Pensions

Insight / Carillion ex-FD challenges pension contributions comment

Carillion’s former finance director, who was criticised in the joint select committee’s report on the outsourcer’s collapse as the so-called ‘architect of its aggressive accounting approach’, has challenged claims that he was dismissive of the need to address the company’s pension deficit and demanded a rectification

Insight / Pensions regulator slammed as ‘feeble’ in Carillion report

The Pensions Regulator (TPR) has come in for heavy criticism in the select committees’ report on Carillion, with MPs describing its response to the company’s ballooning pension deficit as ‘feeble’

Insight / The Pensions Regulator commits extra funding to regulatory work

The Pensions Regulator (TPR) plans to toughen up its regulatory approach to failing and high risk pension schemes over the next three years as it increases the budget for monitoring and compliance following a spate of pension failures

Insight / ECJ to rule on cap for high earners in Pension Protection Fund

The Pension Protection Fund (PPF) may be forced to scrap its £35,000 annual compensation limit for workers whose employers go bust if the European Court of Justice (ECJ) supports a legal opinion that every employee is entitled to a minimum of 50% of accrued entitlements in cases of insolvency

Insight / Employee share group joins forces with ICSA

ProShare, the association representing employee share plan practitioners and promoting employee share ownership, has joined up with ICSA: the Governance Institute, dropping its affiliation with the London Institute of Banking and Finance

Audit / PRAG guidance highlights going concern for pension schemes

The Pensions Research Accountants Group (PRAG) has published guidance to assist trustees and auditors in developing a practical and proportionate response to dealing with the issues of going concern when auditing pension scheme financial statements

Insight / Bus company’s pensions failure impacts transport licence

A regional bus operator which was the first company to be prosecuted by the Pensions Regulator (TPR) for failing to comply with the law on workplace pensions has had its transport licence cut from 40 to 31 vehicles indefinitely as a result

Tax / Sanlam UK launches inheritance tax planning service

Wealth management company Sanlam UK has launched an inheritance tax (IHT) service, based on investments in the AIM market with tax planning as part of the offer

Insight / Pensions regulator to take pub chain to court

The Pensions Regulator (TPR) has announced it is to prosecute the pub chain Samuel Smith Old Brewery (Tadcaster) and company chairman Humphrey Smith for failing to provide information and documents required for an ongoing TPR investigation

Insight / Economic trends: inflation and the disappearing Phillips Curve

The lack of inflationary pressure is something of a puzzle for economists as conventional patterns based on the accepted theory of the Phillips Curve are not playing out as expected, explains George Buckley, chief UK economist at Nomura

Accounting / Pension funds at risk from cyber crime, warns PRAG

The Pensions Research Accountants Group (PRAG) is warning that pension funds are at high risk of attack from cyber criminals as they have access to extensive personal identity data including addresses, financial records and banking details, which can be sold, or used to compromise or steal from other victims

Insight / FDs need to re-assess pension accounting compliance

Finance directors are being urged to look at how recent changes to pension regulations are impacting accounting costs, after research from pensions consultancy Xafinity Punter revealed that new pension freedoms could cost UK companies £25bn

Insight / Call to end 40% flat rate pension relief

The Royal Society of the Arts (RSA) is calling for a new approach to pensions relief to offer more support for lower earners and the self employed, saying that three quarters of workers would be better off if the government introduced a 30% flat rate

Tax / HMRC in pensions website advice blunder

HMRC has been forced to temporarily remove an online calculator which gave incorrect information about annual pension allowances, following complaints from Royal London

Insight / MPs call for simple pension pathway and single dashboard

In its final report on pension freedoms, the work and pensions select committee is calling for the introduction of a ‘default decumulation pathway’ and a single pensions dashboard for information, as a way of protecting those on low incomes or who are disengaged with pension arrangements
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