Government planning to alter charge cap to unlock illiquid investment by DC schemes

As part of the UK Government’s aim to encourage UK defined contribution (DC) pension funds to invest more in infrastructure and other illiquid assets, the Department for Work and Pensions (DWP) has published a new consultation on Enabling Investment in Productive Finance. The proposals also reflect the Government’s commitment to shift the focus of DC … Read more

How are schemes and administrators implementing the new transfer conditions?

The new statutory transfer conditions, which are designed to help identify and prevent potential pension scams, come into force today. Trustees, pension providers and administrators have faced a race against time to implement the changes needed to comply with the final regulations which were only laid before Parliament on 8 November 2021. They are also … Read more

Remember, remember the end of November when new transfer conditions apply!

The Government has laid final regulations which will introduce new transfer conditions from 30 November 2021, one of which must be satisfied before a pension scheme can make a statutory transfer on behalf of a member. Trustees, providers and administrators must ensure they are ready by the end of this month to carry out the … Read more

Autumn Budget 2021 – Money off Prosecco and a little more into pensions

As expected, today’s Budget was pretty quiet from a pensions perspective. While many of the headlines are likely to be reserved for the changes to alcohol duty which will see the prices of Prosecco, draught beer and cider and most wines reduced, as far as pensions are concerned the headline announcements are: An increase in … Read more

New pensions criminal offences and regulatory sanctions now in force

From today, directors, lenders, investors and other parties to corporate activity which may jeopardise the interests of a defined benefit (DB) pension scheme face the spectre of criminal prosecution. The new pensions criminal offences and other regulatory sanctions which come into force today are broadly drafted and are likely to impact how corporates and other … Read more

Pensions Regulator issues final policy on enforcing pensions criminal offences

The Pensions Regulator has today published its final policy on investigating and prosecuting the new pensions criminal offences of causing a material detriment to a defined benefit (DB) pension scheme and avoiding an employer debt, which come into force on 1 October 2021. Following criticism that its draft policy did not provide sufficient clarity on … Read more

Government to legislate next year to increase normal minimum pension age

The government has confirmed it plans to legislate to increase the normal minimum pension age from age 55 to age 57 from 6 April 2028 in the next Finance Bill. The legislation will include a protection regime for savers who already have an unqualified right to access their benefits before age 57. Following the recent … Read more