First briefings

On 16 December 2022, the Pensions Regulator (TPR) launched its long-awaited second consultation on its draft defined benefit (DB) scheme funding code of practice. As well as the draft revised code, TPR is also consulting on its proposed new ‘twin track’ regulatory approach.

The Pension Protection Fund (PPF) has published its long-term funding strategy review, alongside draft levy rules for the 2023/24 levy year. This briefing summarises the proposed changes to levy rules and the PPF’s longer-term plans.

The Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August. The September inflation figures are of particular relevance to Defined Benefit schemes as they are typically used to increase a number of benefits. In this briefing, we examine considerations for…

The Finance Act 2022, which received royal assent on 24 February 2022, increased the normal minimum pension age and introduced a new 2028 protection framework. This briefing provides an overview of the normal minimum pension age and outlines key actions for trustees.

This briefing gives an update of the pensions dashboard programme, responsible for developing the technology to pull together an individual’s pensions information on a personal dashboard. Eventually all UK-based pensions must connect to the pensions dashboard, including state pensions, Defined Benefit pensions (including cash balance schemes) and Defined Contribution pensions.

The Department for Work and Pensions has published regulations that set out stronger nudge requirements. From 1 June 2022, trustees will be required to nudge individuals who want to access their flexible benefits to seek guidance from Pension Wise. However, individuals can choose to opt out of receiving this guidance.

The Pensions Regulator (TPR) has published its 2022 Annual Funding Statement. This will be particularly relevant to schemes with valuation dates between 22 September 2021 and 21 September 2022 (known as Tranche 17 valuations), and schemes undergoing significant changes that require a review of their funding and risk strategies.

The Pensions Regulator (TPR) has issued a draft single code of practice, expected to come into force in summer 2022. It has 51 modules and will consolidate 10 of the 15 codes of practice. It will also introduce new governance responsibilities for trustees of DB and DC schemes.

The Pension Protection Fund (PPF) has confirmed its key decisions on levy rules for the 2022/23 levy year. This briefing summarises the changes and provides a round-up of key deadlines.

The DWP has published regulations that set out when statutory pension transfers can and cannot take place. These regulations give trustees the power to refuse a transfer where there is a risk that it’s part of a pension scam.

Schemes deal with large volumes of data held on numerous computer systems. Cyber security is a big risk to both the personal data of members and the overall ability of the scheme to function. Find out how trustees can protect their scheme from cyber security in this briefing.

The Pensions Regulator (TPR) has published a policy on how it will use its new criminal powers to prosecute those risking savers’ Defined Benefit pensions. In this briefing, we outline those new powers.

Many legal firms prepare their statutory accounts as at 30 April. This briefing looks at issues these firms face when preparing this year’s FRS 102 pension disclosures. It includes analysis of the majority of legal firms with a Defined Benefit pension scheme (33 schemes across 30 firms).

As a result of recent high-profile corporate failures, scheme auditors have an additional professional responsibility to be robustly sceptical when signing off accounts. There is likely to be extra work involved in preparing scheme financial statements.

Towards the end of 2019, The Pensions Regulator (TPR) issued a press release outlining its plan to crack down on poor record-keeping. Our February briefing goes through the key points.

The Pension Protection Fund (PPF) has confirmed its key decisions on what’s changing in the levy rules for the 2021/22 levy year. This briefing summarises the changes and provides a reminder of key deadlines.

The UK’s membership of the EU has ended, with the transitional period due to end on 31 December 2020. At the time of writing, we are still uncertain whether or not a deal will be agreed between the UK and the EU. Whatever the result, trustees should be taking stock…

Following the Spending Review speech last week, the Government released the response to the RPI reform consultation. This briefing provides a summary of the position and its implications.   What was announced:   • The chancellor will not consent to RPI being reformed before 2030 • The UK Statistics Authority…

Justice Morgan has given his final judgment in the Lloyds Banking Group case, which relates to GMP equalisation.  The outcome of the judgment is that trustees will need to revisit some past transfers out and consider whether a top-up payment is required to address GMP equalisation. This briefing summarises the…

The Pension Protection Fund (PPF) has published the latest updates for the 2020/21 levy year and a Covid-19 easement plan to help employers who are struggling to pay. This briefing sets out what actions you can take to make sure your levy is correct and spread your levy payments.

In this briefing, we discuss the ongoing impact of Covid-19 on UK pension schemes, with focus on the economy, markets and investments, and the impact of excess deaths. We also summarise the most recent guidance issued by The Pensions Regulator.

The Pensions Regulator (TPR) has published its 2020 Annual Funding Statement. It looks at how the impact of Covid-19 can be allowed for in the valuation, recognising that valuations may be at different points in the process.

The Pensions Regulator (TPR) has published further guidance on the impact of Covid-19 on DB pension schemes and their sponsoring employers. Read our briefing to find out what has changed, what has stayed the same, and how trustees should consider their options.

The Pension Protection Fund (PPF) has published the final determination and policy for the 2020/21 levy year. This briefing provides a reminder of the changes since the 2019/20 levy year, what actions you should take to help make sure your levy is correct, and the key submission deadline dates.

The Pension Protection Fund (PPF) is changing its provider of insolvency risk information from Experan to Dun & