Trustees beware – Changes to UK insolvency regime are now in force

The Corporate Insolvency and Governance Act 2020, which contains the most far-reaching reforms to UK insolvency law in over 30 years, received Royal Assent and came into force at the end of last week. The Act has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive during … Read more

New rules for Coronavirus Job Retention Scheme apply from today

The Coronavirus Job Retention Scheme (CJRS) opened for claims on 20 April 2020. The scheme, which was originally due to end on 31 May, will remain in place and be available to employers in all sectors through to the end of October 2020. However, a number of changes will apply from today (1 July 2020). … Read more

HSF Pensions Round Up – 26 June 2020

Here is a round-up of the COVID-19 and non-COVID-19 related pensions briefings and blogs that we have published recently. Together with links to some of the firm’s COVID-19 webinars which we think will be of general interest. To limit the number of emails that we send to you at this time we have not sent … Read more

FCA pushes ahead with plans to improve DB transfer market

On 5 June, the FCA published Policy Statement 20/6 outlining its plans to improve the DB transfer market, including among other things, banning contingent charging in all but a few circumstances and introducing an abridged advice process. The Statement highlights the feedback received from consultation CP19/25, and details the FCA’s final rules and guidance. The … Read more

Pension contributions and partial furlough (UK)

From 1 July 2020, furloughed employees can return to work on a part-time basis. Other changes are also being made to the Coronavirus Job Retention Scheme (CJRS) from this date, including to the way in which claims will need to be submitted. In addition, from 1 August, employers will be required to cover the full … Read more

Further guidance on partial furlough published (UK)

On 12 June, HMRC published updated guidance to reflect the changes to the Coronavirus Job Retention Scheme (CJRS) to permit flexible furlough from 1 July and require increasing levels of employer contribution from 1 August. Changes are also being made to the eligibility criteria for the CJRS and to the way in which claims must … Read more

GMP equalisation working group publishes guidance on when to rectify

Back in March, the cross-industry Guaranteed Minimum Pension (GMP) Equalisation Working Group issued guidance on GMP rectification. It outlines what trustees need to consider when combining GMP rectification with the GMP equalisation project, in light of the Lloyds judgment. The guidance covers four key steps that trustees need to take: 1. Understand the data a) … Read more

People: Job Retention Scheme and Pensions (UK) – UPDATED

The Coronavirus Job Retention Scheme (CJRS), announced on 20 March 2020 opened for claims on 20 April. The scheme has now been extended for the second time. Originally due to end on 31 May, then 30 June, the Chancellor announced on 12 May that it will remain in place and available to all sectors through … Read more