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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.
Media coverage: Under The Pensions Regulator's microscope
With the financial system in flux and pension schemes' funding under the spotlight, many trustees and businesses will find themselves engaging ever more with The Pensions Regulator (TPR). Chris Edwards-Earl and Stephen Richards offer some tips for those finding themselves under TPR's microscope.
Click here to view. The article is behind a paywall.
Court of Appeal judgment closes the door on retrospective closure of the Barber window (except in very limited circumstances)
The Court of Appeal has handed down its judgment in the case of Safeway v Newton which confirms that the introduction of section 62 of the Pensions Act 1995 was sufficient to close the Barber window of the Safeway Pension Scheme retrospectively with effect from 1 January 1996.
New fears for the position of pension schemes on a corporate insolvency
The Corporate Insolvency and Governance Bill (the "Bill") was published on 20 May 2020. The Bill introduces a new type of ‘moratorium’ whereby eligible companies can take 40 days to restructure without the threat of enforcement action from creditors.
Landmark Supreme Court decision on pension scheme trustee ESG investing
Case: R (on the application of Palestine Solidarity Campaign Limited and another) v Secretary of State for Housing, Communities and Local Government - Supreme Court
COVID-19 - Pensions
The COVID-19 pandemic has presented pension scheme trustees with some unprecedented financial, legal and practical risks.
In this pensions update we:
- summarise the guidance recently provided by the Pensions Regulator (TPR) on those risks; and
- suggest actions that trustees could take in order to manage those risks.
We also briefly consider the principles which TPR suggests trustees should keep in mind when considering a sponsor request to defer the payment of deficit repair contributions (DRCs) to the scheme.
The journey to buy-out
For many defined benefit schemes, the end-game strategy culminates in the trustees buying out the members’ benefits sin full with an insurer. We have helped trustees and sponsoring employers take the first steps on the journey to buy-out by preparing a due diligence report. This sets out an overview of the issues which need to be considered when deciding whether and how to buy-out benefits.
Important TPR update for Trustees including the flexibility to reduce or suspend deficit repair contributions (DRCs) for three months
Trustees may decide to reduce or suspend deficit repair contributions (DRCs) for three months
Managing the COVID-19 risks: Guidance from the Pensions Regulator and actions for pension scheme trustees
In this pensions update we summarise the guidance recently provided by the Pensions Regulator (TPR) on those risks; and suggest actions that trustees could take in order to manage those risks.
Data protection and GDPR
Conducting your pension scheme's annual data protection review.
Could PPF levies be on the rise?
The Pension Protection Fund (PPF) has recently had to re-think the level of benefits it provides members following the Court of Justice of the European Union (CJEU) decision of Hampshire.
The Pension Schemes Bill – new powers for the Pensions Regulator
The Pension Schemes Bill proposes changes to a number of areas of pensions law. This briefing takes a look at some of the key points that sponsors and trustees should be aware of if the Bill becomes law.
Buy-ins and buy-outs: Timing matters
Pensions partner Stephen Richards works with independent investment consultant, Redington to look at why it is important that a buy in/and or buy-out is achieved in a timely and cost efficient manner.
DIFCA issues Dubai Employee Workplace Savings Scheme (DEWS) laws for consultation confirming the 1 January 2020 commencement date
The long awaited laws setting out the end of the unfunded End of Service Gratuity and the introduction of the obligation to provide eligible employees with the funded replacement known as the Dubai Employee Workplace Savings Scheme (DEWS) have finally been issued by the DIFCA
Retrospective equalisation – a possibility?
Since the EU decision of Barber in May 1990, occupational defined benefit pension schemes have been grappling with effectively equalising their normal retirement dates for male and female members.