Pensions Planner – Autumn 2023

Here is the latest edition of our Pensions Planner, which will help you identify the key pension issues your scheme or organisation needs to address in the coming months. The latest edition includes: the Mansion House Reforms and the Autumn Statement Defined Benefit Superfunds – a new regulatory approach and the first transaction a Pensions Ombudsman … Read more

Government gives green light to statutory regime for DB Superfunds

Following the Chancellor’s Mansion House speech, the Government has finally issued a response to its December 2018 consultation on implementing a statutory regime for the regulation of defined benefit (DB) consolidator vehicles, known as “Superfunds”. Development of a statutory regime has been held up by debate within Government, and the pensions industry, over the nature … Read more

Solving the small pots problem

The Government has launched a consultation on proposals to eliminate the proliferation of small pension pots by introducing a solution involving multiple authorised default consolidators. Initially, the proposed solution would apply to deferred pots with a value of less than £1,000. Based on current data, this would help to eliminate up to 61% (12.1 million) … Read more

Chancellor seeks to unlock the power of UK pension investments

As expected, the Chancellor used his annual Mansion House speech last night to announce a series of initiatives designed to increase the amount UK pension funds invest in UK high-growth companies and to boost returns for pension savers. The Chancellor also announced measures designed to strengthen the UK’s position as a listing destination, as well … Read more

Life as a Professional Trustee: EP1

In the latest podcast from the Herbert Smith Freehills’ pensions team, Tim Smith, Professional Support Consultant, is joined by Jane Beverley, Professional Trustee at Law Debenture to discuss: • what life is like as a professional trustee; • key challenges schemes are grappling with at the moment; • a trustee perspective on calls for pension … Read more

Improved outcomes expected for DB schemes affected by corporate distress

Successful multi-creditor re-financings and restructurings require those involved to understand the commercial and legal priorities of other stakeholders in order for a positive outcome to be achieved and unnecessary value destruction avoided. To aid this we have collaborated with Grant Thornton UK LLP to publish ‘Getting inside each other’s heads’ – a paper which explores … Read more

What next for the PPI’s UK Pension Framework?

In the latest podcast from the Herbert Smith Freehills’ pensions team, Tim Smith, Professional Support Consultant, is joined by Anna Brain, Research Associate at the Pension Policy Institute (PPI) and Lead Researcher on the UK Pensions Framework project. Among other things, Tim and Anna discuss: • what the PPI UK Framework is and how it … Read more

Annual Funding Statement 2023: Trustees urged to lock in funding gains and review long term targets

Overall, the Regulator’s Annual Funding Statement strikes a positive tone with most defined benefit schemes experiencing improved funding levels through a combination of investment out-performance from return-seeking assets and a significant rise in gilt yields. Around a quarter of schemes are expected to be funded above buy-out; with many others exceeding their technical provisions. However, … Read more