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

    Trustees required to confirm compliance with CMA Order by 7 January 2021

    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

    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

    Judge rules trustees are required to top-up historic cash equivalent transfer values in 2nd Lloyds judgment

    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

    Pensions Regulator stresses importance of trustees taking early action to protect their scheme from sponsor distress

    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

    Pressure points: Key pensions-related guidance (UK)

    A plethora of guidance is being produced to help employers and trustees deal with the issues arising from the spread of COVID-19 and the measures that have been introduced to limit this. The table below (which we will update as new guidance is issued) provides links to the key pensions-related COVID-19 guidance issued to date … Read more

    Covid-19 (UK): Chancellor extends Coronavirus Job Retention Scheme until March 2021 with employers required to cover pension contributions

    Yesterday, the Chancellor announced that the Coronavirus Job Retention Scheme (CJRS), or ‘furlough’, will be extended until the end of March 2021, for all parts of the UK. Under the extended CJRS, the Government will cover 80% of employees’ salaries for hours not worked (up to a maximum of £2,500 per month). Unlike when the … Read more

    On demand: Webinar: Pensions regulation – The new normal?

    Before the outbreak of Covid-19, the Pensions Regulator was emphasising its tougher approach to pensions regulation: Clearer, Quicker, Tougher. This focus is borne out in the Pension Schemes Bill, with the range of extensive new powers it will afford the Regulator, and in the Regulator’s plans to introduce a new DB funding Code which (based … Read more