Regulation
TPR to remove late payment reporting flexibility from January
The time flexibility provisions introduced to help schemes which need to report late payments from employers for workplace pension schemes will be revoked, The Pensions Regulator (TPR) has confirmed.
Pension Schemes Bill will be law by the end of the year
Despite an anticipated delay in the Pension Schemes Bill being debated in the House of Commons, Guy Opperman has confirmed he fully expects it to be law by the end of 2020.
Pension schemes subjects of 'social engineering' in government climate risk disclosure proposal
Complying with the government’s proposals for climate risk disclosure is an unnecessary burden on schemes which are being used as vehicles for social engineering, PP poll respondents say.
Calls for greater trustee power as WPC scam inquiry consultation closes
Trustees need to be given the choice to directly refuse pension transfers if the industry is to properly plug the proliferation of scams, the Work and Pensions Committee (WPC) has been told.
Regulators have not yet got to grips with how to close down crooks, warns TTF
The Transparency Task Force (TTF) has questioned whether the Financial Conduct Authority (FCA) is “fit for purpose” following years of concern relating to the manner in which it exercises its investigative powers.
Industry reaffirms need to gain savers' trust as dashboard data call for input closes
The data behind the pensions dashboard must be secure, transparent, and comprehensive enough to gain the trust of savers, the industry has said.
Large DB schemes set to test PPF Covid-19 sustainability
The collapse of several long-established employers with large defined benefit (DB) schemes could vastly overtake calculations for a £20bn hit to the Pension Protection Fund (PPF), warns Lane Clark & Peacock (LCP).
WPC freedoms inquiry unlikely to be dominated by Covid-19 impacts, says industry
The economic impact of coronavirus is unlikely to overshadow the Work and Pensions Committee’s (WPC) inquiry into the success of pension freedoms, the industry believes.
Industry welcomes timely WPC impact of freedoms inquiry
A three-pronged Work and Pensions Committee (WPC) inquiry to review the impact of pension freedoms has been welcomed by the industry as pension savers continue to fall victim to sophisticated scams.
WPC confirms inquiry into impact of freedoms; Scams to top extensive agenda
Pensions scams will be the key focus in the first part of a Work and Pensions Committee (WPC) inquiry reviewing the impact of the introduction of pension freedoms five years on.
PP Live: APPT code of practice on sole trusteeship expected this summer
The code of practice on sole trusteeship being developed by the Association of Professional Pension Trustees is expected to be published within months, chairwoman Nita Tinn says.
PP Live: TPR to open codes of practice review consultation
The Pensions Regulator (TPR) will open a consultation on planned changes to its codes of practice by the end of the year.
Government suffers defeats in House of Lords over Pension Schemes Bill
Amendments to the Pension Schemes Bill passed by peers in the House of Lords last night will see a wide-ranging suite of reforms for the pensions industry draw another step closer.
FCA bans contingent charging on DB transfers
The Financial Conduct Authority (FCA) has banned the use of contingent charging in defined benefit (DB) transfer advice.
Andrew Bailey: BoE readying further 'unprecedented' response to coronavirus crisis
The Bank of England (BoE) is "ready to do more" to fight the economic consequences of the coronavirus pandemic and the measures put in place to tackle it, including further interest rate cuts and an expansion of its corporate financing facility, according...
Tool launched to help with coronavirus compliance
Hymans Robertson has launched a segment identifier tool to help schemes meet The Pensions Regulator’s (TPR) expectations during the Covid-19 pandemic.
Six key takeaways from TPR's 2020 funding statement
The Pensions Regulator (TPR) issued its 2020 Annual Funding Statement last month in the midst of the global Covid-19 crisis. Marian Elliott address some of the issues trustees will be facing when completing a valuation in this environment.
TPR's 2020 Annual Funding Statement: Something Old, Something New
The Pension Regulator’s (TPR) Annual Funding Statement (AFS) is a fixture in the defined benefit (DB) pensions calendar but its arrival this year could not be against a more changed backdrop: new leaders for the two largest political parties, the country...
Pension tax changes for public workers lauded a fair choice
The government’s proposal of temporary changes to pension tax for public sector workers amid the Covid-19 pandemic is the fairest choice, says Royal London.
FCA investment pathways implementation paused as DB transfer work continues
Stopped suitability of advice work
Parliamentary group launches to step up action on pension scams
The new All-Party Parliamentary Group (APPG) on Pension Scams has had its inaugural meeting in parliament to outline its priorities for boosting public awareness around scam risks.
USS flags scheme valuation methodology changes
Universities Superannuation Scheme (USS) will continue its discussions over whether a pre-and post-retirement dual discount rate approach could help plug serious funding concerns for its defined benefit (DB) section.
Chancellor poised to plug NHS pension crisis with annual allowance easement
New chancellor Rishi Sunak is likely to ease restrictions on pension tax relief for high earners to meet the NHS workforce crisis.
DWP disappoints with 'unfortunate' decision to hike general levy by 10%
The Department for Work and Pensions (DWP) says it will press ahead with a 10% increase to the general levy from 1 April, despite a severe industry backlash to a consultation on the issue.
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