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Jan 10, 2025 | 
jdsupra.com | Katherine Carter |Edward Jewitt
ISSUES AFFECTING ALL SCHEMESPENSIONS DASHBOARDS – UPDATED AND NEW GUIDANCEThe Pensions Regulator (TPR) has updated its guidance on pensions dashboards to bring it in line with external developments and to address industry feedback. In addition, the Pensions Dashboards Programme (PDP) has published guidance for schemes on how to obtain a registration code from their regulator (i.e. TPR for occupational pension schemes).
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Dec 10, 2024 | 
jdsupra.com | Katherine Carter |Jay Doraisamy
The Pensions Regulator (TPR) has published updated guidance for trustees on employer covenant assessment. The guidance represents the final piece in the new DB funding regime which came into force earlier this year. While TPR has placed increasing emphasis on the importance of covenant assessment over the last 15 years or so, the new funding regime marks the first time that the need to assess the employer covenant has been put on a legal footing.
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Dec 10, 2024 | 
jdsupra.com | Katherine Carter |Jay Doraisamy
ISSUES AFFECTING ALL SCHEMESPENSIONS DASHBOARDS – UPDATED STANDARDSThe Pensions Dashboards Programme has published updated versions of: The dashboards code of connection – This sets out how schemes and dashboard providers are to connect to the dashboards ecosystem and what they need to do to remain connected. It details the mandatory requirements that must be met, as well as the recommended ways in which they should be implemented.
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Nov 21, 2024 | 
jdsupra.com | Katherine Carter |Henry Corrigan |Jay Doraisamy
The Chancellor, Rachel Reeves, used her inaugural Mansion House speech to outline potentially the most significant pensions reforms for many years. The main focus is on multi-employer DC trust-based pension schemes, contract-based workplace pension schemes and the Local Government Pension Scheme (LGPS). There are no specific proposals for DB schemes or single employer DC trust-based schemes at this stage.
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Nov 8, 2024 | 
jdsupra.com | Andrew Block |Katherine Carter
The Autumn Budget announced that from 6 April 2027, the majority of death benefits paid from registered pension schemes (whether DB or DC) will form part of the deceased member’s estate for inheritance tax (“IHT”) purposes. The government is consulting on the proposals until 22 January 2025. It will publish a response and carry out a further consultation on draft legislation implementing the proposals later in 2025. WHAT’S THE CURRENT POSITION?
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Nov 5, 2024 | 
jdsupra.com | Katherine Carter |Edward Jewitt
The Autumn Budget contained the following key announcements affecting occupational pension schemes: Taxation of death benefits – from 6 April 2027, the majority of death benefits paid from registered pension schemes (whether DB or DC) will form part of the deceased member’s estate for inheritance tax (IHT) purposes. This includes lump sums which are currently outside IHT because they are paid to a beneficiary chosen by trustees using their discretion.
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Oct 25, 2024 | 
jdsupra.com | Katherine Carter |Jay Doraisamy |Ondrej Hajda
The UK National Cyber Security Centre has published guidance on effective communications in a cyber incident. While targeted at organisations generally, rather than explicitly at pension scheme trustees, the guidance contains useful recommendations that trustees may wish to consider incorporating into their cyber incident response plans.
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Aug 13, 2024 | 
jdsupra.com | Andrew Block |Katherine Carter |Jay Doraisamy
ESG – compliance review findings -
The Pensions Regulator (TPR) has published the findings from its review of how trustees are complying with their wider ESG duties. The review concludes that while 99% of trustees of in-scope schemes provided weblinks to relevant ESG disclosures, too many smaller schemes opted for minimum compliance in relation to the content of those disclosures. TPR’s recommendations include trustees...
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Aug 2, 2024 | 
jdsupra.com | Katherine Carter |Duncan Watson
Regulations came into force in 2023 that require trustees of occupational pension schemes that provide DC benefits other than additional voluntary contributions (“relevant schemes”) to include their policy on investment in illiquid assets in the statement of investment principles (“SIP”) for the scheme’s default arrangement. Trustees must comply with this requirement from the earlier of (a) the first occasion that the default arrangement SIP is updated after 1 October 2023 and (b) 1 October 2024.
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Jul 30, 2024 | 
jdsupra.com | Katherine Carter |Jay Doraisamy
In March 2024, TPR announced the results of a 2023 survey on trustee diversity. The results confirm that trustee boards are less diverse than the overall population, with the “typical trustee,” as described by TPR, being “a white man aged over 45.” However, the results also highlight industry recognition of the importance of inclusive and diverse boards, with 78% of respondents saying they felt a diverse trustee board was important.
