Pensions Round-Up - November 2015

Pensions Round-Up UK Series

Pensions Alert (UK)

Welcome to the latest edition of Pensions Round-Up which provides an overview of developments in pension legislation, case law and regulatory guidance.

In this edition we look at key developments from November 2015 including the following:

  • Autumn Statement: the key announcements in relation to pensions including changes to the period over which the minimum contribution requirements under the automatic enrolment legislation will be phased in, and issues that will be covered in the Finance Bill 2016. 
  • The Pensions Regulator: a consultation about an updated draft of the code of practice on governance and administration of DC schemes; and updates to the Regulator's FAQs about the DC charges and governance requirements.
  • Legislation: a consultation about reducing regulatory burdens and some amendments to the DC charges and governance provisions; a consultation about proposed amendments consequential on the DC flexibilities including changes to the Disclosure Regulations to introduce obligations on trustees to provide generic retirement risk warnings; and the Finance (No. 2) Act 2015 receiving Royal Assent.
  • Case law: a judgment from the High Court about the construction of a proviso to a scheme amendment power which prevented the alteration of benefits "accrued due".
  • Public Service Pension Schemes: the publication of guidance and a consultation relating to the Local Government Pension Scheme and pooling of assets; and an update on the draft legislation containing the proposed cap on exit payments.
  • Other news: the publication of HMRC's latest Countdown Bulletin about the end of contracting-out; a pensions market update from the FCA; and the publication of terms of reference for the FCA's asset management market study.
  • On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.