UK - Pension funds will take time to adjust to the "complex" new age discrimination laws, and ministers should take a flexible "common sense" approach when enforcing them, the National Association of Pension Funds (NAPF) has claimed.
Joanne Segars, NAPF chief executive, claimed that complying to the regulations would require 150 hours of work at a cost of up to £180 000.
"Given that the regulations have only just been finalised, it will be very difficult for schemes to ensure that they are fully compliant from today. We urge the Government to adopt a common sense approach when it comes to the enforcement of the new regulations – at least for the first quarter of 2007.”
Meanwhile, Mercer Human Resource Consulting has claimed the draft guidance on how age discrimination applied to pension schemes could "do more harm than good".
Even though the pensions aspects of the Employment Equality (Age) Regulations have been put in place, final guidance on how to implement the regulations would not be published until after they come into effect, the consultants pointed out.
Many employers and trustees will already have begun the costly and complex exercise of addressing their pension scheme rules to avoid unlawful age discrimination... [but] the delay in publishing the final guidance may force them to revisit planned amendments, adding unnecessary expense to the compliance process.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.