Week ending 1 March 2019
PMI launches accreditation framework for professional trustees
In an effort to drive up governance standards, the Pensions Management Institute (PMI) will run a mandatory accreditation framework for professional trustees. The move comes with the publication this week of the “Standards for professional trustees of occupational pensions schemes” by the Association of Pension Trustees council (APPT). The APPT will oversee and maintain the accreditation, providing additional support to the PMI.
FCA consults on costs and charges disclosure
The FCA has published a consultation setting out rules that would require FCA regulated DC schemes to disclose costs and charges to members. This includes administration and transaction charges and the compounding effect of those charges. This costs and charges information must be published, free of charge, on a publicly available website. The rules mirror those brought in by the DWP for occupational schemes last year. The consultation closes on 28 May.
TPR’s first prosecution for money laundering
A trustee is accused of defrauding the pension scheme of a charity for the disabled of £250,000. The offence took place when the accused was chief executive of the charity and director of the scheme’s corporate pension trustee. His wife is accused of fraud covering four charges of money laundering, the first time TPR has brought a prosecution for this offence.
£500 million buy-in
The Pearson Pension Plan has completed a further buy-in for £500 million with Legal & General. This covers the benefits of around 2,200 pensioners, with 95% of the Plan’s pensioner benefits now having been insured. The deal was completed under an umbrella contract using the same terms as a bulk annuity completed in 2017.