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 June 2016 including the following.
- The Pensions Regulator: a report about the first case in which the Regulator has imposed a fine on a trustee for failing to prepare the annual chair's statement; and the publication of the Regulator's latest scheme funding statistics.
- Department for Work and Pensions: an information note for trustees about the impact of State Pension age changes for occupational pension schemes; and the Government's response to the Work and Pensions Committee's report about communication of the new State Pension.
- Legislation: an update on timing of the Finance Bill; the commencement of some pension provisions in the Bank of England and Financial Services Act 2016; and the coming into force of some company law changes which will be relevant to corporate trustees.
- Case law: a High Court judgment about the validity of various deeds including a deed of rectification; a Court of Appeal judgment about whether a contract could be implied between an operating and a service company under which there was an indemnity for the section 75 debt; and a High Court judgment concerning an appeal brought by an individual against the Pensions Ombudsman's decision refusing to uphold his claim that he is entitled to a deferred pension.
- Other news: HMRC's latest Countdown Bulletin in relation to the end of contracting-out and its latest pension schemes newsletter; a reminder from the Regulator to public service pension schemes about completing their scheme returns; an update from the Pensions Ombudsman Service about its new approach to published decisions; and the PPF's Strategic Plan setting out how it intends to meet its objectives over the next three years.
- On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.