Pensions Round-Up: March 2017

Pensions Round-Up UK Series

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 2017 including the following.

The Pensions Regulator: the publication of new resources in relation to pension scams; a consultation on a draft monetary penalties policy and a revised description of professional trustees; and new investment guidance for trustees of defined benefit schemes.

Pension Protection Fund: the PPF's response to consultation on a proposed levy rule for schemes without a substantive sponsor; and a consultation on levy rules for the third PPF levy triennium.

Consultations: the Government response to its November consultation about equalisation for the effect of Guaranteed Minimum Pensions.

Legislation: the publication of the Finance Bill 2017; and an update on a number of changes to pensions legislation including in relation to contracted-out rights, the pension advice allowance, overseas scheme definitions and automatic enrolment.

Case law: an Employment Tribunal judgment concerning objective justification and the transitional provisions in the firefighters pension scheme; a Court of Appeal judgment about the operation of a scheme's pension increase rule; a High Court judgment concerning the construction of powers in a scheme's rules to change the index for pension increases and for revaluation in relation to CARE benefits; and comments in a High Court judgment about levels of compensation awarded by the Pensions Ombudsman.

Other news: the publication by the Office for National Statistics of a guide to changes to its consumer price inflation statistics; two reports that will help inform the Government's review of the State Pension age; and HMRC's latest Countdown Bulletin in relation to the end of contracting-out.

On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.