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pass the necessary legislation to enable the Pensions Regulator (TPR) to oversee the duties on trustees. Correspondence from
the DWP, HM Treasury and TPR accepts the recommendation. Regulations will be introduced, insofar as they apply to trustees, into the main body of pensions law.
As well as allowing TPR to more effectively monitor compliance, it will . . .
15 Mar 2019
With the passing of the submission date for queries to the Scheme Reconciliation Service
(SRS), HMRC accepts that pension scheme administrators are likely to continue to have questions. As a result, Countdown Bulletins will continue, at least until scheme financial reconciliation activity is complete: the countdown to countdown bulletin extinction
Despite this, HMRC managed to publish two Countdown Bulletins in less than a week! Countdown Bulletin 44 details
to 'TPAS' in Reg 2(1) SI 2008/649 with 'MAPS'. However, the dispute resolution function of TPAS moved to the Pensions Ombudsman
(TPO) in the spring of 2018. The Government has previously acknowledged
that legislation needed to be amended, as we noted last September
. Essentially, schemes can choose to signpost to TPO in advance of the changes being made, without fear that TPR would consider this to be a . . .
08 Mar 2019
definitions DWP used in making their regulations
in February 2018 for publishing and disclosing costs and charges information about workplace occupational pension schemes, regulated by TPR.
Section 137FA of the Financial Services and Markets Act 2000 (FSMA) places a duty on the FCA to make rules requiring information to be published about some or all administration charges and some or all transaction costs about a relevant
and scheme funding plans, taking account of the ever-changing state of scheme maturity.
The statement highlights the factors TPR considers when assessing a scheme's risk profile and provides several - non-exhaustive ,yet detailed - tables of key risks and what actions it expects of trustees and employers. Unlike last year, these tables take account of different . . .
07 Mar 2019