Local Authority Pension Fund Forum guidelines on executive pay
The Local Authority Pension Fund Forum (LAPFF) represents pension funds with over £115 billion in assets. LAPFF has recently published guidelines on its expectations for executive pay. These guidelines are intended to identify practical ways to promote alternative strategies of remuneration that are better aligned with long-term, sustainable returns and shareholder value. The m…
The £450bn additional (!) pensions deficit
The European Insurance and Occupational Pensions Authority (EIOPA), the European Union’s technical level body for pensions and insurance supervisors, this week published its preliminary assessment of the quantitative impact on the funding of defined benefit (DB) pension schemes of applying EIOPA’s proposals for Solvency II type funding requirements to DB pension schemes. EIOP…
DWP consultation on simplification of the auto-enrolment regime
The Department for Work & Pensions (DWP) has published a consultation paper on draft regulations and other proposed changes to the auto-enrolment legislation. The proposals follow feedback from employers and pension schemes on their early experiences of auto-enrolment and are intended to improve and simplify the auto-enrolment process. The key changes set out in the draft regul…
Constitutional Reform and Pensions
The date for the Independence Referendum in Scotland has now been set for 18 September 2014. This article focuses on key points for companies and trustees in the lead up to the Referendum. The Referendum will precede the impact of the Scotland Act 2012 which will come into force in 2016. The Act allows the Scottish Government to apply differential rates of income tax up to 10…
Budget 2013: Impact on Pensions
The Budget 2013 held no particular surprises for the pensions sector, but there were several announcements and confirmations worthy of note: • Single Tier State Pension The Government confirmed that a £144 flat-rate state pension will be introduced in 2016. Alongside this, contracting out of the state second pension will be scrapped. In an effort to provide enhanced clarity and…
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