Pensions news is a weekly summary of those pensions news items that are particularly relevant to the corporate reader.
In the news this week the Pensions Regulator has fined a professional trustee firm more than £100,000 for multiple breaches of pensions law, and the Government has revealed that the joint-regulator campaign ScamSmart has saved an estimated £33 million from scams.
In the news this week the Pensions Regulator has published an action plan following the independent review of the British Steel scheme restructuring, the FCA launches a debate on intergenerational finance, and 3i buys in again.
In the news this week, TPR has won two First-Tier Tribunal appeals over chair’s statement fines, union members at Aberdeen Airport vote for strike action on pension closure, the BMA issues a stark warning to the Chancellor, and Prudential Retirement has reinsured about $2.6 billion of UK longevity risk since the start of 2019.
In the news this week, the DWP issues guidance about GMP conversion legislation, the FCA releases its annual business plan and Scottish Widows has completed another buy-in.
In the news this week, British Airways and its trustee agree a settlement, the Pensions Ombudsman has ordered trustees to repay £2.4 million, the PPF publishes its three-year plan, and Scottish Widows completes two buy-ins.
In a busy week’s news, the pensions dashboard gets the go-ahead, MPs call for changes to the dividend regime, HMRC forms a GMP equalisation working group, and a £1.2 billion buy-in is announced.
In the news this week, a SIPP provider announces it will no longer accept defined benefit transfers, employee DC contributions overtake DB, and the High Court has dismissed a pensions case against two former directors.
In the news this week, the government announces plans for the first CDC scheme, TPR explains its role in corporate takeovers by reference to GKN, Interserve’s DB schemes appear to survive its administration, and Howden buys in for £230 million.
In the news this week, the Spring Statement avoids pensions altogether, there are more consultations to come on the CMA’s recommendations for investment consultancy and fiduciary management services, the Government confirms replacement of the FRC and the Pensions Regulator has announced it will take no further action against Johnston Press.