Pensions Round-Up: August 2016

Pensions Round-Up UK Series

Pensions Alert (UK)

The August edition of Pensions Round-Up provides an overview of developments in pension legislation, case law and regulatory guidance.

In this edition we look at key developments from the past month including the following.  

  • The Pensions Regulator: the new code of practice, accompanying guidance and compliance and enforcement policy in relation to occupational pension schemes providing money purchase benefits; the publication of a report about the action taken by the Regulator in relation to failures to produce the chair's annual statement; and the latest quarterly bulletin in relation to automatic enrolment compliance and enforcement.
  • Pension Protection Fund: an update on the PPF's plans for the third levy triennium; a document setting out the key principles that the PPF will apply when considering levy data correction requests from schemes; and the latest edition of the PPF's Technical News bulletin.
  • Work and Pensions Committee: the publication of an invitation for written submissions about various aspects of defined benefit pension funds including regulation by the Regulator, the sustainability of the PPF and the balance between meeting pension obligations and ensuring the ongoing viability of sponsoring employers.
  • Consultation and legislation: a consultation issued by the Treasury on proposals for the introduction of a pensions advice allowance; and the coming into force of the Insurance Act 2015.
  • HMRC: the launch of the online service to apply for lifetime allowance protection; the latest Countdown Bulletin in relation to the end of contracting-out; and statistics about flexible payments made in the second quarter of 2016.
  • On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead