Latest news

The DWP has published a consultation paper with proposals to: make it easier to extract surplus from schemes and promote investment of scheme assets in productive finance. The consultation also proposes the introduction of a public consolidator vehicle, by 2026, which...

The Pensions Regulator (TPR) has updated its guidance for trustees on cyber security. What is cyber risk? TPR defines cyber risk as the risk of loss, disruption, or damage to a scheme – or its members – associated with using information technology.  It includes risks...

Following a consultation which closed on 26 May 2021 (no, that is not a typo), TPR has now published its response and the final version of the Code was laid before Parliament on 10 January.  TPR expects it to come into force on 27 March 2024. Background TPR has been...

The Pension Protection Fund (PPF) published its final levy rules for 2024/25 on 14 December 2023. The key points are: the PPF aims to collect a total levy of £100 million for 2024/25, compared with £200 million in 2023/24. This will be the PPF’s lowest ever levy;...

HMRC has published a policy paper setting out further details of the post-abolition régime.  In addition, the draft Finance Bill 2023-24 was published on 29 November 2023, the provisions of which are intended to remove the LTA completely from legislation. The Bill...

Following a dearth of pensions-related developments in the King’s Speech, we were treated to rather more of interest in the Chancellor’s Autumn Statement.  Pensions-related news included the following. Defined benefit (DB) surpluses There are, currently, limited...

In mixed news for the defined benefit pensions consolidation market: Clara Pensions (the only consolidator yet to be authorised by the Pensions Regulator) has announced its first deal – with the £590 million Sears Retail Scheme, while Edmund Truell’s Pension Superfund...

After 31 December 2023, retained EU law – including case law – will cease to have effect in domestic law unless restated explicitly.  One area affected is that of equality. Draft regulations have been laid before Parliament which set out equality provisions applying...

After 31 December 2023, retained EU law – including case law – will cease to have effect in domestic law unless restated explicitly.  This affects the Pension Protection Fund (PPF) because the rules governing the compensation that it pays have been amended in recent...

The Pensions Ombudsman has dismissed a complaint by a pensioner member, Mr S, concerning the Trustee's decision to return a surplus of approximately £12m to Bristol Water on the winding up of the relevant section of the Water Companies Pension Scheme. The Rules of the...