http://www.watsonwyatt.com Latest Watson Wyatt articles from Pensions News Flash, Pensions News Focus and Pensions News Filter en-us Copyright 2008 Watson Wyatt Worldwide http://backend.userland.com/rss091 5/9/2008 1:58:18 PM 20 The House of Commons’ debates uncover further details about the proposed contribution structure for “qualifying schemes” and the Pensions Regulator’s powers to combat rogue employers.http://www.watsonwyatt.com/search/parser.asp?ID=18774The Pensions Regulator publishes two guidance documents to help improve work-based pension scheme governance.http://www.watsonwyatt.com/search/parser.asp?ID=18776The Court of Appeal upholds the High Court’s decision to quash the Government’s rejection of the Parliamentary Ombudsman’s finding of aladministration.http://www.watsonwyatt.com/search/parser.asp?ID=18777Discussion paper on the financial reporting of pensionshttp://www.watsonwyatt.com/search/parser.asp?ID=18778On 21 February 2008, the House of Commons’ Standing Committee ended its debates on the Pensions Bill 2007-08. At the time of going to press, the dates for the Report Stage had not been announced. During the debates, the Government rejected a new clause put forward by the Opposition that would have permitted ‘conditional indexation’. Instead, it announced its intention to launch a 12-week consultation exercise (starting in June) on “the various approaches to risk sharing”. It intends to report on the consultation in the autumn with a view to introducing any changes in a separate Bill, possibly in the next Parliamentary session. The Opposition has vowed to return to this issue at Report Stage.http://www.watsonwyatt.com/search/parser.asp?ID=18780Mandatory pension provision to supplement State pension entitlement draws closer.http://www.watsonwyatt.com/search/parser.asp?ID=18492The PPF has indicated that, despite improvements in scheme funding, it again intends to raise £675 million through the pension protection levy. And the DWP has announced substantial increases in administration levies.http://www.watsonwyatt.com/search/parser.asp?ID=18498Andrew Young’s review team has published its recommendations and the Government has responded by announcing a further top up for eligible FAS members.http://www.watsonwyatt.com/search/parser.asp?ID=18499The draft ‘Portability’ Directive has stumbled once more, as Member States fail to reach an agreement on vesting periods.http://www.watsonwyatt.com/search/parser.asp?ID=18501Employer debt regulations delayedhttp://www.watsonwyatt.com/search/parser.asp?ID=18502The Government has taken further steps to set out the UK pensions scene for 2012 (or thereabouts). On 5 December 2007 it published the Pensions Bill, which will establish the necessary arrangements for the introduction of automatic enrolment and the ‘Personal Accounts’ scheme.http://www.watsonwyatt.com/search/parser.asp?ID=18503The Government’s limited proposals for change could add another layer of complexity to the administration of pension benefits.http://www.watsonwyatt.com/search/parser.asp?ID=18213Has the Government finally managed to simplify the procedures for dealing with complaints? http://www.watsonwyatt.com/search/parser.asp?ID=18214The DWP is giving trustees and employers the opportunity to voice their concerns about flexible retirement provision.http://www.watsonwyatt.com/search/parser.asp?ID=18215The DWP asks whether its cross-border provisions have been a success for UK pension schemes! http://www.watsonwyatt.com/search/parser.asp?ID=18217The Pensions Regulator’s analysis highlights a number of interesting features about recovery plans under the new regime. http://www.watsonwyatt.com/search/parser.asp?ID=18218http://www.watsonwyatt.com/search/parser.asp?ID=18219The Government is already re-examining some of its latest employer-debt proposals, as a seemingly unforeseen consequence of them could spell disaster for sponsors of multi-employer schemes.http://www.watsonwyatt.com/search/parser.asp?ID=17853The Regulator revises its ‘clearance’ guidance to focus on how it expects trustees to deal with corporate transactions.http://www.watsonwyatt.com/search/parser.asp?ID=17854The PPF sets out its high-level proposals for future years’ levies, which it says would bring greater stability and certainty for levy