Landmark decision requires member’s transferred benefits to be reinstated

The Pensions Ombudsman has directed Northumbria Police Authority (the ‘Authority’) to reinstate benefits in the Police Pension Scheme (the ‘PPS’) because it failed to warn one of its officers (Mr N) about pension scams before he transferred his benefits. The facts Mr N submitted a transfer request to the Authority which instructed them to transfer … Continue

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Pensions regulation in the future

According to its recently published corporate plan for the period to 2021, the Pensions Regulator intends to become clearer, quicker and tougher in the way that it regulates pension schemes in the UK. How will it do this and what will it mean for trustees? What factors are influencing the Regulator’s approach? There are a … Continue

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Actuarial valuations in 2018 – the three key points to consider

The Pensions Regulator has committed in recent years to becoming clearer and more direct in the way it regulates. It aims to do this both in the way that it engages with trustees and employers, and in the resources that it shares. The recently published annual funding statement for 2018 continues this trend. The main … Continue

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Regulatory reminder of basic trustee duties

A reminder of the importance for trustees and employers of complying with basic governance duties has been provided by a number of recent regulatory bulletins. In particular, the Pensions Regulator has drawn trustees’ attention to their duty to submit an annual scheme return and (in relation to DC schemes) to produce an annual chair’s statement. … Continue

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Overpaid pensions and members rights – what does case law say?

Pension scheme members are only entitled to those benefits that are provided under the rules of the scheme, so when a member receives more than that and is overpaid, the scheme must consider whether to recover the payments before providing all future pension instalments are calculated correctly. Where a claim is made to recover a … Continue

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DB investment guidance

Setting an investment strategy is complex, so it’s important for trustees to take the appropriate advice where necessary. To help with this, the Pensions Regulator has recently updated its guidance for trustees looking to set investment strategies for defined benefit schemes. The guidance forms part of the Regulator’s strategy to make occupational pension schemes simpler. … Continue

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