Government planning to alter charge cap to unlock illiquid investment by DC schemes

As part of the UK Government’s aim to encourage UK defined contribution (DC) pension funds to invest more in infrastructure and other illiquid assets, the Department for Work and Pensions (DWP) has published a new consultation on Enabling Investment in Productive Finance. The proposals also reflect the Government’s commitment to shift the focus of DC … Read more

Directors and insolvency practitioners must tread carefully as new pensions offences lie in wait

Since 1 October 2021, directors, lenders, investors and advisers (including insolvency practitioners in some contexts) face the spectre of criminal prosecution and regulatory sanctions if they take action which is deemed to be materially detrimental to a defined benefit (DB) pension scheme without a reasonable excuse. The offences and sanctions are broadly drafted and despite … Read more

How are schemes and administrators implementing the new transfer conditions?

The new statutory transfer conditions, which are designed to help identify and prevent potential pension scams, come into force today. Trustees, pension providers and administrators have faced a race against time to implement the changes needed to comply with the final regulations which were only laid before Parliament on 8 November 2021. They are also … Read more

Directors beware – Dividend payments and the Pensions Regulator’s new powers!

As we enter dividend season Pensions Partner, Rachel Pinto, joins Professional Support Consultant, Tim Smith, to discuss how directors should approach decisions over the payment of dividends in light the Pensions Regulators extended powers which came into force on 1 October 2021. In particular, Rachel shares her views on: • what directors need to be … Read more

Remember, remember the end of November when new transfer conditions apply!

The Government has laid final regulations which will introduce new transfer conditions from 30 November 2021, one of which must be satisfied before a pension scheme can make a statutory transfer on behalf of a member. Trustees, providers and administrators must ensure they are ready by the end of this month to carry out the … Read more

Pensions Disputes Bulletin – November 2021

Welcome to the latest edition of our Pension Disputes bulletin. In this edition we examine: the significance of the Axminster Carpets judgment when relying on discretionary forfeiture rules in GMP equalisation and other benefit correction exercises the impact of the new pensions criminal offences and regulatory sanctions the Pensions Ombudsman’s guidance on member communications the … Read more

Autumn Budget 2021 – Money off Prosecco and a little more into pensions

As expected, today’s Budget was pretty quiet from a pensions perspective. While many of the headlines are likely to be reserved for the changes to alcohol duty which will see the prices of Prosecco, draught beer and cider and most wines reduced, as far as pensions are concerned the headline announcements are: An increase in … Read more

New pensions criminal offences and regulatory sanctions now in force

From today, directors, lenders, investors and other parties to corporate activity which may jeopardise the interests of a defined benefit (DB) pension scheme face the spectre of criminal prosecution. The new pensions criminal offences and other regulatory sanctions which come into force today are broadly drafted and are likely to impact how corporates and other … Read more