Law & RegulationRSS

LGPS escapes McCloud cost-cap breach

News on the go

On the go: The Local Government Pension Scheme in England and Wales, alongside its Scottish and Northern Irish equivalents, has avoided the cost-cap breach suffered by a number of other public sector schemes resulting from the impact of the McCloud remedy cost on their 2016 valuations.

Schemes and asset managers told to buck up stewardship

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On the go: Pension schemes and asset managers should embed stewardship “in every aspect of their relationship”, the Investment Association and the Pensions and Lifetime Savings Association have said.

Two-thirds of small schemes unaware of VfM requirements

News on the go

On the go: The majority of schemes with less than £100mn in assets were unaware of their new value for money duties, with the Pensions Regulator prompting these pension funds to “either wind up or take prompt action to make improvements”.

FCA supports regulation of ESG ratings

News on the go

On the go: The Financial Conduct Authority has expressed its support for the regulation of environmental, social and governance data and ratings agencies after consulting the industry.

Opperman: Employers should provide ‘rainy-day fund’ to keep staff

Guy Opperman

Pensions minister Guy Opperman has argued there is a need for employers to have a savings product offering, in addition to a pensions package, as a means of retaining staff. 

DWP’s dashboards consultation criticised over launch date proposals

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A second government consultation into pensions dashboards has been criticised over plans to give schemes just 90 days’ notice before the dashboards go live, with experts warning of a capacity crunch.

AE levels out as employers seek change to age threshold

Chris J Ratcliffe/Bloomberg

Workplace pension participation is stalling after reaching a rate of 88 per cent of eligible employees last year, according to new figures from the Department for Work and Pensions.

Govt sets 2040 gender state pension gap goal

Chris Ratcliffe/Bloomberg

The government has revealed a goal of eliminating the gender state pension gap by 2040, while pointing to auto-enrolment as a tool to decrease the overall savings shortfall between men and women.

B&CE and building company botch pensions complaint

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The Pensions Ombudsman has ordered B&CE and a building company to compensate an individual, after the employer failed to pay a year’s worth of contributions to his pension and took an excessive amount of time to deal with the complaint.

Industry calls for clarity on TPR’s enforcement powers

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Industry experts, though broadly supportive of the Pensions Regulator’s approach to its new enforcement powers, have nonetheless called for additional clarity in how they will be used, with some concerned that outcomes could be determined in part by “luck”.