Government unveils raft of DC pension reforms

The Minister for Pensions, Laura Trott MP MBE, has today unveiled a range of measures which are designed to reduce the inequality between DB and DC pensions by delivering better value for DC savers and boosting fairness, predictability, and adequacy across the private pensions sector. The measures include: a call for evidence on addressing the … Read more

Trustees urged to respond to diverse risks faced by DC members

The Pensions Regulator has published guidance for trustees of defined contribution (DC) schemes (including master trusts) on Supporting Defined Contributions Savers in the Current Economic Climate. It follows on from the Regulator’s previous statement issued in the light of the bond market crisis in September / October 2022. Although DC schemes are not directly impacted … Read more

Funding, finding and finessing – pensions in 2023

At the start of a new year, attention inevitably turns to what lies ahead. After a year of economic and political turmoil, one hopes we are entering calmer waters. But what can we expect for UK pensions in 2023? In short, it will be the year of funding, finding and finessing workplace pensions. Funding It … 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

Five pensions developments to look out for in 2023

In the latest podcast from the Herbert Smith Freehills’ pensions team, Olivia Kettleborough, our Professional Support Paralegal is joined by Tim Smith, our Professional Support Consultant to look back at 2022 and to look ahead to the key developments in store for pension scheme sponsors, trustees and providers as we move into the New Year. … 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

Pensions Regulator issues statement on LDI

The Pensions Regulator has issued a statement in which it sets out the actions trustees of defined benefit (DB) and defined contribution (DC) schemes should consider before the end of the Bank of England’s gilt purchase scheme and in the near-term as they navigate continued market volatility. The actions trustees of DB schemes might need … Read more

Pensions and Bulk Annuities Ep5 – Just three tips for planning a buy-out

In the latest podcast from Herbert Smith Freehills’ pension team, Mark Howard, Of Counsel is joined by Prashant Mehta, Business Development Manager at Just. In their conversation, Mark and Prash cover: • Top three tips for Trustees and Employers looking to enter into a Bulk Purchase Annuity; • What Just does to help schemes get … Read more