Law and Regulation
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.
Equalising transfers: What if there was another way?
Steve Nicholson looks at how schemes can go about implementing the most recent Lloyds ruling
MNRPF trustees replaced after ignoring governance recommendations
The Merchant Navy Ratings Pension Fund (MNRPF) has replaced every member of its trustee board following a drawn-out battle with The Pensions Regulator (TPR) to improve governance.
DWP taskforce sets out actions to enable large-scale consolidation of deferred small pots
The small pots working group has made a number of recommendations on how to tackle the growth of deferred members with small pension pots within the AE pensions market – urging the government and industry to take action to enable large-scale mass transfers....
DWP proposes hiked general levy over three years; DB costs to more than double
The Department for Work and Pensions (DWP) has launched a consultation on the future of the general levy, seeking to close a potential £230m funding gap if rates remain unchanged.
Industry should not be making 'rash predictions' over DB funding code
The Pensions Regulator's David Fairs looks to bust some of the myths he says have grown up around the proposals for a new DB funding code.
2021 is our chance to get the ball rolling on AE reform
After a tumultuous year for every industry, James Phillips says 2021 can give the pensions industry and government a chance to tackle the long-term needs in retirement savings.
Guy Opperman: Dashboards and consolidation go hand-in-hand
In the last of a five-part series of articles for PP, pensions minister Guy Opperman explains how pension dashboards will help consolidate pensions.
Guy Opperman: Funding measures protect the pension scheme member
In the fourth of a five-part series of articles for PP, pensions minister Guy Opperman sets out how revised funding arrangements for defined benefit schemes will better protect members.
Court of Appeal overturns 'wrong' block of £12bn Prudential annuity transfer to Rothesay
The Court of Appeal has overturned a High Court ruling which blocked the transfer of a £12bn annuity book from Prudential, now M&G, to Rothesay.
Guy Opperman: Scam crackdown to protect savers
In the third of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will help crackdown on 'crooks' scamming people out of their pensions.
Guy Opperman: Climate change clauses a game changer for pension investment
In the second of a five-part series of articles for PP, pensions minister Guy Opperman talks about putting trustees’ duty to manage climate risk on a statutory footing
Guy Opperman: Bill is a pathway for safer, better and greener pensions
In the first of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will improve pensions for members.
Why you must be proactive to address risks in the 'new normal'
Tim Shepherd and Beth Brown look at the legal implications of working from home and how pension professionals can mitigate the risks.
TPR posts sharp increase in use of frontline powers against schemes
The Pensions Regulator (TPR) has substantially increased the usage of its powers against trustees – posting a sharp rise in the use of formal information gathering powers and High Court production orders during the three months to the end of September....
Pension Schemes Bill passes final stages of the House of Commons
The Pension Schemes Bill has completed its third reading, crossing its latest hurdle in the House of Commons.
MPs vote down Pension Schemes Bill automatic guidance amendment
An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.
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