Last weekend HMRC published revisions to its guidance on the Coronavirus Job Retention Scheme (CJRS), providing further details on the extent to which the HMRC grant would cover the pay and benefits of furloughed employees. If you are not already familiar with the key features of the CJRS (How many of us had to look … Continue Reading
Daily policy initiatives by governments across the world who are desperate to avoid the worst ravages of an economic recession are fuelling a lot of the volatility in public markets with which investors are now sadly familiar. However, many pension funds have significant private market exposures through alternative investments. Those holdings are not immune to … Continue Reading
The Pensions Regulator’s 27 March guidance emphasised the need for trustees of defined benefit pension schemes to engage with their sponsoring employers to understand the implications of the COVID-19/Coronavirus pandemic for their scheme’s employer covenant. Where employers seek reduced or suspended contributions, although the focus will naturally be on the scheme’s direct participating employers and … 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
Whether you are more in the Mary Poppins or Corporal Jones camp when it comes to dealing with unexpected emergencies like the Coronavirus outbreak, the choice between taking minimal precautions for continuing business operations as normal and panicking is not very palatable. Pension fund operations are highly complex and, just like their counterparts in the … 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
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
If you were expecting The Pensions Regulator’s (TPR) response to consultation on the Future of Trusteeship and Governance to create headline news, then you will have been disappointed. The response feels like more of a “holding document”, designed to let the pensions industry know that TPR has taken away a lot of action points but needs … Continue Reading
Unlike the best romantic stories, this proposal was expected, grounded in practicalities and wholly lacking in passion. Part of it was borne from the principle that pension trustees and investment managers should develop a closer working relationship. The Need for a Committed Relationship Responsible investment and investment stewardship are hot topics at the moment in the … Continue Reading
The off-payroll tax rules (commonly known as IR35) are changing on 6 April 2020. Pension trustees who have members of their board paid for their services through a personal service company (PSC) may need to start making those payments net of income tax and NICs under PAYE. Although the rules have not been finalised (and HMRC … Continue Reading
“There is broad agreement on the principles, but there are huge dangers lurking in the detail… Those dangers have to be flushed out before the bill is sent to the other place.” (Baroness Sherlock) Yesterday the pension schemes bill (the bill) had its second reading in the House of Lords. There was much comment and … Continue Reading
The recent Employment Tribunal case of Mr Jordi Casamitjana, which caused quite a stir in the media, focused on the Tribunal’s decision that ethical veganism was eligible to qualify as a “protected characteristic” under the Equalities Act 2010. In that case, Mr Casamitjana was dismissed on the grounds of gross misconduct by his employer, the … 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
It has gone relatively unnoticed in the media, but the government has brought in legislation (effective 2 December) enabling civil partnerships to be formed by opposite-sex couples in England and Wales, with the first ceremonies being possible from 31 December 2019. Opposite-sex civil partners will be treated in much the same way as same-sex civil … Continue Reading
9 December 2019 is an important date in each of their respective calendars, albeit for different reasons. 9 December is national heroes day in Antigua and Barbuda and it is also a date that should be of note for pension scheme trustees. Not only is it the eve of the coming into force of various … Continue Reading
Let’s start with the key point. If you get a knock on the door from The Pensions Regulator (TPR) then take a deep breath, do not panic and check your insurance policy as soon as you possibly can. TPR has promised to be “clearer, quicker and tougher” and we have certainly seen the regulator ramp … 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
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
Risk management is tricky, as things move along so fast, You think you have it covered, but that status doesn’t last. In terms of regulations, you may be surprised to learn Five hundred have been issued since the last decade did turn. We’re close to Twenty Twenty, it’s a good time to reflect On headlines … Continue Reading
Many people benefit from having a daily routine of some sort. Repetition takes away the stress of having to make lots of small decisions. For example, I take a brisk walk along the same route from the station to my office most days – I can judge whether I’m running early or late depending when … Continue Reading
Dinner time! Or rather, it’s time for our near annual reminder of the perils of ignoring The Pensions Regulator (TPR). We know by now that it really does bite! In 2017 we wrote about the first high profile uses by TPR of its power to prosecute individuals for failing, without reasonable excuse, to comply with … Continue Reading
The Competitions and Markets Authority (CMA) has issued its final order in relation to its investigation into the investment consultancy and fiduciary management market. The order comes into effect in two parts. Most provisions are effective from 10 December 2019, giving trustees and managers time to prepare for the changes. The monitoring and compliance provisions … Continue Reading
The Mad Hatter’s tea party would not have been as brilliantly bonkers if the characters were not so diverse. Could pension schemes be managed better if they were more diverse, or is the Pensions Regulator (TPR) just as mad for promoting the need for change? If it is your birthday, unbirthday or any other day … Continue Reading
If you are a trustee of an occupational pension scheme, it is time to start preparing for the new ESG requirements, some of which kick-in on 1 October 2019. What is ESG? Environmental, social and governance considerations have come to the fore in recent years especially in the context of pension scheme investment. In its … Continue Reading
