Are you a professional trustee of an occupational pension scheme? If so, you will soon be expected to apply for accreditation and demonstrate that you meet a new set of standards. The Professional Trustee Standards Working Group recently published details of a proposed accreditation framework for professional trustees. This follows on from a consultation which … 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
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
We are delighted to announce that our award winning HR legal portal “Global Edge” now contains a new special feature on UK pensions law. Global Edge gives instant access (via mobile device or desktop) to a vast array of employment law topics and the latest legal developments in 37 countries plus the EU. If, for … Continue Reading
Are GMPs getting you down? ‘Tis the season for a lighthearted view of a serious issue. We have set the history of GMPs to verse in our “GMPs Rock” poem, and invite you to reminisce with us. All the best from the Squire Patton Boggs Pensions Team. GMPs Rock! It all began way back in time, in Nineteen … Continue Reading
The benefit of hindsight is a wonderful thing. The benefits of a fully functional crystal ball to see the future would be much better. All pensions lawyers (and scheme actuaries) would add it to their gift list! I will attempt to take a look at the pensions related announcements in Monday’s budget from a future … Continue Reading
Some of the questions we have been asked this week in relation to GMP equalisation, include – Do we have to equalise for GMPs? How do we do this? Do we have to make back payments? What should we tell our members? How do we deal with outstanding and new cash equivalent transfer value requests? … Continue Reading
It was inevitable that at some point the Pension Protection Fund standard guarantee would be put to the test in the courts. That’s exactly what happened when a guarantee in favour of the Caribonum Pension Scheme was triggered by sponsor insolvency. Although not a surprising outcome, trustees of pension schemes which have Type A PPF … Continue Reading
Starting on #Pensions Awareness Day in September, our #How2DoPensions education campaign involves sharing a bank of quick guides with clients, contacts and the wider pensions industry. Each Tuesday, we publish on our website a quick guide on a topical pensions issue and share a link on the main social media channels. The guides are short … Continue Reading
As promised, The Pensions Regulator (TPR) has been raising its voice since publishing its 2018-2021 corporate plan setting out how it will be “more vocal” in its “clearer, quicker and tougher approach” to driving up standards in the pensions sector. Our blog examines TPR’s recent activity.… Continue Reading
The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers: Notifiable events framework Declaration of intent (new) Voluntary clearance Engagement with other regulators Fines Contribution notices and financial support directions Of particular note are the new civil and criminal sanctions. The DWP is proposing that TPR should be able to … Continue Reading
“You need to get the basics right, including giving us up-to-date information about the scheme, and we will take action if you fail.” The Pensions Regulator’s (TPR) move towards being a “clearer, quicker and tougher regulator” is apparent from this statement, taken from its most recently published compliance and enforcement bulletin. TPR has recently fined … Continue Reading
The writing may not always be on the wall in terms of validating scheme amendments where historic documentation is scarce and in terms of recovering overpayments to pensions. An interesting case involving the BIC UK Pension Scheme (yes, “BIC” as in the pen that you may be holding) highlights a new way forward for trustees … Continue Reading
There’s good news and not so good news about the impact of anti-money laundering (AML) requirements on pension plans. Okay, so this is a slight exaggeration. There is definitely good news. The not so good news is only potentially not so good news and, given the new direction of travel of HMRC, it may even … 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
If I ever claimed to be an expert on IT systems and processes, those who work in our firm’s IT department would struggle to contain their amusement. Along with many other forty-somethings, I am a proficient user of IT at work and at home – until something goes wrong. Then I find it frustrating because … Continue Reading
To celebrate the new tax year, we provide a round-up of some of the pensions measures that come into force on 6 April 2018. Bulk transfer without consent of DC benefits At last, trustees and employers can close an occupational money purchase (DC) plan without the pension plan actuary having to decide how the certification requirement … Continue Reading
It’s that time of year again: the weather is wintry, despite it being nearly Spring; the New Year TV dramas have finished with nothing to replace them; and we are into the final few days of implementing Pension Protection Fund (PPF) levy saving measures. Are you on track to meet the PPF’s deadlines? Trustees that have … Continue Reading
Whilst trustees of occupational pension plans are still grappling with the implications of the EU’s fourth money laundering directive, they will be horrified to hear that the fifth money laundering directive is already on its way! The fourth money laundering directive was implemented in the UK on 26 June last year and was the first one … Continue Reading
And, if you are a trustee or a pensions professional, you definitely have to play around before making your mind up whether a pensions transfer can go ahead. Transfer legislation is changing from 6 April 2018 as highlighted in the three points below, and there are also further changes on the horizon. 1. Bulk transfers … Continue Reading
Four trustees of an occupational defined benefit pension scheme have been fined £500 each by the Pensions Regulator (TPR) for their failure to obtain audited scheme accounts on time without reasonable excuse. This is the first fine of this type, and follows TPR’s announcement in 2017 that it was going to be “clearer, quicker and … Continue Reading
Colleagues have previously blogged about US tax reform and the impact on US retirement plan provisions. We highlight in this blog the key takeaway points from the US tax reform that will impact upon non-US institutional investors. In particular, it is worth noting that pension funds investing through partnership structures and/or real estate may be … Continue Reading
…… The answer is not so you don’t forget to send them a card! If you don’t know, please read on. We recently issued a communication in relation to the new anti-money laundering requirements affecting pension plan trustees, along with an earlier blog, which set out the steps that trustees should be taking in order … Continue Reading
You never know who is listening! Back in April last year we told the tale of the “granny turned wolf” as the Pensions Regulator (TPR) began to bare its teeth and prosecute those who had failed to comply with notices issued under s72 Pensions Act 2004 requiring information/documentation to be provided to it to assist in … Continue Reading
