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The Autumn Budget 2024: what does it mean for pensions?
Much of the Government's commentary in the run up to this week's Budget focussed on the "£22 billion black hole" the Chancellor has identified in the public finances. Indeed, those who played "Budget Bingo" while watching on Wednesday will have been excited to hear Rachel Reeves mention the £22 billion black hole no fewer than five times. The cost of current pensions tax relief is estimated to be £48.7 billion. So, no surprises that the Chancellor is seeking to plug that black hole with further limits on pensions tax relief.
TPR seeks views on how it will apply new Contribution Notice tests
Pensions analysis: The Pensions Regulator (TPR) has launched a consultation on changes to its Code of Practice 12 following the introduction, by the Pension Schemes Act 2021 (PSA 2021), of new tests in relation to its Contribution Notice (CN) power. Stephen Richards and Chris Edwards-Earl comment on TPR’s consultation.
Why standstill agreements matter for pensions schemes
In a piece first published by Professional Pensions, senior associate Chris Edwards-Earl and partner Helena Berman look at the judgment in Kingsley Napley LLP v Harris & Another.
What the new corporate insolvency law means for the pensions industry
The 248-page Corporate Insolvency and Governance Act provides additional options and protections for companies that would otherwise be facing insurmountable financial pressure. Sue Moore and Chris Edwards-Earl explore how the Corporate Insolvency and Governance Act 2020 will affect pension schemes.
Click here to view. The article is behind a paywall.
DWP’s consultation on regulations under PSA 2021 strengthening TPR’s powers
Chris Edwards-Earl comments that under the recently enacted Pension Schemes Act 2021 (PSA 2021), the powers of the Pensions Regulator (TPR) were clarified and expanded.
In conversation: Transfer to master trust
This is an important conversation for anyone involved with a workplace DC pension scheme. The government has proposed some draft regulations which are due to come into effect on 5 October 2021. These are likely to force those running workplace trust-based DC schemes to transfer those schemes to a master trust.
Occupational DC schemes - are you ready?
From October 2021, it is proposed that new and game-changing obligations for those involved in occupational defined contribution (DC) schemes will come into force. These will require certain schemes to compare their value for members against the value offered by large commercial DC schemes and, ultimately, result in increased consolidation of schemes in this area.
The Pension Schemes Bill - Just the beginning?
It was widely anticipated in the pensions industry that the Pension Schemes Bill (the Bill) would receive Royal Assent at the end of 2020. However, it is perhaps unsurprising it did not get over the line with much of the Government's time taken up with Brexit and Covid-19. It has, however now passed through all of the Parliamentary stages and is awaiting Royal Assent.
Pensions 2021 - the top six topics to watch
2020 was not the year that any of us expected. With Brexit and Covid-19 occupying much of the Government's time, it is little surprise that some of the developments that were expected to occur in the pensions world did not materialise. As a result, we expect 2021 to be a busy year for the pensions industry, with changes on the horizon that sponsors, trustees and pensions professionals will need to get to grips with.
Brexit and pensions
When the UK left the EU on 31 January 2020, a transitional period started during which the relationship between the UK and the EU continued as if the UK were still a part of the EU. That Brexit transition period ended at 23:00 on 31 December 2020. The last-minute UK-EU trade agreement then took effect.
Compliance Statements to CMA due by 7 January 2021
Requirements under the Investment Consultancy and Fiduciary Management Market Investigation Order 2019
The composition of the Retail Prices Index set to change
The composition of the RPI is set to change from February 2030. RPI index values will be calculated using the same methods and data sources that are used to calculate the CPIH. Based on recent economic conditions, this is likely to result in RPI being lower by an average of 1% per annum.
GMP equalisation – clarification on requirements for past transfers out
The long-awaited conclusion to the guaranteed minimum pensions equalisation litigation, concerning the Lloyds Banking Group’s defined benefit scheme, was handed down on Friday, 20 November 2020.
Pension fund management services provided to defined benefit schemes not exempt from VAT
The Court of Justice of the European Union (CJEU) has put an end to any suggestion that pension fund management services provided to occupational pension schemes are VAT exempt on the basis of an insurance exemption.
GMP equalisation and approaches
A question frequently kicked into the long grass by the pensions industry was whether guaranteed minimum pensions had to be equalised between male and female members. If so, how?