Draft funding Code offers some flexibility to DB schemes and sponsors

The Pensions Regulator has launched its long awaited consultation on a new funding Code of Practice for defined benefit (DB) pension schemes. The draft Code sets out the Regulator’s views on how the new statutory requirements regarding the need for trustees to put in place a long-term funding and investment strategy for their scheme are … Read more

Edinburgh reforms – What do they mean for pensions?

On 9 December, the Chancellor announced over 30 regulatory reforms which, together with the Financial Services and Markets Bill, the government hopes will drive growth and competitiveness in the UK financial services sector. The proposed reforms are designed to: maintain and build a competitive marketplace and promote the effective use of capital; secure the UK’s leadership role … Read more

Pensions Regulator outlines approach to enforcing dashboards compliance

With the connection deadlines for some of the UK’s largest pension schemes less than nine months away, the Pensions Regulator has launched a consultation on its dashboard compliance and enforcement policy. The Regulator recognises that delivering pensions dashboards is a huge challenge for the industry. As such, it has indicated that it will seek to … Read more

Pension Disputes Bulletin – Winter 2022

Here is the latest edition of our regular Pension Disputes Bulletin which contains summaries of key cases, Ombudsman decisions and regulatory activity and highlights emerging risks for pension schemes, providers, sponsors, administrators, and other service providers. In this edition, we cover the implications of: a recent judgment on the operation of a scheme’s forfeiture rule … Read more

PPF significantly reduces levy estimate and seeks views on future levy design

The Pension Protection Fund (PPF) has announced that it plans to significantly reduce the amount it expects to collect through the PPF levy from 2023/24 onwards. This follows a review by the PPF of its Long-Term Funding Strategy. In light of its strong financial position, driven by strong investment performance and changes in the risk … Read more

New long-term funding requirements for DB schemes – Are they fit for purpose?

In the latest podcast from Herbert Smith Freehills’ pension team, Tim Smith, Professional Support Consultant, is joined by Jon Forsyth, Partner and Actuary at LCP, to discuss the Government’s proposals regarding the need for defined benefit (DB) schemes to implement a long-term funding and investment strategy. In particular, Tim and Jon discuss:  the likely impact … Read more

Pensions Planner – Autumn 2022

Here is the latest edition of our Pensions Planner, which will help you identify the key pension issues your scheme or organisation needs to address in the coming months. The latest edition covers: the steps schemes need to take to prepare for pensions dashboards the potential impact of the new long-term funding and investment requirements … Read more

Pensions Planner – June 2022

Here is the latest edition of our Pensions Planner, which will help you identify the key pension issues your scheme or organisation needs to address in the coming months. The latest edition covers: what schemes need to do to prepare for pension dashboards the impact of the new Consumer Duty the latest Annual Funding Statement … Read more

Pension Disputes Bulletin – May 2022

Welcome to the latest edition of our Pension Disputes Bulletin. Our regular disputes bulletins contain summaries of key cases, Ombudsman decisions and regulatory activity and highlight emerging risks for pension schemes, providers, sponsors, administrators and other service providers. In this edition we consider the implications of: the FCA’s latest proposals for the new Consumer Duty; … Read more