Regulation Archives - Page 59 of 67 - Pension Policy International

09SepSeptember 9, 2020

£15bn boost if UK scraps pensions triple-lock, says think tank

An industry think tank has said that replacing the pensions triple lock with “earnings smoothing mechanism” could save up to £15bn ($19.56bn, €16.59bn) from the covid-19 bill. But the Pensions Policy Institute (PPI) added that this would reduce average state pension income by 2% from 2021. The triple lock means the state pension increases by the highest of the increase in average earnings, inflation or 2.5%. This comes as rumours continue over the future of the pensions triple-lock, with chancellor...

September 9, 2020

News, Slider2020, Regulation, UK

04SepSeptember 4, 2020

UK. The pensions regulator: imposing joint and several liability for pensions liabilities

Investigations by the Pensions Regulator have dealt immense damage to companies' reputations in the past. What are its moral hazard powers, and how can organisations mitigate the risk of an intervention? Anne-Marie Winton, Partner at Arc Pensions Law LLP, examines the role of the Pensions Regulator in imposing joint and several liability on group companies. Defined benefits (or final salary) pension schemes are often a group’s largest unsecured UK creditor by far, possibly representing hundreds of millions of pounds of...

September 4, 2020

News, Slider2020, Regulation, UK

03SepSeptember 3, 2020

Expert Warns UK Pensions Could Face Massive Dashboard Compliance Costs, Work

Contrary to government claims, UK pension plans might have to pay millions of pounds to prepare data for the pensions dashboard, according to Steve Webb, a former UK pensions minister who is now a partner at investment consultant Lane Clark & Peacock. In an attempt to simplify the complexities of pensions savings for citizens, the UK government and the country’s pensions industry are launching a pensions dashboard. The dashboard is a digital interface that will allow people to view...

September 3, 2020

News, Slider2020, Regulation, UK

01SepSeptember 1, 2020

Cayman. Government mulls pension holiday extension

Premier Alden McLaughlin has indicated that government is considering an extension of the current pension holiday. Implemented as a COVID-19-assistance measure, the moratorium is set to expire at the end of September. It follows legislative changes earlier this year granting workers access to their private-sector pensions as temporary economic relief in the aftermath of the closure of local borders and subsequent rise in unemployment. McLaughlin, when asked by the Cayman Compass last week about a possible extension, said at...

September 1, 2020

News, Slider2020, Cayman, Regulation, Saving

31AugAugust 31, 2020

US. The Contribution Conundrum For Underfunded Plans

Reduced PBGC variable rate premiums may make now an optimum time to contribute. Plan sponsors undertaking risk-transfer activities in underfunded plans should consider contributing additional assets to maintain funded status equivalence. For some plans, low borrowing rates may present an opportunity. At the end of March 2020, the CARES Act was signed into law. One impact of this legislation for defined benefit plan sponsors is that any contributions that were required during 2020, either quarterly contributions or those...

August 31, 2020

News, Slider2020, Regulation, US

28AugAugust 28, 2020

Pension System in Guinea Bissau: Key Challenges and Prospects for the Future

By Philippe Auffret The government of Guinea Bissau is considering implementing the pension fund included in the 2015 Budget Law. It requested a technical assistance from the World Bank to conduct an initial diagnostic of the pension system with a focus on the public service pension scheme. The objective of this note is an initial step to respond to this request. The analysis shows that it is not recommendable for Guinea Bissau to set up a pension fund for the...

August 28, 2020

Articles, Pension design2020, Regulation, Sustainability

28AugAugust 28, 2020

UK. The Department for Work and Pensions publishes consultation on pension climate risk

The Department for Work and Pensions (DWP) has published a consultation, setting out proposals for larger occupational pension schemes and authorised master trusts to publish their climate risk financial disclosures. The consultation, published 26 August 2020, recommends that trustees of large occupational pension schemes must have effective governance, strategy, risk management and accompanying metric targets, to manage climate risk and opportunities in the market from October 2021. The DWP has recommended that trustees calculate the carbon footprint of pension...

August 28, 2020

News, Slider2020, Climate crisis, Regulation, UK

19AugAugust 19, 2020

US. DOL Issues New Rules On Retirement Plan Income Disclosures

Industry trade associations applauded a new rule today from the Trump administration requiring retirement plans to provide an illustration of the amount of monthly income that might be generated by an individual’s retirement savings. The rule was mandated in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The SECURE Act required a participant’s accrued benefits to be included on his or her pension benefit statement as a current account balance, and as an estimated lifetime...

August 19, 2020

News, SliderCOVID-19, Regulation, US

17AugAugust 17, 2020

Ireland. Kicking pensions can down the road will cost us all

During this pandemic the Government must not ignore the urgent need for pension reform. After protracted negotiations to form a new Government, urgent attention is now required to reform the pension system and protect the retirement security of future pensioners. The underlying issues are clear: our population continues to age; the cost of providing State pension support is growing; and the participation rates and adequacy of private pension saving remain too low. Experience shows that longer-term issues such as...

August 17, 2020

News, Slider2020, Ireland, Pension Reform, Regulation

14AugAugust 14, 2020

UK. TPR responds to questions on their effectiveness on a pension scam case to WPC

The Pensions Regulator (TPR) chief executive, Charles Counsell, has written to Work and Pensions Committee (WPC) chair, Stephen Timms, in response to questions posed by Timms concerning TPR’s handling of the Norton Motorcycles case. Following The Pensions Ombudsman’s (TPO) decision to uphold the complaints relating to the Norton Motorcycles pension schemes, Timms wrote to Counsell asking about TPR’s plan of action. At the time, Timms described the case as “shocking” and said it raises “serious questions” about the “effectiveness...

August 14, 2020

News, Slider2020, Regulation, UK

September 2020

August 2020