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Webb: more can be done to encourage shopping around |
Webb team searching for alternative to OMO default
Steve Webb has faith in his working group to come up with a solution to the problems facing the open market option (OMO). Speaking to PM, the pensions minister said a great deal of discussion was going on with the Department for Work and Pensions, the Treasury, the Pension Income Choice Association (Pica) chaired by Tom McPhail, and the Association of British Insurers.
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Bonas settlement is only "a Pyrrhic victory" for tPR
The Pensions Regulator’s decision to settle the Bonas case by issuing a contribution notice (CN) of £60,000 was described as “in particularly bad grace” by a leading lawyer.
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Regulator plans wind-up league table
The Pensions Regulator is toying with the idea of naming and shaming schemes in wind-up that are not carrying out the process quickly enough. The watchdog recently published its corporate plan for 2011-2014, including a raft of targets it aims to implement within the next 12 months.
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No DC AUM data for two years
The Pensions Regulator has privately admitted assets under management (AUM) data for defined contribution (DC) funds will not be available for two years.
A decision has been made at the watchdog not to provide DC AUM data for this cycle and the following cycle of its DC Trust, despite feedback from asset managers and market experts the paucity is constraining the market.
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Galvin: has been acting chief
executive since May 2010 |
Galvin spread too thin at regulator?
Bill Galvin was confirmed as the Pensions Regulator’s chief executive last month, but questions remain over whether he can dedicate enough time to the role.
Galvin had been acting chief executive of the regulator since May 2010, following the departure of Tony Hobman to the Consumer Financial Education Body.
But January also saw Galvin appointed as interim development director, responsible for strategic development, following the departure of Charles Ilako.
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Regulator split over Mulroy’s ‘DC covenant’ plan
The Pensions Regulator is locked in civil war over whether to demand sponsors hold capital against their defined contribution (DC) schemes.
Internally dubbed ‘DC covenant’, regulator business delivery chief June Mulroy wants the idea to form the flagship proposal of the consultation on DC regulation due next year.
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Segars: regulator must engage
Almost 80% of scheme managers and trustees have called for the Pensions Regulator to become more accountable to its community.
Addressing trustees at the 2010 National Association of Pension Funds (NAPF) trustee conference, Joanne Segars, chief executive of NAPF, said: “These findings send a strong message to the government about the regulator’s accountability. The regulator needs to engage more with those it regulates and take a less prescriptive approach.”
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FSDs not limited to solvent firms, regulator tells court
Administrators of the defunct Nortel and Lehman Brothers firms have been accused of “scaremongering” over the Pensions Regulator’s powers to demand cash from businesses.
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Smith: Fidelity has ramped up member communications |
Regulator unveils best practice tome for DC
The Pensions Regulator will publish what it is calling a best practice “bible” for defined contribution (DC) schemes early next year. The watchdog has been in private consultation with providers, and recently sent out a set of proposals entitled ‘Six good member outcomes’. A number of elements of the guidance will be culled from existing regulator documents such as its June record-keeping guidance and the Investment Governance Group report this month.
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Regulator issues first notice to individuals
The Pensions Regulator is using a contribution notice to pursue two individuals for cash it claims they owe a scheme in the Financial Assistance Scheme (FAS).
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Panorama ‘fundamentally flawed’, says ABI head
BBC1’s Panorama programme ‘Who’s taken my pension’ was misleading, incorrect and irresponsible, according to the Association of British Insurers (ABI).
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Lehmans fall-out continues |
Regulator’s FSDs fail
The Pensions Regulator’s determinations panel has upheld six of the 44 financial support directions (FSD) sought against subsidiaries of Lehman Brothers.
Companies involved in the hearing have been informed whether they face the measure, which requires them to continue paying money into the Lehman Brothers UK pension scheme.
The successful applications were the Lehmans group’s main operating companies in the UK.
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Uniq task corners regulator
The Pensions Regulator faces being pushed to the bounds of legality in its bid to help Uniq find a way of filling its funding gap.
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Lehman Bros brings litigation case against Pensions Regulator
The Pensions Regulator’s progress on Lehman Brothers’ pension arrangements has led the former investment bank to pursue litigation.
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Regulator’s data advice
The Pensions Regulator has criticised the industry over a ‘patchy’ adoption of its administration guidelines.
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Employers must release more info on scheme liabilities
The regulator must compel employers and pension sche-mes to provide greater disclosure on scheme liabilities, according to Peter Elwin, head of accounting and valuation research at Cazenove Equities.
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Regulator warns schemes against fraud and poor governance
The Pensions Regulator has issued a warning about dishonest and fraudulent activities within pension schemes, which has been welcomed by industry bodies.
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Regulator finally agrees support plans for Sea Containers schemes
The Pensions Regulator has approved the financial support arrangements for the two Sea Containers pension schemes to reduce their funding deficits.
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Regulator reappoints non-executive directors
James Purnell, secretary of state for work and pensions, has announced that both Alan Pickering and Chris Swinson will continue as non-executive directors for the Pensions Regulator.
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