Pension Schemes Bill (Part 2): New funding requirements likely to increase funding demands on DB scheme sponsors

The Pension Schemes Bill, introduced in Parliament on 15 October 2019, contained some significant new funding requirements for defined benefit (DB) occupational pension schemes. If the requirements are introduced as proposed it is likely to mean most corporate sponsors will be required to pay more money into their DB schemes more quickly than anticipated. The … Read more

Podcast: Pensions de-risking Ep3 – What is a ‘residual risks’ buyout and how should schemes prepare?

Listen to our latest podcast (11 mins) in which Ben Seth, Senior Associate, Pensions, Herbert Smith Freehills, and Rosie Fantom, Bulk Annuity Consultant, Barnett Waddingham: • explain what a “residual risks” buy-out (also known as an “all risks” buy-out) is • consider the circumstances in which trustees and sponsors may want to consider a residual … Read more

Pension Schemes Bill (Part 1) – Directors, banks and investors put on notice as new criminal sanctions and regulatory powers are significantly wider than expected

Following the announcement of a new Pension Schemes Bill in the Queen’s Speech on 14 October 2019, the Bill has now been published. As anticipated, the Bill contains a number of significant new powers for the Pensions Regulator. However, the proposed new powers are significantly wider than many in the industry expected. If they are … Read more

Pension disputes bulletin – October 2019

Welcome to the first edition of our new quarterly pension disputes bulletin. In these bulletins we will report on key cases, Ombudsman determinations and regulatory activity and identify emerging risks for pension schemes, sponsors, administrators and other service providers. In this edition we cover: key developments in relation to pension transfers and GMP equalisation recent … Read more

Pension Schemes Bill published

The Pension Schemes Bill announced in the Queen’s Speech on Monday has been introduced in Parliament. You can view the Bill here. The Bill contains provisions which, if it reaches the statute books, will: introduce new powers for the Pensions Regulator enable employers to establish Collective DC schemes (based on the model developed by Royal … Read more

Pensions Bill announced in Queen’s Speech

The long-awaited Pension Bill has been announced in the Queen’s speech today. We understand that the Bill (which will be a ‘Pension Schemes Bill’) could be published as soon as tomorrow. We are also expecting the Regulator to launch the first part of its consultation on the principles and framework for the new defined benefit … Read more

Video: Pensions and ESG – how are pension funds and asset managers responding?

Environmental, social and governance (ESG) issues are becoming increasingly high profile and they are moving up the agenda for trustee boards, pension providers and asset managers as they respond to new legal and regulatory requirements, to pressure from savers and action groups and to changing social norms. Today sees new legal requirements come into force … Read more

PASA issues guidance on how to implement GMP equalisation

PASA has today issued guidance, drafted by the Equalisation Working Group, which outlines methods that schemes could use to implement GMP equalisation. The guidance also addresses some of the tricky issues that are likely to arise on most GMP equalisation projects including what to do about: past transfers in “no further liability” cases (i.e. where … Read more