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

  • DC flexibilities: the publication of statistics by HMRC and the FCA; a Policy Statement from the FCA about changes to its rules and guidance in light of the freedoms; and the publication of consultations by HMRC, the Treasury and the FCA in relation to the secondary annuity market.
  • The Pensions Regulator: a consultation about draft guidance documents to support the new DC code; the publication of information about changes to the DC scheme return; reports from the Regulator about its compliance and enforcement activity in relation to automatic enrolment; updates to the detailed guidance about automatic enrolment; and the Regulator's Corporate Plan setting out its ten priorities for 2016 to 2019.
  • Legislation: a reminder of legislative changes which came into force on 6 April 2016 including in relation to retirement risk warnings, DC flexibilities, DC charges and governance requirements, the annual allowance, the lifetime allowance, and automatic enrolment.
  • The end of contracting-out: Countdown Bulletins from HMRC providing information about the GMP Checker and the Scheme Reconciliation Service; updated rules on the automatic enrolment quality requirements for hybrid schemes; and a Direction and an updated note relating to GMP increases in public service schemes.
  • Other news: the approval of a new EU General Data Protection Regulation; an Opinion from EIOPA about risk assessment and transparency; and the FCA's Business Plan for 2016/17.
  • On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.