May 2022
18May

UK. Perceptions of TPR’s performance quality deteriorate in 2021

The perception of the Pensions Regulator’s performance quality diminished last year, according to the watchdog’s ‘Perceptions of TPR’ report More than half (54 per cent) of respondents said TPR’s overall performance was good, while 15 per cent said it was very good. Read also UK. People with disabilities ‘have pension savings worth third of average pot’ Just over a fifth said the regulator’s performance was fair, while 1 per cent gave it a poor rating. The report is based on the 2021 perceptions...

May 18, 2022
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17May

US. Trade groups say DOL shouldn’t single out climate risk

Two high-profile trade associations have cautioned the Department of Labor from issuing new climate-specific regulations for retirement plan fiduciaries. The Labor Department in February issued a request for information on what it should do to "protect retirement savings and pensions from risks associated with changes in climate." The RFI follows a May 2021 executive order from President Joe Biden that directed federal agencies to assess and mitigate financial risks related to climate change. The RFI featured a host of questions on...

May 17, 2022
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16May

UK. Cost of living crisis could worsen pension scams

The cost of living crisis could worsen the number of pension scams according to wellbeing specialist People-tech. It warns people struggling with rising costs are likely to access their pensions and has relaunched a scam predictor tool. The pension scam predictor works as savers are asked a range of straight forward questions that a scammer might use to coerce them into transferring their pension. Once complete the predictor displays a likelihood of the pension transfer being a scam, listing the red flags...

May 16, 2022
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11May

UK. Queen’s Speech measures spark protests

There was no mention of automatic enrolment reform in the Queen’s Speech, but bills around local boycotts, online safety and a revamped audit and reporting framework will all impact the industry, experts have said. Campaigners have promised to take to the streets to protest a bill aimed at tackling local boycott, divestment and sanctions campaigns by public bodies including the Local Government Pension Scheme. Meanwhile, pensions minister Guy Opperman has promised that a consultation into a new value for money framework...

May 11, 2022
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10May

UK. FCA needs more crypto experience, expert warns

The FCA needs more experience with crypto in order to understand the asset class fully, an expert has warned. Mark Aruliah, senior policy adviser at blockchain analysis firm Elliptic, who spent a number of years as a technical specialist at the FCA, said he doesn’t see any strong advantages in being in the UK as a crypto firm. “I’m not saying the UK regulator is in a positive or negative position, I think the jury is out for me,” he said. Speaking...

May 10, 2022
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05May

UK. Pasa sets out good practice for DB transfers

The Pensions Administration Standards Association has published good practice guidance for those dealing with defined benefit transfers. At its annual conference in London yesterday (May 3), Pasa explained that the time taken to process DB transfers varies hugely, and sometimes, unexplained delays damage the relationship members have with their scheme, and pensions in general, which can lead to a breakdown of trust. Some transfers can often take months to execute, while others are processed within a month but administration delays can...

May 5, 2022
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04May

UK. DB schemes with DC AVCs will need to comply with ‘stronger nudge’ regs

Defined benefit (DB) pension schemes with a defined contribution (DC) additional voluntary contribution (AVC) facility will need to comply with the government’s ‘stronger nudge’ regulations that are coming into force from 1 June. LCP noted that as the new rules apply at the benefit level rather than at scheme level, occupational schemes that are mainly DB but have DC AVCs will also be impacted. The stronger nudge to pension guidance will require pension schemes to offer to book a Pension Wise...

May 4, 2022
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April 2022
28Apr

EIOPA proposes new pensions info-gathering to close ‘important’ data gaps

The EU pension fund regulator has proposed collecting look-through data on IORPs’ investments in UCITs and derivative information as part of a move to strengthen its capacity to analyse emerging risks in the occupational pensions sector. In a consultation document, EIOPA said this capacity was “currently limited as it lacks crucial data in a number of areas”. Important data gaps had been identified, it added, namely in the area of derivatives and look-through information. The regulator is also proposing to amend current...

April 28, 2022
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28Apr

US. Senators float bill to give participants more lump-sum buyout info

A bill requiring pension plan sponsors to provide participants and retirees with key information when offering lump-sum buyouts was reintroduced Wednesday in the Senate. The legislation, the Information Needed for Financial Options Risk Mitigation Act, referred to as the INFORM Act, would require plan sponsors offering buyouts to provide participants and beneficiaries a paper notice 90 days before the period in which they must make an election; a comparison of benefits, explanation of how the lump sum was calculated, ramifications...

April 28, 2022
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28Apr

Nigeria. PENCOM Revises Regulation on Retirement and Terminal Benefits

The National Pension Commission (PenCom) has issued a revised Regulation on Retirement and Terminal Benefits for immediate implementation. This is the maiden comprehensive review of the Regulation since its initial issuance in 2007. The regulation guides the process of accessing retirement and terminal benefits by pension contributors and retirees under the Contributory Pension Scheme (CPS). In line with its consultative approach, PenCom obtained input from key stakeholders in order to ensure a more efficient retirement benefit administration. The revised Regulation...

April 28, 2022
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