Law and Regulation
HMRC pushes back deadline for GMP data cuts
HM Revenue and Customs has extended the deadline for the issue of final reconciliation data cuts due to the coronavirus outbreak.
Hold off on rash pension decisions, say regulators
The UK’s pension regulators have called on pension savers to stay calm as fears over the impact of the coronavirus pandemic on markets and personal finances may lead many to take damaging actions.
Time for better scam protection in law
Trustees face increasingly difficult issues around handling suspected pension scams. Matthew Swynnerton looks at how the Pension Schemes Bill might help.
Government withdraws 10% general levy increase
The Department for Work and Pensions (DWP) has cancelled a planned rise to the general levy amid the ongoing Covid-19 outbreak.
TPR deficit contribution guidance welcomed but 'hidden implications' arise
The Pensions Regulator (TPR) is “pulling out all the stops” to help struggling employers during the Covid-19 crisis, although latest guidance may put trustees in a “challenging” position, the industry says.
Consider suspending DRCs for three months if necessary, TPR says
Defined benefit (DB) scheme trustees should be open to employer requests to reduce or suspend deficit recovery contributions (DRCs) if there is a good reason to do so, The Pensions Regulator (TPR) has said.
TPR extends late payment reporting deadlines
The Pensions Regulator (TPR) has temporarily relaxed the timeframe for schemes which need to report late payments from employers for workplace pension schemes.
New delay for contingent charging ban decision
The Financial Conduct Authority (FCA) has postponed its decision on whether to ban contingent charging on defined benefit (DB) transfers by up to six months.
Video: TPR's David Fairs on employers suspending deficit contributions
In a video shared with Professional Pensions, XPS Pensions Group co-chief executive Paul Cuff speaks to The Pensions Regulator executive director David Fairs about employer suspension of deficit contributions and other regulatory guidance in the current...
TPR issues updated coronavirus guidance for trustees
The Pensions Regulator has published updated guidance for those it regulates and has also suspended all its regulatory initiatives.
TPR urged to take pragmatic approach for looming valuations
The Pensions Regulator (TPR) must adopt a “pragmatic” approach to the 15% of UK schemes that have valuation dates within the next three weeks, Aon has said.
Government delays IR35 reforms until 2021
The government has postponed changes to IR35 tax rules until 2021 to relieve the pressure on businesses during the coronavirus crisis, just a week after the Budget confirmed they would go ahead.
ITV given six month deadline for Box Clever funding plan
The Pensions Regulator (TPR) has told ITV and four connected firms that they must deliver a future funding plan for the Box Clever Group Pension Scheme within six months.
Are tapered allowance changes enough?
The chancellor missed an opportunity to be bold on reforming the pensions tax relief system, say Hadassah Shulman and Angela Sharma.
Three weeks leaves 'no time' for trustees to explain £90,000 taper raise
The government has left pension schemes with insufficient time to prepare members for changes to tapered annual allowance thresholds, due to come into effect from 6 April.
'Draconian penalties' promised for schemes with poor dashboard data
Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”
DWP to legislate for DC consolidation 'nudge'
Small defined contribution (DC) schemes will be “nudged” into consolidation under new government plans to ramp up governance.
Opperman: 'Some people want me to be less of an innovator'
Guy Opperman says he will not slow down on aiming to implement “ambitious” programmes to tackle climate change while the government will also continue to intervene where it feels the industry is not doing enough.
Cross-industry task force issues guidance on stricter climate-related disclosures for pension schemes
A consultation has been launched on guidance to help schemes get to grips with assessing, managing, and reporting climate-related risks in-line with Task Force on Climate-related Financial Disclosures (TCFD).
Eight industry bodies go public with clause 107 drafting concerns
Trustees and their advisers could be “criminalised for doing the right thing” and left “fearful of acting” if Pension Schemes Bill wording is not amended, the Joint Industry Forum (JIF) says.
Looking forward to Lloyds (again)
Mark Smith looks at the next instalment of the Lloyds Bank's GMP equalisation court hearing, and what it could entail for pension transfers.
Guy Opperman: Climate change is too important to ignore
Schemes must do more to lessen the financial risks of climate change, says Guy Opperman.
RPI reform proposals 'should go further' than a simple CPIH replacement
Most pension professionals (58%) believe Retail Prices Index (RPI) reform should go further than simply switching to the housing-cost based Consumer Prices Index (CPIH), according to the Society of Pension Professionals (SPP).
The Treasury must make a quick decision on RPI
With wider funding challenges and the need to play for the long-term, any change to inflation indexation must be swift and firm, says Sir Steve Webb.
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