US - Pension funds would be forced to pay the same tax as commercial commodity traders under proposed legislation aimed at reducing speculative trading.
US senator Ron Wyden, a member of the Senate Finance and Energy Committees, and the ranking member of the Senate Finance Committee, Chuck Grassley, have proposed 'tax fairness' legislation which would see pension funds taxed on profits they make on the oil commodities market at the same rate as ordinary income.
Wyden said: "Essentially the current system is giving speculators tax incentives to bid up the prices of oil. We just don't think the tax code should favour one set of buyers and sellers over another. That is how markets get distorted."
Wyden and Grassley are seeking comments on their draft proposal.
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.