In a significant step for the pensions de-risking market, the Pensions Regulator has published guidance for DB consolidators (referred to in the guidance as “superfunds”) on the regulatory regime that will apply to them until a longer-term regulatory framework is put in place by the Government. The Regulator has also published guidance for trustees and sponsors who are considering a transfer … Read more
On 5 June, the FCA published Policy Statement 20/6 outlining its plans to improve the DB transfer market, including among other things, banning contingent charging in all but a few circumstances and introducing an abridged advice process. The Statement highlights the feedback received from consultation CP19/25, and details the FCA’s final rules and guidance. The … Read more
The Pensions Climate Risk Industry Group (PCRIG) has launched a consultation on draft guidance aimed at pension scheme trustees to help them assess, manage and report on climate risks using the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). Although the guidance is non-statutory it has been developed in collaboration with the DWP … Read more
On 3 March 2020, in what was a much simpler time, the Regulator launched the first stage of its two-part consultation on a revised Code of Practice on funding defined benefit (DB) schemes. This sets out eight key principles that will underpin the new Code and confirms the Regulator’s plan to introduce a new twin-track … Read more
Despite all of the traditional talk of changes to pensions tax relief in the run-up to the Budget, today’s Budget turned out to be a quiet one for pensions, with the Chancellor’s focus and priorities elsewhere. However, the Budget did include some pensions-related announcements including the launch of the consultation on the future of the … Read more
The Pensions Regulator has today launched the first stage of its consultation on its new DB funding Code. This consultation focuses on the principles that will underpin the new Code and, as expected, it sets out the Regulator’s expectation that, in general: DB schemes should have low dependency on their scheme’s sponsor and reach their … Read more
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On Monday, in its response to the consultation on protecting DB pension schemes and strengthening the Pensions Regulator, the Government confirmed its plans to: introduce a new criminal offence of wilful or reckless behaviour in relation to a defined benefit (DB) pension scheme (aimed at company directors) give the Pensions Regulator the power to issue … Read more
This is one of the questions posed by the DWP in its consultation on the Pensions Ombudsman's dispute resolution powers and jurisdiction issued just before Christmas. The consultation lacks detail on what is meant by mediation, simply suggesting that provision should be made for an Early Resolution Service and to allow the Pensions Ombudsman to ‘mediate’ and ‘resolve’ complaints and disputes before a determination.
It is important that this consultation is taking place now, because the role of the Pensions Ombudsman's service is evolving. Read more
