This week's top stories included a landmark ruling by The Pensions Ombudsman that a local policy authority scheme should pay benefits in full to a scam victim after it failed to provide adequate anti-scam literature to the member.
Also, ahead of the introduction of the master trust authorisation and supervision regime, The Pensions Regulator revealed it had found another nine schemes which qualified as master trusts, and warned simple benefit changes could cause schemes to fall under the framework.
A ruling by The Pensions Ombudsman could mean past scam victims get redress if it finds trustees failed to alert members to pension transfer risks or did not perform mandatory checks.
The Pensions Regulator has warned schemes that making future changes to benefits or structures could cause them to become subject to its master trust regime.
An individual transferring a £230,000 defined benefit pension could lose up to seven years of retirement income if they draw a fixed sum of £10,000 a year, according to XPS Pensions Group research.
The Pensions Regulator has said it was unaware of six schemes that meet the legal definition of 'master trust' ahead of the start of the authorisation regime.
Defined benefit pension funds are increasingly under pressure to put in place dividend-sharing mechanisms as the regulator seeks to address the disparity with deficit contributions.
This week’s top stories included the rejection of an automatic guidance amendment in the Pension Schemes Bill, while The Pensions Regulator posted a sharp increase in the use of its powers.
The majority of the pensions industry agrees an eventual net-zero target should not be mandated for schemes as part of the Pension Schemes Bill, according to a Professional Pensions poll.
Local Pension Partnership Administration (LPPA) has become the latest organisation to join the Pension Scams Industry Group (PSIG) forum.
Two-thirds of UK fund managers are reducing investments in companies that fail on diversity and inclusion scores, according to a survey by Edelman.
England and Wales have seen a fourth successive week of increasing excess death figures as the countries battle through the second wave of the coronavirus pandemic.