Pensions Round-Up: February 2016

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 February 2016 including the following.

  • The end of contracting-out: further legislation in relation to the end of contracting-out including regulations introducing a statutory modification power in relation to revaluation of GMPs and an order making consequential amendments to other legislation; and the second tranche of guidance from the Pensions Administration Standards Association on GMP reconciliation.
  • Legislation: new requirements, which come into force on 6 April 2016, that will require unlisted UK companies (including UK companies acting as corporate trustees) to identify those people with significant control over them and to record their details in a new statutory register; and some changes to the DC governance regulations introduced in April 2015.
  • Case law: a High Court judgment considering the date at which a scheme had correctly implemented equalisation of Normal Pension Ages at age 65; and a High Court judgment upholding a member's appeal against the Pensions Ombudsman's decision that she did not have a statutory right to transfer out.
  • Public service pension schemes: consultations about reforms to public sector exit payments; and information about revaluation rates for public service pensions.
  • Other news: the Government's response to consultation about transfers and early exit charges; further information from HMRC about applying for transitional protection from the upcoming reduction in the lifetime allowance; and the publication of an updated version of the code of practice on incentive exercises.
  • On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.