Law and Regulation

Trustees of multi-employer defined benefit (DB) schemes may come under added pressure from sponsors due to changes in the Generally Accepted Accounting Practice in the UK (UK GAAP).

The industry has warned Chancellor George Osborne to leave tax-free lump sums in pension schemes untouched in his Autumn Statement.

People will have to build up at least 10 years of National Insurance payments or equivalent credits to be eligible for the single-tier state pension.

The Department for Work and Pensions (DWP) has proposed to exempt the largest master trusts from some auditing rules.

The principles that will govern the watchdog's DB regulation in future

The Pensions Regulator (TPR) has opened a consultation on defined benefit (DB) regulation, setting out how it will pursue its new objective to minimise the impact of scheme funding on employer growth.

More than three quarters of respondents believed the FRC should wade into the charges debate and force fund managers to own up.

The Association of Consulting Actuaries (ACA) has urged the industry to throw its weight behind pensions minister Steve Webb's defined ambition (DA) plans.

The industry is less convinced that DA will be taken up by smaller companies, with almost half this week's respondents saying no option under consideration would appeal to this sector.

The Pension Regulator's (TPR) defined contribution (DC) code of practice has come into effect, supported by an enforcement and compliance regime for trustees.