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Summary The Pensions Regulator has published its annual funding statement, providing guidance for those schemes whose actuarial valuation dates fall between 22 September 2020 and 21 September 2021, although it should be of interest to other schemes as well. TPR expects trustees whose schemes are undergoing valuations between these dates to comply fully with the […]

The UK Government and UK Statistics Authority confirmed on 25 November 2020 that the Retail Prices Index (RPI) is to be set equal to the CPIH (Consumer Prices Index including Housing) from 2030. There are differences between RPI and CPIH, both in the items that are included in the calculation and in the method of […]

The PPF has issued the final levy rules for the 2021-22 year.  This would be the first year of a new triennium, when the levy rules would be, largely, fixed for the next three years.  However, in light of the Covid-19 pandemic, the PPF has decided to look at one year at a time until […]

The third judgment arising from the Lloyds case on “GMP equalisation” was published on 20 November 2020.  The High Court ruled that historical transfers out of schemes should be revisited and equalised, although it is unclear how proactive trustees need to be in addressing the issue.  This will apply only to statutory, individual transfers out, […]

Her Majesty’s Revenue & Customs (“HMRC”) has published guidance regarding the tax treatment of additional benefits granted to pension scheme members when schemes equalise for the effect of unequal (between men and women) Guaranteed Minimum Pensions (“GMP”). The guidance was updated in July 2020, to cover the treatment of lump sum and death benefit payments […]

This Act includes measures intended to provide relief to companies impacted by Covid-19.  However, its application is wider and trustees of defined benefit (DB) pension schemes should understand the potential impact on their scheme. Company moratorium Companies will be able to declare a moratorium, initially for a period of 20 business days, during which the […]

Summary The Pensions Regulator (“TPR”) has issued guidance in relation to defined benefit consolidation vehicles, including so-called “superfunds”, that enable employers sponsoring DB pension schemes to sever their link to the scheme in return for a capital sum.  The guidance sets out the standards TPR expects to be met during the period until formal legislation […]

Summary The Pensions Regulator (“TPR”) has updated its guidance for trustees and employers in situations where the employer needs to request a suspension or reduction of deficit-reduction contributions (“DRCs”). Trustees should treat requests to suspend or reduce payments for future service benefits in a similar way as requests to reduce or suspend DRCs and should […]

Summary The Pensions Regulator has published its annual funding statement, providing guidance for those schemes whose actuarial valuation dates fall between 22 September 2019 and 21 September 2020, although it should be of interest to other schemes as well. TPR clarifies that, although it is currently consulting on a new version of Code of Practice […]

The Pensions Regulator (“TPR”) has been issuing guidance to help trustees ensure that their schemes can withstand the impact of Covid-19. Reporting duties and enforcement activity TPR is adopting a more flexible approach to what trustees should report to them and when enforcement action would be appropriate under the current circumstances.  If there is a […]