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

  • The Pensions Regulator: the publication of the response to the November 2015 consultation about the DC code; and the Regulator's latest annual funding statement providing guidance on areas likely to be of most concern for trustees and employers carrying out 2016 valuations.
  • Legislation and consultations: the publication by the FCA and the DWP of consultations about capping early exit charges; and legislation announced in the Queen's Speech including in relation to the regulation of master trusts.
  • HMRC: the latest pension schemes newsletter which includes information about the tapered annual allowance and the status of temporary reference numbers obtained in relation to individual protection 2016 and fixed protection 2016; and the latest Countdown Bulletin which reports on next steps for the Scheme Reconciliation Service.
  • Public service pension schemes: the Enterprise Act 2016 (which contains regulation-making powers in relation to the cap on public sector exit payments) receiving Royal Assent; and the publication of a consultation about changes to the regulations governing the Local Government Pension Scheme including in relation to Fair Deal and the DC flexibilities.
  • Other news: a High Court judgment looking at the interpretation of the legislation on bulk transfers of members' benefits without consent; the publication of a paper in relation to the pensions dashboard; and a report from the Work and Pensions Committee about automatic enrolment.
  • On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.