Regular round-up of the latest pensions, investments, trusteeship and scheme management news
Current Issues - September 2022
01 Sep 2022 - Estimated reading time: 8 minutes
See excerpts from this month's articles below (to read more, please download our latest Current Issues).
Forfeiture, set-off & the Ombudsman’s ‘competence’
The High Court in England and Wales recently ruled on whether a purported forfeiture rule extinguished ‘unclaimed’ arrears after six years. It also answered (however ephemerally) the question of whether the Pensions Ombudsman is able to settle disputes over the amounts of overpayments to members and the rates at which they can be recouped.
Small pots working group reports
The Small Pots Co-ordination Group (an industry group established by the Pensions and Lifetime Savings Association and Association of British Insurers, with support from the Department for Work and Pensions) has issued a report exploring three potential solutions to deal with the proliferation of small, deferred pension pots in the automatic enrolment (AE) workplace pension market.
ARGA-ments over future funding
The Financial Reporting Council (FRC) has published proposals on how the new regulator, the Audit, Reporting and Governance Authority (ARGA) should be funded. The proposals set out the funding model, and the groups thatshould
fund each of ARGA’s regulatory activities.
Regulator lays out expectations on sponsor refinancing
The Pension Regulator has published a blog setting out its expectations for trustees and sponsoring employers in relation to refinancing in the current economic situation.
Pension bodies’ annual reports
The Pensions Regulator, Pensions Ombudsman, and the Pension Protection Fund (PPF) have recently published their annual reports and accounts for 2021/22.
Members only: auto-enrolling younger & increasing contributions
A Private Member’s Bill that would cast the automatic-enrolment net more widely has returned for a second attempt at getting into the statute books. Its prospects are currently uncertain.
HMRC newsletters: August 2022
Highlights from Pension Schemes Newsletter 142.
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