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.

Jennie Kreser, partner at Silverman Sherliker, commented: “[The settlement] makes clear the regulator does not feel bound to follow the approach taken by [judge Nick] Warren.

Pensions Management has discovered Gerry O’Neill and James Verne – two of the key architects of Standard Life’s corporate platform strategy – have been suspended from their positions, pending an enquiry.

O’Neill, previously head of the corporate business, was brought into Standard Life when the insurer purchased his Vebnet business in 2008 for £24.2m.

The Law Commission’s response on adult social care has been widely commended by care specialists in the UK.

A detailed report, which produced 76 recommendations for the government, along with Andrew Dilnot’s commission on the funding of care and support (expected in July 2011), will assist in the development of the care and support white paper, expected in December 2011.

The plans of governments of developed economies to deal with the ‘ageing crisis’ have been put back by 20 years due to the financial situation, according to a leading ratings agency.

With a flurry of news stories and releases hitting the media on the ECJ ruling to abolish using gender differences when calculating insurance premiums, Charlie Thomas sorts the wheat from the chaff to analyse the implications for the pensions industry.

Prudential RPI case

Annuity providers are split over whether to continue offering guaranteed products, ahead of a crucial European Court decision due on March 1.

Report proposes DC

Public sector employees should eventually be compelled to participate in the National Employment Savings Trust, a paper by the Centre for Policy Studies argues.

Report proposes DC

Public sector employees should eventually be compelled to participate in the National Employment Savings Trust, a paper by the Centre for Policy Studies argues.

Occupational schemes

Australian insight

Taking public sector workers out of final salary arrangements could be simplified by closing to new members as a first step, international experience shows.

Schemes at the heart of the Nortel-Lehman High Court battle could be heading back to mediation after a resounding victory for the Pensions Regulator’s powers of restitution.

In a judgment handed down on December 10, 2010, Justice Briggs concluded financial support directions (FSDs) should be considered an “expense” in the case of insolvent targets, giving their payment a higher priority in administration.

Independent Trustee Services (ITS) has won one High Court battle and lost another in a bid to get £52m of pension fund money returned.

Justice Peter Smith ruled that £1.4m of a divorce settlement paid to the wife of fraudster Anthony Morris could not be claimed back by the trustees.

The much-anticipated parliamentary debate on the retail distribution review (RDR) was widely derided for being a whitewash against the reform.

Former pensions minister Nigel Waterson has warned the fallout of the shift from retail price index (RPI) to consumer price index (CPI) inflation protection is not yet fully appreciated.

Schemes that undertake US-style class actions against the companies in which they invest are “stealing from existing shareholders”, the British Coal scheme manager has claimed.

A report from Goal Group claims £1.4bn will be recouped by UK pension funds participating in US class actions connected to losses suffered during the recession.

PricewaterhouseCoopers (PwC) has breached auditors’ ethical standards by acting as both actuary and auditor for one of its clients, the Financial Reporting Council (FRC) has claimed.

The end of consultation on the abolition of the age 75 rule has prompted a call for the government to impose a minimum fund limit for pension drawdown as part of a wider programme of reform.

Labour MP John Hutton has given a promise at the Trades Union Congress (TUC) annual conference that he will not recommend that the government completely scrap public sector final salary provision.

pension reform

Membership of defined contribution (DC) schemes fell by 3% between 1997 and 2009, according to figures from the Office for National Statistics (ONS).

UK trade unions have banded together to rally public sector workers in support of their final salary pension schemes.

Two directors of a Gateshead-based company have been accused of attempting to dump its pension scheme liabilities onto the Pension Protection Fund (PPF).

The National Pensioners Convention has criticised the approach of both the government and opposition to rethinking the default retirement age.

The Labour party has vowed to “find a way” to provide free care for the elderly through legislation announced in the Queen’s speech in November.

New legislation will be put forward to provide care for the estimated 280,000 elderly and disabled people with the most serious needs.

Many of the most vocal within the pensions industry are calling for the reinstatement of tax relief for higher earners, but some fear tax hikes in this month’s pre-Budget report (PBR).

The retail distribution review (RDR) will go ahead under a Conservative government, but concerns still remain about the party’s proposals, according to a survey of advisers.

Yvette Cooper has dismissed the arguments against the removal of higher-rate tax relief on pensions contributions as “implausible”.

Conservative leader states he will close ministers’ final salary scheme to new members upon election to kickstart public sector pensions reform

As the conference season reaches full swing, political parties have been laying out the major issues facing the pensions industry ahead of next year’s general election.

Lord Myners has urged pension funds and other institutional investors to lobby for amendments to a controversial proposal for European Union (EU) legislation.

New European Union rules on capital requirements for insurers will pose challenges to buyout and annuity providers and could have a lasting impact on UK retirees, according to industry feedback.

More than a third of financial advisers believe the retail distribution review (RDR) will have a negative impact on their business, according to a PM and YouGov poll.

A consultation on the future of the Parliamentary Contributory Pension Fund has been launched by the Senior Salaries Review Body (SSRB).

A centre-right think-tank has proposed that a new body be set up to pay the pensions of employees in unfunded public sector schemes.

Moves to increase MPs’ salaries could also boost their pension scheme liabilities, causing more friction between private and public sector workers

Forcing employees to retire at age 65 can by justified “in principle”, according to the European Court of Justice’s (ECJ) ruling on the Heyday case, but it may be another year before a final decision is reached on the ruling.

A Labour MP has launched a formal bid to limit the pensions awarded to bankers working for institutions bailed out by the taxpayer.

After months of pressure, Gordon Brown has decided to lead by example with public sector pension reforms by ordering a review of MPs’ benefits

Influential industry figures are calling on the government to compel pension schemes to incorporate a responsible inve-stment clause into their statement of investment principles.

Extra pressure on firms running defined benefit (DB) pension schemes could deepen the recession and hamper the UK’s economic recovery, the Confederation of British Industry (CBI) has warned.