The Pensions Regulator has, for many years, campaigned to reduce the number of pension transfer scams. Its efforts appear to be having an effect. Cold calling, a typical sign of a scam, is decreasing and the number of UK savers receiving unsolicited approaches about their pensions fell from around 20% in 2017 to 7% in
The Pensions Regulator has, for many years, campaigned to reduce the number of pension transfer scams. Its efforts appear to be having an effect. Cold calling, a typical sign of a scam, is decreasing and the number of UK savers receiving unsolicited approaches about their pensions fell from around 20% in 2017 to 7% in
The Chancellor’s Autumn Statement on November 22, 2023, included a long list of pensions announcements, although only the first three set out below have a firm starting date of April 6, 2024.
As part of a longstanding government programme to combat fraud, the Economic Crime and Corporate Transparency Act 2023 has just been passed, although the implementation timeframe has yet to be confirmed. It is a particularly wide-ranging piece of legislation. Should this be on the radar for pension scheme employers and trustees?
The most eye-catching part
The Norton Rose Fulbright pensions team surveyed those attending its latest webinar on four of the topics under discussion. We thought the outcome of the votes was interesting enough to share.
In the first part of the webinar, I talked about regulatory developments in ESG. I raised a specific concern of mine: that politicians and
Speaking to banking colleagues recently about what the Pensions Regulator’s stronger powers mean for them reminded me just how much turns on the Regulator’s view of what is reasonable.
There has been a great deal of discussion about the wide range of circumstances in which the Regulator could use its various powers (what the Regulator
As many trustees begin to finally get to grips with the requirement to align their management and reporting of climate-related risks and opportunities with the Taskforce on Climate-Related Financial Disclosures (TCFD) framework, they may have to find a little bit more room on the governance agenda.
Speaking at the PLSA ESG Conference 2022,
Given that April 6, 2022 was the date set out in the new draft notifiable events regulations it seems distinctly odd that there has been complete silence since the consultation closed last October.
I am hoping the silence is down to legislators having a long hard think about whether the drafting is fit for purpose
2021 saw a number of Pensions Ombudsman decisions on reclaiming overpaid benefits. The direction of travel was decidedly member-friendly. I’m left wondering what schemes can do to improve the odds of being able to recover excess payments.
What can stop a scheme from reclaiming overpayments?
If benefits are overpaid, the starting point is that trustees
I read with interest the blog post by Nicola Parish, TPR’s Executive Director of Frontline Regulation, on December 8, 2021, where she warned trustees of DB schemes to be vigilant in the current economic climate. Nicola emphasised the need for strong, open relationships with employers and I think she is spot on with that comment.