Pensions

Insight / FCA urged to act on pensions mis-selling

MPs are warning of a potential major pensions mis-selling scandal, after the work and pensions committee’s report on British Steel Pension Schemes (BSPS) found members have been ‘shamelessly bamboozled' into ongoing adviser fees and unsuitable funds, and called for the Financial Conduct Authority (FCA) to take urgent action on defined benefit (DB) pension transfers

Insight / First prosecution for failing to provide workplace pension

A bus company and its managing director will have to pay more than £60,000 after they admitted trying to deliberately avoid giving their staff workplace pensions, in the first such prosecution by The Pensions Regulator (TPR)

Audit / Regulators identify risk hotspots for actuaries from Brexit to pensions

The Joint Forum on Actuarial Regulation (JFAR) is warning that poorly funded defined benefit pension schemes, the aging demographic and rising mortality rates, and post-Brexit regulatory concerns are key risks actuaries need to take into account when assessing risk probabilities

Accounting / IASB issues amended IAS 19 pension accounting standard

The International Accounting Standards Board (IASB) has issued narrow-scope amendments to pension accounting in relation to IAS 19 Employee Benefits

Insight / FCA to look at individual personal pensions market

The Financial Conduct Authority (FCA) has launched a consultation on non-workplace pensions, in a bid to find out whether competition is working well and if there are issues that need to be addressed in order to protect consumer

Insight / Milestone stage date for automatic pension enrolment

Today marks the final staging date in the automatic enrolment scheme for pensions, which means that all employers have a legal requirement to start the process to ensure that by 1 July 2018, all eligible workers are enrolled into a workplace pension scheme

Tax / HMRC clarifies pension relief at source rules

HMRC has clarified its guidance on changes affecting pension scheme administrators that reclaim tax relief using the relief at source (RAS) method, as a result of the introduction of the Scottish rate of income tax (SRIT)

Insight / Flexible pension withdrawals top £6.5bn

Latest HMRC statistics reveal 772,000 people withdrew more than £6.54bn from their pension pots in 2017, continuing a strong upward trend in the number of withdrawals being made, while the amounts involved are increasing more slowly

Insight / Government to get tough on company pension failures

Prime Minister Theresa May has indicated the government plans to introduce sanctions for top executives who fail to protect employee pension schemes, as part of her renewed commitment to creating fairer pay practices

Insight / PwC liquidators to government outsourcer Carillion

PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high speed rail link, at risk

Insight / BHS buyer convicted over pension information failures

Dominic Chappell, the former racing driver turned businessman who bought BHS for £1, has been convicted of failing to hand over information required by the Pensions Regulator (TPR) as part of its investigation into the sale and then collapse of the high street fashion retailer

Accounting / Winton: closing defined benefit pension scheme at BA highlights liabilities

British Airway’s decision to close the New Airways Pension Scheme (NAPS) raises the risk of defined benefit pension liabilities and highlights the problems with a focus on dividend policy, warns Anne-Marie Winton, partner at ARC Pensions Law LLP

Insight / Ex-BHS owner in court for failing to provide pension information

The former boss of BHS, Dominic Chappell, failed to hand over information on the retail businesses’ pension scheme to investigators despite being asked numerous times, a court heard

Tax / Pension planning: transferring a defined benefit pension - part 5

In part five of our series on pensions, Kay Ingram, director of public policy at LEBC, considers the pros and cons of transferring a defined benefit pension, from the impact on beneficiaries, long-term health considerations and inheritance tax planning

Insight / Pensions deal saves 3,000 jobs at Toys R Us

Toys R Us has struck a last minute deal with the Pension Protection Fund (PPF) to put more than £9m into its pension scheme, meaning thousands of jobs have been saved at the UK arm of the retailer, which is now able to proceed with its company voluntary agreement (CVA) plan
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