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NHS Trust referred to regulator over cash-for-pensions deal


An NHS Trust has been referred to The Pensions Regulator over a deal to offer nurses better wages in exchange for opting out of a pension scheme.

According to the FT, the NHS Pension Board has formally raised the issue with the regulator over concerns relating to south-east London’s Oxleas NHS Trust.

Under automatic enrolment rules employers are not allowed to offer staff higher pay as an incentive to opt-out of a scheme.

And now, despite originally approving the arrangement, the regulator will reportedly investigate the deal.

A TPR spokeswoman declined to comment, beyond stating that: “Our regulatory decisions are taken on the basis of the information available at a particular point in time. If new information comes to light, we will look again at the decision wherever it’s appropriate to do so.”

The NHS Pensions Board began looking into the Oxleas Trust’s pension offer last month after the FT reported concerns the deal was an inducement for staff to drop out of the scheme.


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FCA staff to be held accountable under senior managers regime

The FCA has revealed how it will apply the core principles of the senior managers regime, which came into force for the UK’s largest financial institutions today, to its own staff. The regulator had previously pledged to apply the rules, designed to hold high-ranking individuals in financial services organisations to account for misconduct in their […]

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Advisers slam ‘massive regulatory failure’ exposed by FCA closed-book review

The FCA’s explosive review into closed-book providers has exposed the “massive failure of the treating customers fairly regime”, say advisers. Advisers say providers have finally been held “bang to rights” as the FCA investigates six firms for widespread failings around how they treat closed-book customers. Following the review six out of 11 providers have been referred to […]


BoE slaps down EU regulator on small bank bonus caps

The Bank of England has told the European Banking Authority that its proposed cap on banking bonuses is unfair to small firms. The EBA’s Guidelines on Sound Remuneration Policies, published on 21 December, cap bonuses for firms subject to the Capital Requirements Directive at 100 per cent of an individual’s salary, or 200 per cent […]

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Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Tip of the iceberg. I would guess that the majority of micro firms will/are do/doing this. Quite right too.

  2. When does something cross the line from an inducement (civil law) to a bribe (criminal law since the bribery act)? If a senior executive got a bonus as a result of managing down entry to the NHS pension scheme, I think that could step over the line from civil to criminal.
    Squeaky bums anyone?

  3. You can be sure that as with the FCA, regulators will kick the little guy when he is down and ignore the bigger problems which are more difficult to tackle.

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