Pensions Round-Up: March 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 March 2016 including the following.

  • Budget 2016: the main pensions announcements made in the Budget including a brief overview of the responses to consultation on tax relief, steps to be taken in response to recommendations of the Financial Advice Market Review, the restructuring of the statutory financial guidance providers, and some changes to ensure the DC flexibilities are working as intended.
  • End of contracting-out and new State Pension: an update on regulations in relation to the end of contracting-out; the publication by the DWP of resources relating to the State Pension; and reports from the Work and Pensions Committee and the National Audit Office highlighting a communications issue concerning GMP increases.
  • The Pensions Regulator: the launch of a refreshed campaign in relation to pension scams; the results of research about the DC flexibilities; and a consultation about an updated draft compliance and enforcement policy for occupational DC schemes.
  • Legislation: the introduction of requirements to provide retirement risk warnings to members with DC benefits; amendments to the audited accounts regulations; amendments to the legislation on DC governance requirements introduced in April 2015; changes to the automatic enrolment legislation including the introduction of further exceptions; the implementation of a ban on member-borne commission; and changes to reporting requirements to reflect transitional provisions that apply for the annual allowance for 2015/16.
  • Public service pension schemes: an update from the Treasury about GMP increases in public service schemes; the publication of guidance by the Pensions Regulator about the provision of annual benefit statements; and regulations making amendments to the NHS Pension Scheme.
  • Other news: the publication of information about the lifetime allowance and annual allowance changes; and the appointment of the independent lead of the first State Pension age review.
  • On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.