The Purpose of Regulation report said that a “lack of democratic oversight” of regulators is holding back productivity and economic growth and recommended the formation of a new cross-parliamentary committee to oversee regulatory performance. The report features calls for greater accountability from regulators from various conservative MPs including Bim Alofami, …
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The authorisation of the UK’s first collective defined contribution (CDC) has been highlighted as a “landmark moment” for UK pensions, with industry experts suggesting that this could be “just the beginning”. The Pensions Regulator (TPR) confirmed yesterday (13 April) that the Royal Mail Collective Pension Plan (RMCPP) successfully passed TPR’s …
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The authorisation of the Royal Mail Collective Pension Plan (RMCPP) is the first in the UK, following TPR’s Pension Schemes Act 2021, which introduced an authorisation and supervision regime for CDC schemes. CDC schemes must meet stringent criteria including fitness and propriety requirements for those running the scheme, having the …
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The Pensions Regulator (TPR) has assessed and authorised the UK’s first collective defined contribution (CDC) pension scheme, the Royal Mail Collective Pension Plan (RMCPP). TPR highlighted the “milestone” as demonstration of how the regulator is pursuing its strategy to embrace innovation to help meet pension savers’ needs. Commenting on the …
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The Pensions Regulator (TPR) has laid its new code of practice for the authorisation and supervision of collective defined contribution (CDC) schemes before parliament. This should allow the code to complete its legislative passage through parliament in time for trustees to apply for authorisation to operate a CDC scheme from …
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The Pensions Regulator (TPR) has confirmed that it is on track to finalise the collective defined contribution (CDC) code of practice by 1 August 2022, while further work on the issue of pension scams will be published “in due course”. Speaking at the Pensions Age Northern Conference 2022, TPR lead …
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The government’s response to the fourth recommendation of the Work and Pension Committees’ (WPC) 24 design reforms laid down in January – published yesterday (27 April) – addressed the question of whether it would publish a framework for assessing the success of the Royal Mail CDC scheme and other early schemes. …
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Royal Mail Group (RMG), the Communication Workers Union (CWU) and Unite the Union have confirmed plans for a new collective pension scheme following a successful consultation process, with the scheme to be launched by the end of 2022 or early 2023. The positive outcome to the consultation, which was launched …
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Policy watch… The Department for Work and Pensions (DWP) confirmed enhanced powers for trustees to block or pause transfers where there is potential scam activity on 8 November. The government’s “red” and “amber” flag proposals came into force yesterday (30 November). The government also closed the window of time during …
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Opperman: Cross-party consensus is vital for the bill The pensions schemes bill will digitalise pensions and provide savers with greater confidence for retirement, Guy Opperman has said. In a video recorded for the Pensions and Lifetime Savings Association (PLSA) annual conference today (17 October), the pensions and financial inclusion minister …
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