On 3 March 2020, in what was a much simpler time, the Regulator launched the first stage of its two-part consultation on a revised Code of Practice on funding defined benefit (DB) schemes. This sets out eight key principles that will underpin the new Code and confirms the Regulator’s plan to introduce a new twin-track … Read more

The Pensions Regulator has issued further guidance relating to COVID-19. This includes specific guidance for trustees of defined benefit schemes whose sponsor is in or may experience financial distress, as well as more general guidance relating to business continuity and scheme administration aimed at all schemes. Sponsors and trustees clearly need to be taking immediate … Read more

We are aware of the wide-ranging financial, legal and practical challenges being faced by sponsors and trustees of defined benefit pension schemes as a result of the outbreak of COVID-19 and the global response to this. To help sponsors and trustees address these challenges we have included a checklist of immediate issues to be addressed. … Read more

The Pensions Regulator has today issued a statement on COVID-19 and what trustees may need to consider as the situation evolves. Among other things, the Regulator has said that: it expects trustees to have appropriate contingency planning in place, including a business continuity plan detailing actions that would be taken if certain events took place … Read more

Welcome to the latest edition of our quarterly pensions disputes bulletin. In these bulletins we report on key cases, Ombudsman determinations and regulatory activity and identify emerging risks for pension schemes, sponsors, administrators and other service providers. In this edition we cover: key regulatory developments in relation to the Pension Schemes Bill and the Pensions Regulator’s … Read more

Despite all of the traditional talk of changes to pensions tax relief in the run-up to the Budget, today’s Budget turned out to be a quiet one for pensions, with the Chancellor’s focus and priorities elsewhere. However, the Budget did include some pensions-related announcements including the launch of the consultation on the future of the … Read more

On 20 February 2020, HMRC finally published its long awaited guidance on some of the tax issues associated with implementing GMP equalisation. While the guidance provides helpful clarity in some areas, its scope is limited and it leaves a lot of significant questions unanswered. In particular, the guidance does not address the tax consequences of … Read more

The Pensions Regulator has today launched the first stage of its consultation on its new DB funding Code. This consultation focuses on the principles that will underpin the new Code and, as expected, it sets out the Regulator’s expectation that, in general: DB schemes should have low dependency on their scheme’s sponsor and reach their … Read more