May 2022
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
News, , ,
Read more...
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
News, , ,
Read more...
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
News, , ,
Read more...
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
News, , ,
Read more...
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
News, , , ,
Read more...

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
News, ,
Read more...
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
News, ,
Read more...
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
News, ,
Read more...
28Apr

UK. TPR to issue fresh dashboards guidance in May

The Pensions Regulator will publish new guidance on pensions dashboards to support trustees and scheme managers in early May, it has revealed. At a seminar led by the Pensions Dashboards Programme on April 27, the watchdog also said that nudge communications to all schemes would begin at least a year before their staging dates, with these being aimed at pension trustees and public service pension scheme managers. TPR’s guidance will be updated in November once the DWP’s consultation response to regulations...

April 28, 2022
News, , , ,
Read more...
27Apr

US. New York City Wants to Amp Up Risk in Workers’ Pensions

New York City’s comptroller is the latest public official trying to change laws aimed at limiting risk in pension investments, as U.S. state and local pension funds try to plug shortfalls in a low-return environment. Comptroller Brad Lander, who oversees about $260 billion in retirement money for city police, firefighters, teachers and other public workers, is asking New York lawmakers for more flexibility to invest in private markets, high-yield debt and foreign stocks. The state comptroller’s office, which supervises another...

April 27, 2022
News, , ,
Read more...