As far back as February 2019, I blogged that plans were afoot to strengthen the powers of The Pensions Regulator (TPR). The Pension Schemes Act 2021 (PSA21) has been a long time in the making. It was enacted some two years later, in February of this year and many of the proposed measures, which I … Continue Reading
It has been a long and tortuous process, but the pension schemes bill has finally completed its passage through parliament and we just await the formality of Royal Assent before we have the Pension Schemes Act 2021 (the Act). Well done to Pensions Minister, Guy Opperman, for (almost) achieving his goal to pass this legislation in … Continue Reading
The Pension Protection Fund (PPF) has issued what might be the first of several coronavirus announcements. The first announcement provides information for trustees who are seeking to certify or re-certify contingent assets before the 31 March deadline. With immediate effect, trustees who are required to submit hard copy documents with their contingent asset certification/re-certification, should … Continue Reading
It turns out that accreditation systems are like buses – you wait patiently for what seems like ages, and then two come along at once. Many in the pensions industry were surprised by the Pensions Management Institute’s (PMI) announcement on 13 February that it has launched an accreditation system for professional pension trustees. This followed … Continue Reading
The pension schemes bill has been issued, giving The Pensions Regulator (TPR) stronger powers, but its passage through parliament is far from over. The new bill legislates for “collective money purchase benefits” and the pensions dashboard, it amends the scheme funding provisions of the Pensions Act 2004 and introduces changes to the individual transfer regime … Continue Reading
We may be approaching Valentine’s Day, but the new “Declaration of Intent” to be made by employers to their pension trustees is unlikely to be romantic…. A lot can happen in a year. We’ve had two Royal weddings, a Royal baby, Facebook has been under fire for misuse of personal data, Donald Trump and Kim … Continue Reading
A client asked me a pertinent question yesterday, along the lines of: “Do the pensions changes announced in the last Budget still stand given that they are not yet enshrined in legislation and Parliament is soon to be dissolved?” The short and unhelpful answer is: “It depends…” But what exactly does it depend upon? By … Continue Reading
Let’s start with the small print… From April 2017 it will be possible for individuals to take regulated financial advice and to have up to £500 deducted from their defined contribution (DC) pension pot and paid over directly to a financial adviser. This is for regulated “retirement financial advice”, defined as “advice in respect of … Continue Reading
The UK Government has issued its Green Paper on the future and sustainability of DB pensions, with consultation closing on 14 May 2017. Despite its 99 pages, the main conclusion is that the system isn’t broken: “Whilst recognising that the system may not be operating optimally in all areas, our main conclusion is that there … Continue Reading
What have Pierce Brosnan, Whoopi Goldberg, Donny Osmond, Kiefer Sutherland, Sarah Palin, Jim Carrey, Charlie Sheen and Priscilla Presley all got in common? They all became grandparents before the age of 50. They are not alone. Many new parents have parents who are still of working age. And as the goalposts for the state pension … Continue Reading
Are you one of the 2,500 private sector employers operating a contracted-out pension plan? Or are you a trustee or an adviser to one of those pension plans? There is work to do if the sponsoring employer wishes to mitigate the effects of the increase to its National Insurance contributions from April 2016 when the … Continue Reading
The “Better Together” campaigners will be breathing a sigh of relief this morning as the referendum on Scottish independence has returned a “No” vote. The impact of a “Yes” victory on pensions would have been profound and far-reaching. Concerns were raised during the independence campaign around the lack of clarity on pensions issues. These included … Continue Reading
Written by Catherine McKenna Major reforms have been proposed in the Budget to the tax regime for defined contribution pensions to introduce much greater flexibility on how accumulated savings can be used. No changes were announced to the annual and lifetime limits (which reduce in April). From 27 March 2014 the amount of guaranteed pensions … Continue Reading
The Pension Protection Fund should be given an ‘excellent’ mark in terms of its management of public expectations. In this economic climate (or in any other economic climate for that matter!) not many organisations could increase bills by 10% without provoking a huge public outcry. The PPF has been stating the inevitability of the increase … Continue Reading
