Finance Matters

• 17Jul

  Annual report and accounts for 2008-2009 – shows a year of progress and change

  Pensions No Comments

  From The Pensions Regulator:

  Today the Secretary of State for Work and Pensions laid the Pensions Regulator’s audited

  Tony Hobman, chief executive of the Pensions Regulator, said:

  “This has been a tough year for schemes and for those running them. We have continued to deliver against our long-term strategic themes, focused on our statutory objectives, to protect member benefits, to reduce calls on the Pension Protection Fund and to raise the standards of governance and administration across work-place pensions in the UK.

  “At the same time we have delivered extra support through the economic downturn, including a recent series of statements and a round of national workshops to explain our approach to scheme funding.

  “We have also sustained our commitment towards Better Regulation. By reducing collection burdens and introducing pre-populated scheme returns, contributing to our d…

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• 03Jul

  Pensions Regulator – equipped and ready for the downturn

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  From The Pensions Regulator:

  Continuing to improve the way we work in order to provide better and more efficient services, and striving to deliver more for less, are two of the themes reported in our

  Examples of our better working include our online scheme maintenance system, Exchange, which allows information – such as registering a new occupational scheme, or making changes to scheme details – to be sent electronically, instead of previous paper based requirements.

  Other positive developments include the provision of more resources for the Employer Compliance Regime.

  And doing more for less includes the efficiency savings of 5 percent year on year that we have made.

  Our corporate plan also reflects the pressures that trustees and employers are facing in the present economic climate. We are moving resources to areas that may need extra support….

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• 03Jul

  Alert to risks in the downturn – statement by the Pensions Regulator

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  From The Pensions Regulator:

  Today the Pensions Regulator issued a statement to the regulated community,

  We recognise the vast majority of schemes are well run by dedicated individuals; this statement is intended to alert the community to potential risks, and to encourage trustees and other pension managers to contact the regulator if they are worried.

  The statement also reminds the regulated community of the important role of whistle-blowers, and seeks to reassure the regulated community that where necessary the regulator will take sanctions against unacceptable behaviour.

  Tony Hobman, Chief Executive of The Pensions Regulator, said:

  “In these tougher times, we will continue to monitor the economic situation and, along with our partners, to continue to focus on the key risks in the system to ensure that the promises made in pensions are upheld….

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• 03Jul

  Pensions Regulator – Pragmatic and proportionate as new code on ‘material detriment’ moves forward

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  From The Pensions Regulator:

  Pragmatic and proportionate remain the Pensions Regulator’s key principles in its approach to amended anti-avoidance powers – as detailed today in our

  We received 29 formal responses to our eight week consultation. Responses were generally supportive of the new code. Says Pensions Regulator chief executive, Tony Hobman: “In response to feedback, we have made changes to ensure the code is clear and that it interacts well with other rules and regulations. We’re not expecting any undue impact upon routine business and we thank respondents for the feedback.”

  The new code sets out where the regulator expects to issue contribution notices on the basis of the ‘material detriment test’ and it is unlikely to affect the majority of sponsoring employers.

  The code is one of the safeguards for those acting responsibly towards their pension scheme. The consultation response looks…

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• 03Jul

  Scheme funding in the economic downturn ? free national workshops

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  From The Pensions Regulator:

  The Pensions Regulator will hold free workshops throughout the UK this summer to reaffirm the approach to DB scheme funding in the economic downturn.

  David Norgrove, chair of the regulator said: “These workshops are an opportunity for our regulated community to engage directly with the regulator as we continue to communicate openly in these difficult times.”

  Looking ahead to the workshops in June, chief executive Tony Hobman said:

  “Now, more than ever, it is crucial for trustees to base their funding targets on prudent assumptions which take full account of the strength of the employer’s ability to underwrite the risk. In particular, where an employer has a weak or weakening covenant, we expect trustees to ensure that this is reflected when setting the scheme’s technical provisions. In some cases this will result in a higher funding target but trustees must not all…

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• 03Jul

  Prudent funding targets are key to the health of pension schemes

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  From The Pensions Regulator:

  The Pensions Regulator today publishes a

  Following a series of nationwide funding workshops, the regulator is setting out its approach to scheme funding valuations and the importance of the employer covenant through the economic downturn.

  This message is reinforced with a series of online

  Chair of the Pensions Regulator, David Norgrove, said:

  “Where sufficient prudence has been built into funding targets, a sensible consideration about the length of the recovery plan and schedule of annual payments can occur.

  That’s the balance we need to strike to best secure member benefits for the long-term and to enable employers to play their part in the economic recovery.”

  The key points in today’s statement ‘Scheme funding and the employer covenant – prudence, affordability, applying…

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• 03Jul

  Regulator explains approach to risk transfers in changing landscape

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  From The Pensions Regulator:

  Today the Pensions Regulator published new guidance and a

  In line with the regulator’s approach to educate and enable, and to enforce only as a last resort, a new module to the

  Bill Galvin, executive director for strategic development at the regulator said:

  “In setting the framework for pension risk transfers, we have endeavoured to enable trustees and their sponsors to manage responsibly any transfer of this risk away from sponsor balance sheets.

  “At all times, where the risk is transferred to another entity, trustees must be certain that there is no reduction in member security. Where the risk is transferred to the individual member, trustees must take all reasonable steps to ensure members understand the risk they are being asked to take on and the value of the benefit they are foregoing.”

  The toolkit module is…

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• 15Feb

  Record-keeping final guidance published

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  From The Pensions Regulator:

  The Pensions Regulator has today published

  The guidance helps those responsible for record-keeping and administration to put in place good practices for measuring the presence of member data. It also gives advice on assessing the risks of incomplete or inaccurate data.

  Following the consultation the regulator has made some changes to the guidance.

  The final guidance now uses ‘common’ and ‘conditional’ data, as these more closely reflect the differences in scheme types.

  Common data is applicable to all schemes, including details such as name, address, date of birth, NI number, dates of start of pensionable service and expected retirement. Conditional data is required to effectively administer a pension scheme. Specific items will vary from scheme to scheme dependent upon scheme design and structure, but could include salary and details of investment…

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• 15Feb

  Third purple book most comprehensive to date

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  From The Pensions Regulator:

  The most comprehensive picture to date of the risks faced by the UK’s defined benefit pension schemes was jointly published today (Monday) by the Pension Protection Fund (PPF) and the Pensions Regulator (the regulator).

  The data and analysis contained in

  This dataset is larger than last year and reflects the better information supplied by schemes to the regulator through its improved scheme return processes.

  New chapters have been added this year focusing on PPF compensation payments and risk reduction. Some existing chapters have been expanded to include more comprehensive information and detail than ever before, eg on scheme asset allocation.

  PPF Chief Executive, Partha Dasgupta, said: “We now have three years worth of invaluable data which allows us to compare and monitor the risks that eligible defined benefit schemes face and the way tha…

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• 15Feb

  Employers: remember duty to consult members on scheme changes

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  From The Pensions Regulator:

  The Government has announced that it is consulting on proposals for the Pensions Regulator to issue fines over breach of consultation requirements. The regulator would therefore like to remind employers of their

  Pensions Regulator strategic development director Bill Galvin said: “Members have a right to voice their opinions on changes to their pension scheme. The consultation process need not be onerous and we expect employers to carry this out, where practical, and to listen to member responses before any final decisions are made. This will enable members affected to understand the implications for them, and why the proposal has been made.”

  Employers should allow an appropriate time for members to respond, taking into account member views prior to any changes being made. There should be no coercion or inducement – employees should not be made to feel that the proposals will be implemented…

  Click to read the full article »

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