As part of its consultation on enhanced powers for The Pensions Regulator, the Department for Work and Pensions proposed new requirements for all trustees of defined benefit (DB) schemes. This is what the new framework could look like...
The proposed measures would introduce a limited number of new requirements which will be mandatory for all sponsoring employers of DB schemes when things change within a company (for example when corporate transactions are being considered); and what will happen in the rare instances where trustees or employers do not comply with their obligations.
In the below infographic, the column on the right sets out the escalating sanctions regime - with stronger sanctions for the most serious wrongdoing.
The government launched its consultation on the framework today (26 June) with pensions and financial inclusion minister Guy Opperman urging the industry to makes its views heard.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.
The Pensions Regulator (TPR) has substantially increased the usage of its powers against trustees – posting a sharp rise in the use of formal information gathering powers and High Court production orders during the three months to the end of September....
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.
More members transferred out of defined benefit (DB) pension schemes in October after September's record lows while values were surprisingly stable, according to XPS Pensions Group's Transfer Watch.