Regulation
DWP consults on simpler statements for DC members
Pensions and financial inclusion minister Guy Opperman has today proposed regulations to introduce simpler workplace benefit statements so that members can better understand them.
Government U-turns on Online Safety Bill; Fraud legislation to protect from financial scams
Online fraud is now set to be included in the upcoming Online Safety Bill after the government acknowledged “significant concern” over its exclusion.
Fears linger over TPR contribution notice powers as DWP consultation closes
The rationale used to ultimately assess whether certain contribution notices can be issued needs further fine tuning, leading industry associations say.
Calls for Online Safety Bill to crackdown on scams grow louder
Quilter has called upon the government to take action to clamp down on the dramatic rise in investment scams over the past year by including these within the scope of the forthcoming Online Safety Bill.
Robin Ellison: Advice for advisers: a new liability
Robin Ellison questions whether more regulations are really the best way to protect the public
FCA's long-term vision: Sustainable finance and the net-zero economy
Integrate net zero targets into regulation
TPR climate strategy targets trustee regulatory compliance
Guidance to help trustees comply with climate disclosure rules will also call on them to “act now” to protect pension savers from climate risk, The Pensions Regulator (TPR) says.
Calls for 'scam prevention minister' resurface as government grapples with industry for more support
The scam ‘epidemic’ across the pensions industry needs better government intervention in the form of a specifically appointed minister, AJ Bell has reiterated.
Government called out on retrospective 'double U-turn' around TPR criminal powers
The government’s “double U-turn” on the retrospective use of the regulator’s new criminal powers in the Pension Schemes Act is creating damaging confusion, Lane Clark & Peacock (LCP) says.
DWP opens consultations on TPR powers, DC investments and charge cap barriers
The Department for Work and Pensions (DWP) is seeking views on two sets of regulations concerning The Pension Regulator’s (TPR) powers, as well as on measures to allow defined contribution (DC) schemes to invest more easily in a broader range of asset...
Lifetime allowance freeze creates 'bizarre disincentive'
Spring Budget announcement
Spring Budget 2021: Icy response to lifetime allowance freeze
The industry has provided a predominantly negative response to the confirmation today that the lifetime allowance will be frozen at £1,073,100 until April 2026.
TPR agrees £25m settlement with owners of Silentnight
The Pensions Regulator (TPR) has agreed a settlement in its anti-avoidance case against the current owners of the bed manufacturer Silentnight.
Chancellor Sunak 'likely' to freeze lifetime allowance
Chancellor Rishi Sunak has plans to freeze the lifetime allowance for the rest of the current parliament in a "stealth tax" on the wealthy, according to reports.
Exclusive: ACA calls for policy reform on AE, investments, and pensions tax
The Association of Consulting Actuaries (ACA) has set out six key reform areas it is calling on the government to address before the end of the current parliament.
TPR flexes powers after 8,200 quarterly AE breach increase
Enforcement activity carried out by The Pensions Regulator (TPR) between October and December 2020 saw auto-enrolment (AE) powers used on a total of 24,799 occasions, up 8,200 from the instances in Q3.
No let up for NHS doctors on pension tax tribulations
The government has drawn a line under talk of broad reform of the pension system for higher-paid NHS workers, such as doctors who face high tax charges, opting instead to build on flexibilities introduced last year.
Government outlines climate risk governance and TCFD reporting changes
The government has outlined updated requirements for schemes in a new consultation confirming Task Force on Climate-related Financial Disclosures (TCFD)-aligned disclosures will be mandatory across the board by 2025.
A 'clear pathway' on ESG
New legislation is needed to push pension trustees and asset managers to consider ESG factors, Hope William-Smith reports.
Schemes critical of TPR's timeline on regulatory easements lift
More than half (59%) of schemes support the call for an extension of regulatory easements and flexibilities beyond early 2021, the Pensions and Lifetime Savings Association (PLSA) says.
MHCLG urged to clarify McCloud regulations amid delay fears
The Ministry of Housing, Communities and Local Government (MHCLG) must outline the McCloud regulations for the Local Government Pension Scheme (LGPS) in England and Wales urgently to ensure scheme administrators are not overwhelmed, Aon says.
All I want for Christmas is... a submitted CMA compliance statement
We are now approaching the first anniversary of trustees required to set strategic objectives for their investment consultants, Grant Suckling writes.
Pension tax reform support remains high; Sunak flags potential changes
The majority of employers currently support the simplification of the pension tax regime, with evidence mounting of its adverse impacts, the Association of Consulting Actuaries (ACA) finds.
MPs jeopardising pension security without further bill amendments, Altmann says
MPs considering the Pension Schemes Bill in its final stage must push back on changes which could damage private pension viability, according to former pensions minister Ros Altmann.
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