All Pensions articles – Page 30
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ArticleFormer head of Yately Industries for the Disabled jailed for pensions fraud
The former head of charity organisation Yately Industries for the Disabled, Patrick McLarry, has been jailed for five years for defrauding its pension scheme.Investigations by The Pensions Regulator (TPR) discovered that between 2012 and 2013, during his tenure as the director of VerdePlanet, the corporate trustee of the Yately Industries ...
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ArticleTPR announces new measures to improve standards of trusteeship and protect savers
In its response to its Future of Trusteeship and Governance consultation, The Pensions Regulator (TPR) has announced that it will be taking new measures to protect pension savers and improve member outcomes.The consultation, which took place between July and September 2019, received 114 responses from a mix of layperson and ...
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OpinionClaire Goodby: Ministry of Justice ruling could have significant impact on pensions
In December 2019, the Supreme Court upheld part-time judges’ claim for equal pensions treatment, a ruling that could have a financial impact on schemes and sponsoring employers.Prior to this case, claims for unfavourable treatment towards part-time workers needed to be brought within three months of the end of the part-time ...
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ArticleMerchant Navy Officers Pension Fund completes £1.6 billion buy-in agreement
The Merchant Navy Officers Pension Fund (MNOPF), worth approximately £3 billion, has reached a £1.6 billion buy-in agreement with Pension Insurance Corporation (PIC).The buy-in, announced today (10 February 2020), covers members affected by fund’s longevity swap, which was completed in 2014, was structured as an insurance agreement between the trustee ...
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ArticleAWH Group Pension Scheme completes £2.3m buy-out
The AWH Group Pension Scheme has completed a bulk annuity buy-out transaction worth £2.3m. The AWH Group Pension Scheme provides for employees of specialist textile manufacturer AW Hainswoth; the transaction was insured through Aviva, and was completed by K3 Advisory and H&C Consulting Actuaries.Through the process of this buy-out, the ...
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ArticleThe Pensions Regulator confirms £2,000 fine for Financial Conduct Authority Pension Plan
The Pensions Regulator (TPR) has confirmed that it issued a £2,000 fine to the Financial Conduct Authority (FCA) Pension Plan, due to non-compliance with chair’s statement regulations. After updating its penalty policies in December 2019, TPR confirmed that non-compliant chair’s statements are subject to a mandatory fine of between £500 ...
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Article£2.23 billion withdrawn using flexible pension rules in quarter four of 2019
In quarter four of 2019, 327,000 individuals made a total of 828,000 pension withdrawals, amounting to £2.23 billion overall, according to HM Revenue and Customs (HMRC).Analysis by HMRC found that this was an 18% increase from the £1.9 billion withdrawn in the same period of 2018, and a 24% increase ...
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OpinionDavid Gallagher and Eleanor Duhs: Brexit and pensions
Last December's election seemingly showed a clear mandate to 'get Brexit done'. As the date draws near, those who have responsibility over pensions within their organisations will need to be aware that Brexit will have a number of effects.Product regulation for sales in the UK/EUIf an organisation has a traditional ...
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Article81% want more transparency over pension investments
More than 80% of consumers want transparency about what companies their pensions are invested in, according to research by PensionBee. The online pension provider's study of more than 2,000 customers of its largest fund found a consensus among how much UK workers want to know where their money is being ...
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ArticleGovernment will continue state pension for UK nationals living in EU after Brexit
In a document published on 24 January 2020, the Department for Work and Pensions (DWP) confirmed that UK citizens working in the European Economic Area (EEA) and Switzerland will continue to have access to benefits and pensions despite the UK leaving the EU. The DWP promised that there will be ...
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AnalysisHow to guide employees through a pensions consolidation process
Need to know:As individuals increasingly hold multiple jobs throughout their working lives, they may be at risk of missing out on retirement income if previous pension pots are forgotten.Consolidation can give employees a full overview of their retirement savings in one place, and may offer lower charges and better tools ...
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OpinionMichelle Cracknell: Is pensions consolidation always the right choice?
Employers have to provide a workplace pension and, with the average person having 11 jobs in their lifetime, according to the Department for Work and Pensions (DWP), this could lead to millions of dormant or lost pension pots. Keeping track of multiple pensions is hard and will continue to be ...
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Case StudiesNorth of England P&I Association engages staff with options during pensions change
When the North of England P&I Association (Nepia) moved from one group personal pension (GPP) plan to another in 2018, following an internal restructure, employees were supported with information and education on how to transfer to the new scheme and consolidate any other pensions they might have from previous jobs.The ...
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OpinionChintan Gandhi: Employers can help inform staff about pensions consolidation
The Association of Consulting Actuaries (ACA) welcomes the continued drive towards consolidating smaller occupational defined contribution (DC) schemes and members' pension pots. At a scheme level, it is widely recognised that better member outcomes can often be achieved in larger schemes with stronger governance, well-designed and diversified investment strategies, and ...
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ArticleDirector of accountancy firm fined for misleading pensions regulator
Former accountant Paul Rewrie has been ordered to pay £4,987 after pleading guilty to knowingly or recklessly providing false or misleading information to The Pensions Regulator (TPR).Rewrie was the director of accountancy firm PR Finance and Development, and was hired by a Cambridge-based organisation to enrol its employees into a ...
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Supplier articleEmployees face ticking time bomb as they approach retirement
Employees are often ill-prepared for the complex retirement challenges that lie ahead with many struggling to understand essentials such as tax, inflation risks or how investments and retirement income products work. As more and more people retire on defined contribution (DC) savings alone, this could be a recipe for disaster ...
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ArticleFormer BHS owner ordered to pay £9.5 million into affected pension schemes
The Pensions Regulator (TPR) has ordered Dominic Chappell, director and majority shareholder of the organisation that bought BHS, to pay £9.5 million into BHS pensions schemes, following the collapse of the high street retailer. In January 2018, TPR concluded that a series of factors during the collapse were materially detrimental ...
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OpinionJames Parker: What are the implications of Zurich's longevity swap transaction?
On 17 December, insurance organisation Zurich announced that it had entered into an 'enhanced pass through' longevity swap transaction, covering around £800 million of pensioner liabilities for a FTSE 100-sponsored pension scheme. Hymans Robertson and CMS acted as lead advisers to the pension scheme.The transaction was described as 'unique' by ...
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ArticlePensions Schemes Bill introduced to House of Lords
The Pensions Schemes Bill, originally confirmed in the Queen's Speech on 14 October 2019, and reintroduced on 19 December 2019, has been introduced to the House of Lords this week. The Commons Library Briefing, published on 7 January 2020, stated that the introduction of the Pensions Schemes Bill, which will ...
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OpinionAnna Rogers: Bauer judgment means more grief for the Pension Protection Fund
Last month, the European Court of Justice (CJEU) ruled in Bauer that the current 50% minimum level of protection is too low if it means that the pension member is living below the 'at risk of poverty' measure in the member state concerned.The court did not agree with the Advocate-General ...