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The Pension Protection Fund (PPF) has issued feedback on its earlier consultation regarding the calculation of levies for the three years commencing with the 2018/19 year (see our earlier article at /news/pension-protection-fund-levy-consultation).  The response comprises a further consultation on its final proposals, along with draft levy rules for 2018/19. The headline announcement is that the PPF […]

The Equality Act 2010 contains a dispensation for occupational pension schemes, which allows them to calculate dependants’ pensions for surviving civil partners and same-sex spouses based only on service since December 2005, plus an addition of 50% of the GMP accrued by the member between April 1988 and December 2005. An employment tribunal case in […]

We reported earlier this year on the review of State Pension Age (see /news/review-of-state-pension-age-(1)).  The Government delayed its response, because of the General Election, but has now confirmed its intention to adopt Mr Cridland’s recommendation that SPA be increased to 68 between 2037 and 2039.

The Pensions Regulator has issued its annual funding statement, setting out its expectations of valuations with effective dates between 22 September 2016 and 21 September 2017. Market conditions The Regulator notes that Gilt yields have remained very low and that liability values are likely to have risen compared with schemes’ previous valuations.  Asset values should […]

The Pensions Regulator has published guidance on investment for trustees of defined benefit pension schemes.  The guidance is divided into six sections, covering: Governance Investing to fund defined benefits Matching assets Growth assets Implementation and Monitoring. Investment Governance This section reminds trustees that they should ensure that they are familiar with the basic legal principles […]

The PPF is consulting on the calculation of levies for the three years commencing with the 2018/19 year, which focusses mainly on improvements to the measurement of insolvency risk.  There will be a further consultation in the autumn, with firm proposals, alongside draft rules for 2018/19. The second consultation will set out also the PPF’s […]

We reported back in 2013 ( see /news/ppf-compensation-cap) about proposals to increase the cap that applies to benefits payable by the Pension Protection Fund (PPF).  We are delighted to announce now that these proposals have finally been implemented this month. Background Compensation paid by the PPF is subject to a cap (currently £34,655 per annum) for […]

Summary The Pensions Act 2014 requires the Government to carry out periodic reviews of State Pension Age (SPA), the first of which must be completed by May 2017.  Under the terms of the Act the Government has to obtain and consider: a report by the Government Actuary on what changes are required to SPA in […]

Summary The Defined Benefit (DB) Taskforce has released its second report, which focusses on consolidation of pension schemes.  This report focusses solely on consolidation, to varying degrees along the lines mentioned in the Government’s Green Paper, potentially consolidating: administration, investment of assets, governance and, ultimately, liabilities, in “Superfunds” having broken the link to the sponsoring […]

Introduction The Department for Work and Pensions (“DWP”) has published its Green Paper: Security and Sustainability in Defined Benefit (“DB”) Pension Schemes.  This is largely in response to reports issued by the Defined Benefit Taskforce and the Work & Pensions Select Committee. While we anticipated the possibility of yet more major change in the regulatory […]