Regulation
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.
Responsible investment bill ignites shoehorning concerns
Legislation formalising trustees’ ESG duties could be overly prescriptive and lay down too much pressure on schemes, the industry has told PP.
Workplace schemes mandated to 'nudge' members into pensions guidance
Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.
Appoint a minister for scam prevention, government urged
The government should consider handing to a minister the specific responsibility for tackling the growing number of scams across the finance sector, AJ Bell says.
Transparency Task Force publishes open letter to PM following meeting on pension scams
The Transparency Task Force (TTF) has published an open letter to prime minister Boris Johnson asking him to take a personal interest in pension scam problems and push for legislative flexibilities for scam victims.
Government launches small pots taskforce
Pensions and financial inclusion minister Guy Opperman has confirmed a cross-sector working group to address the problems caused by small pension pots.
Woolard: FCA set for 'painful lessons' in autumn reviews
Outgoing chief executive calls on regulator to change
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.
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