Law and Regulation

The Pensions Regulator’s (TPR) proposed revisions to the defined benefit (DB) funding code could reduce member security, Lane Clark & Peacock (LCP) has warned.

Tasmin Patel and Keith Webster look at the implications of the new stewardship requirements for pension schemes.

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.

The Treasury has published draft tax legislation to enable collective defined contribution (CDC) schemes from next year.

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).

Almost all (95%) investigations presented to The Pensions Ombudsman (TPO) were completed without needing a determination, following changes to simplify the complaints process.

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.

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.

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.

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.