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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
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
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
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
It should probably come as no surprise, given the uncertainty that has surrounded the Brexit process since the referendum result in June 2016, that with less than two and a half weeks to go until the UK officially becomes a third country vis-à-vis the EU we still do not know the terms on which this … Read more
Trustees of occupational pension schemes mainly administered in the UK (with limited exceptions) have until 7 January 2021 to submit a compliance statement together with a signed certificate to the Competition and Markets Authority (CMA), confirming that they have complied with the requirements of the Investment Consultancy and Fiduciary Management Market Investigation Order 2019. This … Read more
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
The judgment in the 2nd instalment of the GMP equalisation litigation involving Lloyds Banking Group’s defined benefit (DB) pension schemes, has been handed down today (Friday, 20 November 2020). The judgment confirms that trustees of DB schemes that provide Guaranteed Minimum Pensions (GMPs) are required to revisit and, where necessary, top-up historic cash equivalent transfer … Read more
On 12 November, the Pensions Regulator published guidance outlining actions trustees of defined benefit (DB) schemes should take to protect their scheme where their sponsor is experiencing financial distress. The guidance, issued amid the backdrop of an unprecedented economic downturn, makes clear that trustees are the first line of defence for members. As such, it … Read more