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 January 2016 including the following.
- DC Flexibilities: an announcement about proposals to cap excessive early exit charges for those eligible to access the pension freedoms; statistics about flexible payments; and the FCA’s response to the Work and Pensions Committee’s report about guidance and advice.
- The Pensions Regulator: the Regulator’s latest quarterly report about automatic enrolment compliance and enforcement activity; information about new questions in the DB scheme return from January 2016; and the publication of the Regulator’s latest DC Trust data.
- Department for Work and Pensions: a consultation about technical changes to the automatic enrolment legislation including the introduction of further exceptions; information about the impact of the new State Pension on an individual's entitlement; the publication of a Work and Pensions Committee report about the pension statements being issued by the DWP; and a consultation on draft regulations to give effect to a ban on member-borne commission.
- Legislation: draft legislation in relation to the new State Pension; and the publication of draft regulations which, in light of the introduction of the tapered annual allowance, propose to add to the circumstances in which schemes have to provide pension savings statements.
- Case law: a High Court judgment about assessing whether peripatetic workers are ordinarily working in the UK for the purposes of the automatic enrolment duties.
- Other news: the publication by PASA of its first tranche of guidance about GMP reconciliation; a PPF publication about contingent assets and guarantor strength; and the Public Accounts Committee’s report about automatic enrolment.
- On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.