News on Pensions July/August 2016

Welcome to this month's News on Pensions. In this issue we discuss:

Work and Pensions Committee – new inquiry

The Work and Pensions Select Committee and the Business, Innovation and Skills Committee have followed their first report on the role of the pension scheme in the collapse of BHS with another inquiry. This invites submissions on a wider range of defined benefit (DB) funding issues, including:

  • regulatory powers in relation to scheme funding recovery plans
  • the adequacy of other DB pension scheme regulation, including TPR’s powers in relation to ‘anti-avoidance’
  • the ‘clearance’ system in relation to corporate activity, specifically focussing on complex and multi-national companies
  • whether TPR’s regulatory approach has an impact on company behaviour or ’incentivises moral hazard’. The inquiry will investigateresourcing and prioritisation of TPR’s supervisory work
  • whether the Pension Protection Fund (PPF) is sustainable, and the whether the PPF levy system is fair for employers and members
  • the powers of pension scheme trustees and relationships between TPR, PPF, trustees and employers

News from TPR

We round-up the latest news from TPR, including:

  • 21st century trusteeship and governance
  • scheme funding statistics
  • DC code of practice
  • Halcrow
  • 2015/16 annual report
  • prosecution policy

EU referendum: ’Brexit’

We examine the impact of the EU Referendum vote which resulted in a win for the ‘leave’ campaign, causing considerable volatility in investment markets.

In other news, we look at:

  • PPF news
  • IORP Directive

To find out more, you can download the full briefing note below.