Author Archives: Gavin Ellison

FCA proposes further consumer support and protection in the retirement income market

The FCA has launched a consultation on a package of measures designed to protect consumers, improve engagement and promote competition in the retirement income market. Alongside the consultation, the FCA has published the final report of its Retirement Outcomes Review, an investigation into how the pensions and retirement income sector has been working since the […]

FCA confirms that pension schemes will not need to start clearing OTC derivatives when EMIR exemption expires on 16 August 2018

On 3 July 2018, the European Securities and Markets Authority (ESMA) published a statement on the clearing obligations for pension scheme arrangements under the European Market Infrastructure Regulation (EMIR). EMIR introduced a temporary exemption for certain pension schemes from the obligation to clear their OTC derivative contracts to allow time for a suitable technical solution […]

Greater scrutiny of corporate transactions and punitive measures for wrong-doings

The Government has released a consultation document as part of its programme of change for defined benefit pension schemes. Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator contains proposals to give the Pensions Regulator (tPR) increased ability to monitor corporate transactions and sets out “a robust framework for punitive measures to deter and […]

Pensions Regulator CEO to step down

The Chief Executive of the Pensions Regulator (TPR), Lesley Titcomb, is stepping down at the end of her four year term in February 2019. Since she became Chief Executive in 2015, TPR has focused on becoming a more visible and proactively engaged regulator with the aim of ensuring that pension scheme members receive the benefits […]

Carillion inquiry criticises regulator

Carillion’s rise and spectacular fall was a story of “recklessness, hubris and greed”. Last week, the Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee published the final report of their joint inquiry into the collapse of Carillion – a “giant and unsustainable corporate time bomb”. If, as the report states, Carillion […]

Tribunal agrees Box Clever support

The Upper Tribunal has decided that it is reasonable for the Pensions Regulator to require companies from the corporate group of ITV to provide support for the Box Clever Group Pension Scheme. The scheme has 2,800 members and a funding deficit of around £115 million. Box Clever was formed in 2000 as a joint venture […]

RBS to pay £3.5bn to pension scheme ahead of ring-fencing

Royal Bank of Scotland (RBS) has agreed to pay contributions of up to £3.5 billion to its pension scheme in readiness for UK ring-fencing legislation taking effect from 1 January 2026. RBS has agreed a  Memorandum of Understanding with the trustee of the Main Scheme of the RBS Group Pension Fund under which it will […]