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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.
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.
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?
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.