The Pensions Regulator
Five stories you may have missed this week
This week’s top stories include findings from PwC that pensions schemes have been “shoehorned” into valuing liabilities against gilts, while Mercer launched a defined benefit master trust.
Ditch gilts-based valuations to generate £40bn of value, TPR urged
Pension schemes have been “shoehorned” into valuing liabilities against gilts, creating a “herd mentality” that does not reflect scheme funding accurately, says PwC.
Is self-sufficiency a good measure for DB funding?
Professor Michael Bromwich explores the key differences between technical provisions and self-sufficiency, and how they can relate to a long-term objective.
TPR needs power to halt suspected fraudulent transfers, report urges
Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension and The Police Foundation have said.
Countering the increased threat of pension scams
Pension scams are not new, but the number of pension scams has soared by 400% since the beginning of the COVID-19 pandemic. Tom Williams asks what is a trustee’s role in protecting members against pension scams?
Under The Pensions Regulator's microscope
Chris Edwards-Earl and Stephen Richards offer some tips for those finding themselves under TPR's microscope.
Is history repeating itself with the Pension Schemes Bill and introduction of new DB funding code?
Jonathan Stapleton says the Pension Schemes Bill is the latest in a long line of well-meaning legislation that makes it more difficult for employers to offer good schemes to their staff
Third way needed in DB funding code; 'Evolution not revolution' urged on covenant
Oversimplification must be avoided in The Pensions Regulator’s (TPR) proposed revision of the defined benefit (DB) scheme funding code, and a third way might be necessary, the industry has said.
DB funding regime will provide 'clarity and flexibility' to all schemes, says TPR
Both open and closed defined benefit (DB) schemes will be given the clarity and flexibility they need under the proposed revision of the funding code, says The Pensions Regulator (TPR).
Fast track DB rules in danger of 'mission creep' and 'levelling down' scheme objectives
The Pensions Regulator’s (TPR) proposal for a ‘fast track’ approach to defined benefit (DB) scheme funding regulation is being “used too broadly” and in danger of suffering from “mission creep”, says Aon.
A history and the rationale for DB schemes - part three: TPR and its Foucauldian disciplinary powers
In the third feature of a three-part series, Iain Clacher and Con Keating look back at the UK’s defined benefit universe, exploring how the arrival of TPR impacted scheme funding
Covid-19 pushes endgame back by 18 months
Defined benefit (DB) schemes will have to wait an extra year and a half on average to agree a buyout compared to their pre-Covid-19 endgame journey plans, Barnett Waddingham estimates.
ITV offers £31m to support Box Clever Pension Scheme
ITV has submitted a £31m offer to The Pensions Regulator (TPR) for the Box Clever Pension Scheme after being forced to set out how it would financially support the scheme following a lengthy court process.
David Fairs: Four weeks left to influence the future of DB funding
As TPR’s consultation on the principles underlying the revised code of practice for DB funding enters the final straight, David Fairs set outs why you should give the watchdog your views.
TPR refrains from anti-avoidance action over Bernard Matthews pre-pack
The Pensions Regulator (TPR) has decided not to take any action against Bernard Matthews after the food products business used a pre-pack administration to offload its pension scheme in 2016.
Revised DB funding regime could be 'too rigid' and 'have damaging effects'
The Pensions Regulator’s (TPR) proposed revisions to the defined benefit (DB) funding code could reduce member security, Lane Clark & Peacock (LCP) has warned.
TPR misses a third of performance targets as Covid hits
The Pensions Regulator (TPR) missed a third of the targets under its key performance indicators (KPIs) with Covid-19 causing a halt to some of its work.
Exclusive: Hymans Robertson launches DB funding early warning tool
An “early warning” tool has been launched by Hymans Robertson to help defined benefit (DB) schemes understand which potential regulatory approach will be more suitable for their current funding strategy.
PP Live: Covid-19 crisis has not changed TPR's view that funding principles are 'right'
The economic crisis caused by Covid-19 has reinforced The Pensions Regulator’s (TPR) view that its defined benefit (DB) funding principles are “right”, says David Fairs.
PP DeskFlix: TPR set to boost engagement with scheme administrators; V4M remains key theme
The Pensions Regulator (TPR) is set to increase its engagement with pension scheme administrators in light of the Covid-19 pandemic.
'Dishonest' Norton Motorcycles ex-owner told to return £14m to pension funds
The Pensions Ombudsman (TPO) has ordered a former owner of Norton Motorcycles to pay back £14m of pension fund monies that he had invested in the struggling sponsor.
PPF and TPR to be given key role in corporate restructures
The government has amended its Corporate Governance and Insolvency Bill to give the Pension Protection Fund (PPF) and The Pensions Regulator (TPR) a greater role in corporate restructurings.
David Fairs: Why we have launched an interim superfund regime now
With the launch of an interim regime, the consolidation market is set to take off. But before superfunds begin taking on schemes, the regulator must have 'rigour and understanding' of the market, David Fairs tells James Phillips.
Superfunds: Schemes of steel?
As an interim regime for consolidators is launched, Emma Watkins looks at how to enhance protection of members’ benefits.
