Regulation

The Pensions Regulator has issued guidance for trustees on assessing, monitoring and taking action on issues relating to their employer covenant.

US/UK - Financial legislation pending in the US threatens to overwhelm, emasculate, and undermine independence of the Securities & Exchange Commission, according to the watchdog's former chairman.

US - Mercer has agreed to pay US$500m to settle a law suit brought by the Alaska Retirement Management Board alleging the actuarial firm erred when calculating the state's pension liability.

US - The California State Teachers' Retirement System has teamed up with two other investors to sue officers and directors at Massey Energy for alleged safety misconduct, the pension fund said.

UK/EUROPE - The sovereignty of UK defined benefit provision is under threat following proposals from the EU Commission to shift legislative power to a European body, an internal Confederation of British Industry document revealed.

The Pensions Regulator's reluctance to enforce funding agreements between employers and trustees has led to a potentially damaging loss of authority, a lawyer warns.

Corporate trustees could risk civil or criminal action if they fail to comply with potentially costly new regulations on climate change, Eversheds warns.

Government proposals to allow people access to their pension pots early risk damaging long-term saving, Mercer warns.

The Pensions Regulator has launched a campaign to improve the monitoring of scheme funding and employer covenants.

The Pensions Regulator has published member record-keeping targets to ensure standards of common data.