Pensions Planner – September 2020

The latest edition of our quarterly Pensions Planner is here. Click on the image below to download your copy. The Planner and our handy timeline will help you keep up to date with the latest developments in pensions law and practice and identify the key pensions issues that your scheme or organisation needs to address in the … Read more

Webinar: Public law for pension professionals

On 16 September 2020, we hosted a webinar on public law for pension professionals . The matters that pension professionals deal with will often bring them, either directly or indirectly, into the legal framework which governs the actions of public authorities. This can be anything from considering the validity of: regulatory action taken by the … Read more

Regulator updates Covid-19 guidance on reporting and enforcement activity

Last week, the Pensions Regulator updated its Covid-19 guidance on reporting duties and enforcement activity. The updated guidance confirms that, with effect from 1 January 2021, the Regulator is asking pension providers and trustees of defined contribution (DC) schemes to revert to reporting payment failures that are 90 days outstanding, rather than after 150 days. … 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

Brexit countdown: Big changes are coming on 1 January 2021 whatever happens as negotiation tensions rise

As businesses and governments around the world continue to grapple with the implications of COVID-19, Brexit is fast approaching. This time for real. Last year, as businesses awaited a potential Brexit without a deal, the difference was stark. ‘Deal’ meant entering a status quo transition period in which essentially nothing changed for business; whereas ‘no-deal’ … Read more

Are you ready to produce your scheme’s first investment implementation statement on voting, engagement & ESG?

From 1 October 2020, trustees of both defined benefit (DB) and defined contribution (DC) schemes, with more than 100 members, will be required to include a new implementation statement relating to their scheme’s investments in their annual report and accounts (and make it publically available). The statement needs to describe the trustees’ voting and engagement … Read more

HMRC publishes latest GMP equalisation tax guidance on lump sums and top-up payments

HMRC recently published the second instalment of its guidance on the tax consequences of implementing GMP equalisation. While the guidance provides clarity and offers solutions in some areas, it also identifies some potential problems for schemes, in particular, raising the prospect of trivial commutation lump sums that have previously been paid being treated as unauthorised … Read more

EWG issues guidance on GMP equalisation and data issues

The cross industry GMP Equalisation Working Group (EWG) has published its latest guidance paper on the common data issues associated with implementing GMP equalisation. Whilst the guidance offers potential solutions to a variety of common data issues that schemes may face, as it acknowledges, the solutions described are not exhaustive and trustees will ultimately need … Read more