Our five pension predictions for 2021

2020 has been a uniquely challenging, unpredictable and eventful year, dominated (as we all know too well) by the impact of Covid-19, which has changed the way we live, work and do business, and also by the preparations for Brexit. Both of these themes will undoubtedly continue to dominate the economic and political agenda in … Read more

Pension Disputes Bulletin – December 2020

Welcome to the latest edition of our quarterly pensions disputes bulletin. In this edition we cover: the 2nd judgment in the Lloyds Bank GMP equalisation litigation and new guidance relating to GMP equalisation key developments in relation to the Pension Schemes Bill the predicted rise in Covid-related complaints to the Pensions Ombudsman recent cases on transfers, insurance, investment, … Read more

Podcast: Pensions Policy EP2 – What to expect in 2021?

We thought it would be helpful for our listeners if we considered some of the key pensions-related themes and risks that we expect to emerge in 2021. Therefore, in our latest pensions podcast Rachel Pinto and Michael Aherne from our UK pensions team discuss their predictions for 2021 relating to: the new offences and regulatory … Read more

DB schemes face 120% increase in General Levy to fund increased supervision

The DWP has published a further consultation on revised proposals for the General Levy in which it is proposing substantial increases in the levy rates and changes to the structure of the levy itself. The General Levy on occupational and personal pension schemes is intended to cover the cost of funding the Pensions Regulator, the … Read more

UK Government puts green finance at heart of future of UK financial services

The Chancellor recently confirmed plans to issue the UK’s first ever sovereign green bond in 2021 and become the first country in the world to make it mandatory for companies, banks, asset managers and institutional investors to publish disclosures aligned with the recommendations of the Taskforce Climate-related Financial Disclosures (TCFD) by 2025. On 18 November … Read more

Investment Association increases pressure on executive pensions in updated remuneration guidelines

The Investment Association (IA) recently published its annual letter to Remuneration Committee Chairs as well as its updated Principles of Remuneration which provide additional clarity on the IA’s position on various areas, including executive pensions. The IA continues to expect pension contributions for executives (both new and incumbent) to be aligned with those available to … Read more

HSF Pensions Round Up – November 2020

Here is a round-up of the pensions blogs and briefings that we have posted during November covering the 2nd Lloyds judgment, steps trustees need to take by 7 January 2021 to comply with the CMA Order and our recent webinar featuring Steve Webb on how pensions regulation needs to change in light of Covid-19. Some … Read more

No reform of RPI until 2030

As expected, the Treasury issued its response to the consultation on the reform of RPI as part of yesterday’s Spending Review.  The response confirms that: in order to minimise the impact of the UK Statistics Authority’s proposal to reform RPI on the holders of index-linked gilts, the Chancellor will not consent to the implementation of … Read more