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The Pensions Regulator has confirmed that the new statutory funding requirements for defined benefit (DB) schemes and the associated new Code of Practice will not now come into force until April 2024 at the earliest. This is set out in the Regulator’s Corporate Plan for 2023/24, which also contains updates on the new General Code, … Read more
This post was first published on our Beyond Brexit blog. You can follow developments on the Bill and other significant UK policy developments on our Policy Matters blog. Much has been written about the Retained EU law (Revocation and Reform) Bill (the “Bill“), which is currently going through Parliament. This Bill is the latest in … Read more
We were delighted to host the London launch of the Living Wage Foundation’s new Living Pension employer accreditation today and are proud to become one of the UK’s first Living Pension employers. In the latest podcast from the Herbert Smith Freehills’ pensions team, Tim Smith, Professional Support Consultant, is joined by Katherine Chapman, Director of … Read more
According to figures published by the Government earlier this month, 38% of working age people (equivalent to 12.5 million) are under saving for retirement when measured against the DWP’s target replacement rates. When savings are compared with the PLSA’s Retirement Living Standards, only 49% of working age people are on track for a moderate standard … Read more
In the biggest act of pensions tax simplification in many years, the Chancellor has today announced that the Lifetime Allowance will be abolished from April 2024 (with the Lifetime Allowance tax charge being removed from April 2023). He also announced an increase in the Annual Allowance from April 2023. While the abolition of the lifetime … Read more
The immediate panic caused by the liquidity crisis that affected a large number of defined benefit (DB) pension schemes invested in liability driven investment (LDI) funds in September and October 2022 has now passed. However, a great deal of attention continues to be focused on understanding the causes of the crisis, ensuring steps are taken … Read more
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
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
The Pensions Regulator has launched its long awaited consultation on a new funding Code of Practice for defined benefit (DB) pension schemes. The draft Code sets out the Regulator’s views on how the new statutory requirements regarding the need for trustees to put in place a long-term funding and investment strategy for their scheme are … Read more
