COVID-19: Regulator issues statement to trustees

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

Pension disputes bulletin – March 2020

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

Budget 2020: Key pensions points

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

Regulator targets dignified end for DB schemes in consultation on new funding Code

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

DWP raises the stakes on climate change

The DWP has tabled amendments to the Pension Schemes Bill, which is currently going through Parliament, which would enable it to add to the governance and disclosure requirements for occupational pension schemes in relation to climate change risk. The proposed amendments would give the Secretary of State very broad regulation making powers to, amongst other … Read more

EU & UK outline negotiating positions on future relationship

Yesterday, the European Commission issued a press release setting out a recommendation to the European Council to begin negotiations on the future relationship with the UK. The recommendation includes the draft text of the negotiating directives; these set out the parameters of the future relationship that the EU wishes to have with the UK (e.g. … Read more

Brexit’s happened – What now for pension schemes and sponsors?

The UK exited the EU at 11pm on 31 January 2020. Although the UK’s exit from the EU last Friday does not have an immediate impact on pension law and regulation in the UK, as more details emerge of the likely nature of the UK’s future relationship with the EU, pension scheme sponsors and trustees … Read more

What’s on the horizon for pensions litigation in 2020?

2019 was a busy year for pension litigators, with key judgments being handed down in a number of significant cases, including Safeway v Newton (validity of retrospective equalisation of normal pension age), Granada UK Rental & Retail Ltd v The Pensions Regulator (validity of financial support direction) and BIC v Burgess (validity of amendment of … Read more