Pensions Regulator stresses importance of trustees taking early action to protect their scheme from sponsor distress

On 12 November, the Pensions Regulator published guidance outlining actions trustees of defined benefit (DB) schemes should take to protect their scheme where their sponsor is experiencing financial distress. The guidance, issued amid the backdrop of an unprecedented economic downturn, makes clear that trustees are the first line of defence for members. As such, it … Read more

Pressure points: Key pensions-related guidance (UK)

A plethora of guidance is being produced to help employers and trustees deal with the issues arising from the spread of COVID-19 and the measures that have been introduced to limit this. The table below (which we will update as new guidance is issued) provides links to the key pensions-related COVID-19 guidance issued to date … Read more

Covid-19 (UK): Chancellor extends Coronavirus Job Retention Scheme until March 2021 with employers required to cover pension contributions

Yesterday, the Chancellor announced that the Coronavirus Job Retention Scheme (CJRS), or ‘furlough’, will be extended until the end of March 2021, for all parts of the UK. Under the extended CJRS, the Government will cover 80% of employees’ salaries for hours not worked (up to a maximum of £2,500 per month). Unlike when the … Read more

On demand: Webinar: Pensions regulation – The new normal?

Before the outbreak of Covid-19, the Pensions Regulator was emphasising its tougher approach to pensions regulation: Clearer, Quicker, Tougher. This focus is borne out in the Pension Schemes Bill, with the range of extensive new powers it will afford the Regulator, and in the Regulator’s plans to introduce a new DB funding Code which (based … Read more

HSF Pensions Round Up – October 2020

Here is a round-up of the pensions blogs and briefings that we have posted during the past month. Some of these have been broadcast but several have not, to avoid sending you too many emails. Read more

Pensions Regulator’s new long term strategy recognises shift from ‘Generation DB’ to ‘Generation DC’

On 16 October, the Pensions Regulator launched a discussion paper on its new 15 year corporate strategy in which it emphasises that its main objective will, unsurprisingly, be to protect pension scheme members and their saving outcomes. However, somewhat surprisingly, it says very little about the Regulator’s role in supporting the economic recovery by promoting … Read more

Covid-19: Recent developments for employers (UK)

A constant stream of Covid-19 related announcements have been made since the Summer, including details of the new Job Support Scheme replacing the Coronavirus Job Retention Scheme (CJRS) from 1 November, the Job Retention Bonus and new criminal offences for employers knowingly permitting employees who should be self-isolating to return to the workplace. Key upcoming … Read more