New UK government quick to re-introduce pension schemes bill

first_img“With the reintroduction of the Pension Schemes Bill as one of its first acts following the election, we are pleased the government is prioritising the £2trn pension sector,” said Nigel Peaple, director of policy at the association.Charles Counsell, chief executive officer at The Pensions Regulator (TPR), said it welcomed “the prompt re-introduction” of the bill.Tyron Potts, associate and head of pensions research at Barnett Waddingham, said the reintroduction of the pension schemes bill meant the regulator would soon be in a position to launch its first consultation on a brand new code of practice for defined benefit (DB) pensions funding.“In turn, this will provide helpful guidance around the legal obligation for DB schemes to align investment and funding approaches to a long-term objective – an obligation which TPR has in any case been encouraging schemes to look at now rather than waiting until [the legislation receives] Royal Assent.”The PLSA’s Peaple highlighted that the bill did not provide a schedule for the planned removal of the lower earnings limit to automatic enrolment contributions, “meaning millions missing out on extra saving with employer support and tax relief”.According to Peaple there is also room for improvement with regard to new criminal sanctions and civil fines intended to prevent scheme sponsors from deliberately evading their responsibilities.“[C]urrent drafting is too loose and risks applying far more widely than intended,” he said. The UK’s new government has brought back the workplace pensions bill that its predecessor introduced in October shortly before last month’s general election was called.The pension schemes bill was introduced in the House of Lords yesterday although the date for a first substantive debate on all aspects of the bill has not yet been scheduled.No major differences with the bill’s predecessor have been highlighted by experts so far. Like the bill tabled in October, the new draft legislation includes provisions to enable the pension dashboard and collective defined contribution (CDC) schemes and strengthen the regulator’s powers, but does not introduce a framework for consolidation of defined benefit schemes into so-called superfunds.The country’s main pension fund lobby group, the Pensions and Lifetime Savings Association (PLSA), today welcomed the speed with which the government has brought back the bill.last_img read more

Kim shoots 62 for 2-shot lead after three rounds at Wyndham

first_img LIVE TV Si Woo Kim had a hole in one on the way to a 62 for a two-shot lead over Doc Redman and Rob Oppenheim through three rounds of the Wyndham Championship on Saturday.Kim, who’s at 18-under after 54 holes, made history three years ago when at 21 he became the youngest winner of The Players Championship. Now, he’s seeking his first victory since — and playing strongly wherever he tees it up.Kim has broken 70 in nine of his last 10 rounds, including all four at TPC Harding Park to finish tied for 13th at the PGA Championship. He has continued that stellar play at Sedgefield Country Club, where he won his first PGA Tour event in 2016.Redman had a 63, while Oppenheim set a career low on tour with a 62 in second at 16-under.Billy Horschel shot a 65 and was three strokes back at 15-under. Mark Hubbard (64) and Jim Herman were another stroke back at 14-under. Herman shot a 61, a career best and tied for lowest round of the tournament.But it was Kim’s sizzling play that stood out in this one. He got going when his 8-iron on the 161-yard, third hole found the cup for his third ace on tour. Kim clipped the cup on the par-3 12th, settling 14 inches away for another birdie.Kim kept it up with birdies on the 15th, 16th and 17th holes to take the lead.Oppenheim was bidding for a 60 when he birdied the next-to-last hole to move to 17-under. But his only bogey of the round on the final hole dropped him back.Oppenheim, 40, has put himself in line to make the FedEx Cup playoffs for the first time, moving up from 145 on the list (only the top 125 start at The Northern Trust next week) to a projected 77. He’d love to add his first tour title to the mix, too.Redman, 22, is also seeking his first PGA Tour win. He joined the tie for second after matching his career low score of 63. Redman took bogey on his opening hole, then had eight birdies the rest of the way.The PGA Tour moved up tee times, grouped competitors in threesomes and sent them off on the first and 10th tees to beat the bad weather expected later Saturday.The early, dry conditions set off a run of low scores that contenders had no choice but to keep up with throughout the round.In all, 52 of the 77 competitors finished with rounds in the 60s.There were two 61s, the lowest score this week, from Jim Herman and Zach Johnson, the Payne Stewart Award winner who is striving to make the playoffs after a subpar season. Johnson was projected at 109 in FedEx points after starting the round outside the playoffs at 129.Past champion Webb Simpson (65) and Peter Malnati were at 13-under.Image credits: AP Associated Press Television News Last Updated: 16th August, 2020 09:44 IST Kim Shoots 62 For 2-shot Lead After Three Rounds At Wyndham Si Woo Kim had a hole in one on the way to a 62 for a two-shot lead over Doc Redman and Rob Oppenheim through three rounds of the Wyndham Championship on Saturday SUBSCRIBE TO US COMMENTcenter_img First Published: 16th August, 2020 09:44 IST WATCH US LIVE Written By FOLLOW USlast_img read more