seeks pensions input in advisory group
The Financial Reporting Council (FRC) is seeking three pension funds to join a new investor advisory group to aid its understanding of key areas of concerns and risks.
Work and Pensions Committee to hold inquiry on DB white paper
The Work and Pensions Committee (WPC) has announced an inquiry into proposals within the government's white paper on defined benefit (DB) schemes.
How wide is the gender pay gap in pensions firms?
Investment and law firms have the highest median gender hourly gender pay gaps out of nearly 100 pension-related firms reporting, James Phillips writes.
Eight ways to prepare for GDPR - are you ready?
The General Data Protection Regulation will have a wide ranging impact on pension funds. Jay Doraisamy and Mark Prinsley say there is still time to take action ahead of 25 May
Time and costs may be barrier to switching fiduciary manager, CMA finds
The time and costs involved in the process of tendering and/or switching a fiduciary manager can be 'considerable' and may make it more difficult for schemes to assess value for money and switch provider.
TPR sends strong message on high dividends
Stephanie Baxter says trustees should welcome the regulator's tougher line on excessive shareholder payouts
FCA mulls expanding IGC remit with social investing duties
Independent governance committees (IGCs) may see their remit expanded to include reporting on social investing issues under Financial Conduct Authority (FCA) plans unveiled in its business plan today.
Six pensions changes for the new tax year
The new tax year brings a number of changes to the pensions world, not least the first round of phasing for auto-enrolled employees.
TPR is not striking the right balance on enforcement, say two in five respondents
The regulator is not striking the right balance in its 'clearer, quicker and tougher' approach on enforcement, according to this week's Pensions Buzz respondents.
TPR's funding statement warns trustees to act on high dividends to protect members
Strong employers should consider contributing more money to reduce pension deficits over a shorter period of time, especially where they are paying out excessive shareholder dividends, the watchdog has said.
Investment and law firms worst for gender pay gap; Wellington reveals largest gap
Investment managers and law firms have ranked worst for the median pay gap between men and women among 85 firms involved in occupational pensions analysed by PP.
FCA launches second consultation on transparency of fund objectives
Will assess use of benchmarks
Default drawdown pathway needed to boost member outcomes, MPs say
The Work and Pensions Committee has called for the government to introduce an auto-drawdown option while allowing NEST to offer decumulation products, James Phillips reports
Your Workplace Pension merges with The People's Pension
The People's Pension has absorbed almost £20m in funds under management after completing the transfer of master trust Your Workplace Pension.
Insolvency Service puts six pension firms into provisional liquidation
The Insolvency Service has placed six firms overseeing 15 occupational pension schemes into provisional liquidation after an investigation.
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