Ombudsman fines Cabinet Office and civil service scheme admin

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The Pensions Ombudsman has partly upheld a complaint against the Cabinet Office and MyCSP, the administrator of the Civil Service Pension Scheme, after they failed to properly process a member’s request to cease payments to his “added years contract”.

NHS sends almost 3,000 erroneous pension statements

Fotoware

Nearly 3,000 members of the NHS Pension Scheme have been sent erroneous pension statements, leading to criticism from the British Medical Association.

Timms demands changes to GMP factsheet after public’s criticism

Fotoware

Work and Pensions Committee chair Stephen Timms has written to the Department for Work and Pensions demanding that it update and properly publicise its “insufficient” factsheet on guaranteed minimum pensions compensation.

Weekly Roundup: Queen’s crown annoys protesters

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This week – Queen’s Speech measures spark street protests, BBC appeals to High Court to change its DB  benefits, experts warn DWP’s plans to promote illiquids in DC could up costs for members, and 60 per cent of schemes admit they do not expect to meet net zero goals.

MNT resigns as BBC looks to High Court to change member benefits

Reuters

The BBC will ask the High Court if it can make changes to its defined benefit pension scheme as part of a review of its ability to potentially close the scheme to future accrual, which has sparked the resignation of one member-nominated trustee.

Comment

The annual funding statement: Creating certainty from uncertainty

Carl Hitchman

Carl Hitchman, chief investment officer for UK investment consulting at Buck, explores key four topics from the Pensions Regulator’s latest annual funding statement.

Should DC default funds take more risk?

Julius Pursaill

Cushon strategic adviser Julius Pursaill considers the arguments as to whether defined contribution default funds should assume more risk.

New DB funding code should focus on transparency

Sarah Brown, Andrew Horner

Buck’s Sarah Brown and Andrew Horner argue there should be a transparent relationship between covenant, funding and investment strategy ahead of the Pensions Regulator’s second consultation on its new code of practice on defined benefit scheme funding.

Videos & Podcasts

Uncertainty around inflation leads to ‘casino pensions’

Podcasts

Podcast: Pension Playpen chief executive Steve Goddard is joined by Cardano managing director Emily Goodridge to discuss inflation, technology in pensions, and the future of environmental, social and governance disclosure.

‘Pot follows member’ legislation needed to solve small pots problem

Podcasts

Podcast: Henry Tapper, executive chair of AgeWage, and Tom McPhail, director of public affairs at the Lang Cat, discuss small pots, commercial consolidators, and more McCloud woe for the Local Government Pension Scheme.

Natural capital can improve scheme returns but concerns remain

Podcasts

Podcast: Lombard Odier’s Alina Donets and Sackers’ Stuart O’Brien discuss natural capital and how scheme trustees can consider these investments while complying with their fiduciary duties.

CPD

Tackling net zero, consolidation and diversity

iStock

CPD: Liam Wyatt looks back at the key topics that emerged during Pensions Expert’s DB and DC Pensions Management Summit, including the practicalities of net zero, DC scheme consolidation, and diversity within the pensions space.

First superfund deal could happen before end of 2022

Dreamstime

CPD: Superfunds have long been mooted as a possible solution for defined benefit schemes where an employer’s covenant is weak or there exists a danger of insolvency. They are now set to move from the drawing board to reality this year, reports Stephanie Hawthorne.

What it means for data protection when the King works from home

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CPD: Hymans Robertson’s Susan Black details the new challenges posed to the Local Government Pension Scheme from the pandemic, remote working, and cyber security issues and how to address them.