Law and Regulation
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.
What the new corporate insolvency law means for the pensions industry
Chris Edwards-Earl and Sue Moore explore how the Corporate Insolvency and Governance Act 2020 will affect pension schemes.
Industry backs potential introduction of small pots taskforce
More than half of respondents to a Professional Pensions survey would like to see the government launch a small pots taskforce to stop them undermining the success of auto-enrolment (AE).
ITV offers £31m to support Box Clever Pension Scheme
ITV has submitted a £31m offer to The Pensions Regulator (TPR) for the Box Clever Pension Scheme after being forced to set out how it would financially support the scheme following a lengthy court process.
David Fairs: Four weeks left to influence the future of DB funding
As TPR’s consultation on the principles underlying the revised code of practice for DB funding enters the final straight, David Fairs set outs why you should give the watchdog your views.
GMP Equalisation Working Group releases member comms guidance
The reconciliation and rectification sub-committee of the Guaranteed Minimum Pension Equalisation Working Group (GMPEWG) has published guidance on communicating with members.
The new divorce system and how trustees can support members
Nykol O’Shea looks at how trustees can aid members in dividing pension wealth as the UK moves away from a fault-based divorce system.
WPC asks industry for ideas to solve small pots problem
The Work and Pensions Committee (WPC) has asked the industry for “workable solutions” to address the problem of problem of proliferating small pension pots.
HMRC figures show plunging pension freedom withdrawals
A total of 340,000 people withdrew £2.3bn in flexible payments from their pensions in the second quarter of 2020, according to HM Revenue & Customs (HMRC).
TPR refrains from anti-avoidance action over Bernard Matthews pre-pack
The Pensions Regulator (TPR) has decided not to take any action against Bernard Matthews after the food products business used a pre-pack administration to offload its pension scheme in 2016.
Revised DB funding regime could be 'too rigid' and 'have damaging effects'
The Pensions Regulator’s (TPR) proposed revisions to the defined benefit (DB) funding code could reduce member security, Lane Clark & Peacock (LCP) has warned.
Responsible investing: Don't forget the 'G' in 'ESG'
Tasmin Patel and Keith Webster look at the implications of the new stewardship requirements for pension schemes.
Pensions tax relief reform options too complex, industry says
The options for overhauling pensions tax relief outlined in the government’s call for evidence yesterday (21 July) may still be too complicated, the industry says.
HM Treasury sets out tax measures to enable CDC schemes from next year
The Treasury has published draft tax legislation to enable collective defined contribution (CDC) schemes from next year.
Treasury opens pensions tax relief administration consultation
The government has admitted it has never provided a “straightforward and proportionate” solution to the challenges in the current pensions tax relief system in a call for evidence this morning (21 July).
TPO: Just 5% of investigations need an ombudsman decision
Almost all (95%) investigations presented to The Pensions Ombudsman (TPO) were completed without needing a determination, following changes to simplify the complaints process.
TPR misses a third of performance targets as Covid hits
The Pensions Regulator (TPR) missed a third of the targets under its key performance indicators (KPIs) with Covid-19 causing a halt to some of its work.
Pensions Schemes Bill passes final Lords hurdle to proceed to Commons
The Pension Schemes Bill will now move for consideration in the House of Commons after it was passed in the House of Lords yesterday (15 July) following a third reading.
McCloud consultation launches; Treasury resumes cost control mechanism for public sector schemes
HM Treasury has announced it will resume the cost control mechanism for public sector pension schemes, noting the concern that the 18-month suspension has caused.
PP Live: Covid-19 crisis has not changed TPR's view that funding principles are 'right'
The economic crisis caused by Covid-19 has reinforced The Pensions Regulator’s (TPR) view that its defined benefit (DB) funding principles are “right”, says David Fairs.
What proposed climate reporting duties could mean for trustees
Lorna Blyth looks at how an amendment to the Pension Schemes Bill could force pension schemes to align their investment strategies with the Paris climate agreement.
TPR set to tighten regulatory grip as it unveils its latest corporate plan
The Pensions Regulator (TPR) has said it will continue with its “clear, quick and tough” approach to driving up standards across the pensions industry following the coronavirus pandemic.
