Regulation

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.

The Pensions Regulator (TPR) has agreed a settlement in its anti-avoidance case against the current owners of the bed manufacturer Silentnight.

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.

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.

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.

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.

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.

New legislation is needed to push pension trustees and asset managers to consider ESG factors, Hope William-Smith reports.

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.

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.