payers.http://www.watsonwyatt.com/search/parser.asp?ID=17855http://www.watsonwyatt.com/search/parser.asp?ID=17856Over the last couple of months, both the Government and the Pensions Regulator have developed new proposals which seek to balance the need for member protection with the desire not to inhibit bona fi de corporate activity. This appears to have been a more diffi cult task than initially expected. Employers will applaud the Government’s efforts to introduce new options for apportioning scheme debt, but trustees will need to take even more care in any negotiations. The Regulator hopes that the principles outlined in its draft revised ‘clearance’ guidance will assist trustees in such negotiations.http://www.watsonwyatt.com/search/parser.asp?ID=17857Parliament makes last-minute changes to the Financial Assistance Scheme, with more changes expected in the next 12 months.http://www.watsonwyatt.com/search/parser.asp?ID=17697Will a new breed of risk-sharing schemes be possible if no new legislative regime is created for the purpose?http://www.watsonwyatt.com/search/parser.asp?ID=17698The Government strives to maintain the status quo for the calculation of transfer values.http://www.watsonwyatt.com/search/parser.asp?ID=17699It has been only a year and nine months since the last reshuffle at the top of the Department for Work and Pensions (DWP). However, on 28 June, Gordon Brown (the new Prime Minister) replaced John Hutton with Peter Hain as Secretary of State for Work and Pensions and James Purnell with Mike O’Brien as Pensions Minister. Mr Hain and Mr O’Brien will be, respectively, the seventh and ninth occupants of these posts since May 1997. Let us hope that these changes do not disrupt the continuity that is vital in shaping Government policy and in boosting public confidence in pensions!http://www.watsonwyatt.com/search/parser.asp?ID=17703The Pensions Regulator has published a discussion paper on the governance of work-based pension schemes.http://www.watsonwyatt.com/search/parser.asp?ID=17394The Pensions Regulator has published its response to the consultation on the regulation of risks to members of defined contribution schemes.http://www.watsonwyatt.com/search/parser.asp?ID=17395The Pensions Regulator has issued a ‘reminder’ of its underlying clearance principle.http://www.watsonwyatt.com/search/parser.asp?ID=17397The Pensions Regulator has published its response and final guidance on the abandonment of defined benefit schemes.http://www.watsonwyatt.com/search/parser.asp?ID=17398A summary of other developments relating to pensions.http://www.watsonwyatt.com/search/parser.asp?ID=17399There has been a deluge of material from the Regulator over the last five weeks. Getting to grips with these developments will, no doubt, be a daunting prospect, for trustees in particular. However, they must do so in order to satisfy their knowledge and understanding obligations under the Pensions Act 2004. Nevertheless, some comfort should be taken from the Regulator’s preference to educate, rather than to intervene.http://www.watsonwyatt.com/search/parser.asp?ID=17400Once again, the Government will be asked to consider pension simplification measures, but this time the focus has been extended to cover risk-sharing pension provision.http://www.watsonwyatt.com/search/parser.asp?ID=17308As expected, this year’s Finance Bill proposes some unwelcome changes for Alternatively Secured Pensions and personal term assurance.http://www.watsonwyatt.com/search/parser.asp?ID=17309Occupational pension schemes could be required to provide immediate vesting for members over age 25.http://www.watsonwyatt.com/search/parser.asp?ID=17310Changes to the PPF valuation provisions may trigger ‘early’ PPF valuations.http://www.watsonwyatt.com/search/parser.asp?ID=17311New contracting-out rebates mean that members of contracted-out DC schemes could ‘lose out’ if they are not contracted back into the State scheme.http://www.watsonwyatt.com/search/parser.asp?ID=17312A summary of other developments relating to pensions.http://www.watsonwyatt.com/search/parser.asp?ID=17313http://www.watsonwyatt.com/search/parser.asp?ID=17314The European Court of Justice (ECJ) has ruled that the Government has failed to provide Allied Steel & Wire (ASW) workers with an adequate level of pension protection. But will they receive any compensation?http://www.watsonwyatt.com/search/parser.asp?ID=17184