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

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

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

Brexit’s happened – What now for pension schemes and sponsors?

The UK exited the EU at 11pm on 31 January 2020. Although the UK’s exit from the EU last Friday does not have an immediate impact on pension law and regulation in the UK, as more details emerge of the likely nature of the UK’s future relationship with the EU, pension scheme sponsors and trustees … Read more

What’s on the horizon for pensions litigation in 2020?

2019 was a busy year for pension litigators, with key judgments being handed down in a number of significant cases, including Safeway v Newton (validity of retrospective equalisation of normal pension age), Granada UK Rental & Retail Ltd v The Pensions Regulator (validity of financial support direction) and BIC v Burgess (validity of amendment of … Read more