Law and Regulation
TPR appoints Charles Counsell as chief executive
The Pensions Regulator (TPR) has appointed Charles Counsell as its new chief executive, who will take over from Lesley Titcomb next year.
CMA review calls for accountancy overhaul; Kingman review recommends FRC abolition
The Financial Reporting Council (FRC) should be abolished and audit and advisory businesses should be split into separate entities to improve the sector for both savers and investors, two reports published today say.
Anthony Arter reappointed as ombudsman until 2021
Anthony Arter will continue as head of The Pensions Ombudsman (TPO) until 31 July 2021, the Department for Work and Pensions (DWP) has announced.
Chappell handed £124,000 penalty for 'deliberate' inaction in BHS probe
Former BHS owner Dominic Chappell has been ordered to pay £124,000 after losing an appeal against his conviction for failing to provide information to the regulator.
Scottish Budget income tax decision widens pension tax relief gap
Scottish higher-rate taxpayers will benefit from more pensions tax relief than workers on the same salary anywhere else in the UK as income tax bands continue to diverge.
Check if your scheme is a master trust, TPR urges
Schemes risk breaking the law and being forced to wind up as The Pensions Regulator (TPR) warns some may be master trusts but do not know so.
FCA launches consultation on patient capital
The Financial Conduct Authority (FCA) has launched a consultation on how to enable defined contribution (DC) savers to invest in patient capital via unit-linked funds.
PPF confirms levy for 2019/20; Confirms methodology for commercial consolidators
The Pension Protection Fund has published its final levy rules for 2019/20 following a consultation launched in September.
Market welcomes 'real teeth' in 'thorough' CMA final report
The Competition and Markets Authority's (CMA) final report on the investment consultant market has been celebrated as having "real teeth" to produce better outcomes for members.
UPDATED: CMA issues final report; Schemes must invite three firms in fiduciary management tender
Tenders for first-time fiduciary management mandates will be mandatory, must be conducted on a closed basis, and will apply to any mandate for over 20% of a scheme's assets, the Competition and Markets Authority (CMA) has confirmed.
TPR launches first fraud prosecution; Accountant suspected of taking cash from scheme
The Pensions Regulator (TPR) has launched its first fraud prosecution into an accountant suspected of taking money from a pension scheme.
DWP sets out plans for DB consolidator regulation
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
TPR to supervise DB consolidators seeking to enter the market
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.
WPC urges TPR for speedy action over Johnston Press pre-pack
Work and Pensions Committee (WPC) chairman Frank Field has pressed The Pensions Regulator (TPR) to promptly announce if it will take any action on Johnston Press.
Deliveroo 'riders' denied pension rights
Deliveroo riders have been denied pension rights in a gig economy case which has swung against the outcomes of a series of similar court battles.
Dashboards should be on trust board agendas sooner rather than later
Steve Webb says pension schemes would be ill-advised to sit back and defer consideration of the implications of a dashboard for them.
DWP must compel use of cost transparency templates in pensions bill, MPs told
A pensions bill expected next year must include law to require schemes to collect, publish and analyse cost transparency data from their asset managers, MPs have been told.
Reliable data central to confidence in dashboard
Ros Altmann says there is no need for any legislation to get the dashboard project moving, and the first step could be to sort out data accuracy and reliability issues
Net pay issue to widen as AE lower earnings limit rise confirmed
Low earners in net-pay schemes will lose out on more pensions tax relief as the gap between auto-enrolment (AE) qualifying earnings and the personal tax allowance widens.
BT loses second bid at indexation swap
BT has lost a Court of Appeal attempt to swap one section of its defined benefit (DB) pension schemes from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI).
Regulators' joint 'ScamSmart' campaign gains traction
The 'ScamSmart' campaign is gaining traction, with a five-fold increase in visits to the official website and thousands of savers a day warned about unauthorised firms operating in the area.
DWP gives go-ahead for gradual rollout of dashboard; plans for compulsion
The Department for Work and Pensions (DWP) has published the pensions dashboard feasibility study, nine months after it was originally due.
Southern Water pledges extra £50m to DB scheme after TPR action
Southern Water will be forced to cough up more money for its pension scheme earlier than planned after The Pensions Regulator (TPR) intervened in what it said was "unfair treatment" of the scheme.
How will CDC work in the UK?
The Pensions Policy Institute has published a report to clarify confusion around collective defined contribution. Kim Kaveh looks at how it could work in the UK.
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