Latest news
Missing – presumed dead?
We note that several consultations and promised regulations appear to have gone cold. Among these: TPR’s General Code of Practice – combining 10 of the existing codes and introducing Effective Systems of Governance (“ESOG”) and Own-risk Assessments (“ORA”) was...
The Chancellor’s Mansion House speech – and associated consultations
In a speech at Mansion House on 10 July, the Chancellor Jeremy Hunt set out a comprehensive set of initiatives intended to boost pension savings and investment in British businesses. He said the ‘Mansion House Reforms’ could increase the average savers’ pension pot by around £16,000, or 12%, with the aim of increasing investment in […]
Review of the traffic-light transfer regime
In June, the DWP published a review of the Conditions for Transfers Regulations 2021, 18 months after they came into force. They have concluded that the overall objective of reducing scam activity is being achieved, although some of the provisions within the...
Rule changes for contracted-out schemes
The High Court has ruled, in a case involving Virgin Media and the NTL Pension Plan, that changes to certain rules of contracted-out schemes are invalid – and so void – if the amendment does not include the required actuarial confirmation (“section 37 confirmation”)....
New dashboard deadline
Having ripped up, earlier in the year, the previous timetable for schemes to connect to a pensions dashboard, the Government has now announced a final deadline of 31 October 2026 for all schemes to have connected. Guidance is expected later this year, which will...
TPR Annual Funding Statement 2023
Summary The Pensions Regulator has published its annual funding statement, providing guidance for those pension schemes whose actuarial valuation dates fall between 22 September 2022 and 21 September 2023 (“tranche 18”), although it should be of interest to other schemes as well. TPR suggests that most schemes will have improved funding levels, as a result […]
Further Regulator guidance on Liability-driven Investment (LDI)
TPR has published updated guidance setting out practical steps trustees can take to manage risks when using leveraged LDI. Overview TPR acknowledges that LDI is useful for reducing the risk to a scheme’s funding level from falls in long-term interest rates and/or rises in the market’s inflation expectations. LDI can be leveraged or unleveraged; the […]
Review of divorce law
The Ministry of Justice has asked the Law Commission of England and Wales to conduct a review of the laws that determine how finances are divided on divorce or on dissolution of a civil partnership. The review will look at financial remedy orders, which are a key part of the proceedings surrounding a divorce or […]
Spring Budget 2023
The Chancellor surprised the industry on 15 March, when he announced that the Lifetime Allowance (LTA) would be scrapped. The LTA stands currently at £1.073 million and anyone crystallising benefits in excess of this (and who does not have one of the many protections available) is liable to a LTA charge. The charge is 25% […]
Dashboard delay
The Department for Work & Pensions (DWP) has announced that the timetable governing when pension schemes are required to connect to the Pensions Dashboard will be delayed. Regulations published in 2022 provided that Mastertrusts, defined contribution schemes and other schemes with more than 100 active and deferred members would have to connect between 31 August […]