UK pension scheme trustees must submit their first compliance statement, along with a certificate, directly to the Competition and Markets Authority (CMA) by 7 January 2021. The compliance statement relates to obligations under the CMA Order issued in June 2019, including setting strategic objectives for investment consultants, which followed the conclusion of the CMA’s investigation … Continue Reading
In October 2019 pension trustees’ investment duties were expanded. Further changes will take place from 1 October 2020, which will affect defined benefit (DB), defined contribution (DC) and hybrid pension schemes. In order to be in a position to comply with those duties, trustees will need to take action now. Trustees not only need to … Continue Reading
On 19 December 2019, an epic story with multiple twists and which many thought would never happen will reach its conclusion. And there will be no droids or Wookies involved. Yes, it’s the day we are expecting the ruling of the Court of Justice of the European Communities (“CJEU”) in connection with the German case … Continue Reading
Think you have cracked auto enrolment? You may have chosen a pension scheme, enrolled the right people and notified The Pensions Regulator (TPR). What else can be left? Here are the top three things required to help you stay on track. 1. Re-enrolment and re-declaration Every three years you must assess some of your staff … Continue Reading
Does your DC scheme have less than £10m in assets or fewer than 1,000 members? If so, you may have to consolidate into another arrangement – or explain why you should not. The encouragement of DC consolidation is one of the proposals in the DWP’s consultation “Investment Innovation and Future Consolidation”, which runs until 1 … Continue Reading
…none of them were hurt, but a bump on the head made them even more confused about their pension rights. My colleagues in the Squire Patton Boggs immigration team are being asked by concerned employees: “What will happen to my pension after Brexit?” The answer is likely to depend, for private pension, on what your … Continue Reading
The Upper Tribunal has rejected an application by the trustee of the British Coal Staff Superannuation Scheme for an expedited referral of its case to the Court of Justice of the European Union (“CJEU”). The Upper Tribunal decided that the unprecedented circumstances arising from the triggering of Article 50 did not alter its established test, … Continue Reading
The first judicial review of a decision of the Pensions Regulator relating to UK auto-enrolment has been published. The High Court, in The Queen on the application of Fleet Maritime Services (Bermuda) Limited v The Pensions Regulator, considered the appropriate test for determining whether a worker “is working or ordinarily works in Great Britain under … Continue Reading
When Section 36 of the Pensions Act 2014 comes into force, employees who subsequently join a UK defined contribution pension scheme or arrangement will be entitled to receive scheme benefits after 30 days’ service. Currently, many schemes refund members’ contributions if they leave the scheme before completing 2 years’ service, rather than provide benefits, as … Continue Reading
One of the most fertile areas where trustees of UK pension schemes administered by third party providers could be at risk of suffering damage to their reputation is when errors occur. The cost impact of such errors could also be significant for the trustees and the scheme’s sponsoring employer (not to mention the provider!). Trustees … Continue Reading
