COVID-19 Pressure points: Regulator gives green light for trustees to suspend transfer values and updates guidance on deferring employer pension contributions (UK)

Last Friday, the Pensions Regulator published further guidance for trustees and employers related to COVID-19. This includes additional guidance on funding and investment for trustees and sponsors of DB schemes, guidance on suspending transfer values and guidance on investment for trustees of DC schemes. The guidance can be found on the Regulator’s new COVID-19 hub. … Read more

COVID-19 Pressure points: Pensions Regulator and PPF issue guidance for trustees of DB schemes with distressed sponsors (UK)

The Pensions Regulator has issued further guidance relating to COVID-19. This includes specific guidance for trustees of defined benefit schemes whose sponsor is in or may experience financial distress, as well as more general guidance relating to business continuity and scheme administration aimed at all schemes. Sponsors and trustees clearly need to be taking immediate … Read more

Regulator targets dignified end for DB schemes in consultation on new funding Code

The Pensions Regulator has today launched the first stage of its consultation on its new DB funding Code. This consultation focuses on the principles that will underpin the new Code and, as expected, it sets out the Regulator’s expectation that, in general: DB schemes should have low dependency on their scheme’s sponsor and reach their … Read more

HMRC publishes guidance on tax consequences of GMP equalisation

HMRC has today issued its long-awaited guidance on some of the tax issues associated with implementing GMP equalisation. The guidance is limited in scope as it only relates to benefit adjustments where the reason for the adjustment is solely GMP equalisation. In addition, it only relates to equalisation methods where a dual record keeping (or … Read more

DWP raises the stakes on climate change

The DWP has tabled amendments to the Pension Schemes Bill, which is currently going through Parliament, which would enable it to add to the governance and disclosure requirements for occupational pension schemes in relation to climate change risk. The proposed amendments would give the Secretary of State very broad regulation making powers to, amongst other … Read more

EU & UK outline negotiating positions on future relationship

Yesterday, the European Commission issued a press release setting out a recommendation to the European Council to begin negotiations on the future relationship with the UK. The recommendation includes the draft text of the negotiating directives; these set out the parameters of the future relationship that the EU wishes to have with the UK (e.g. … Read more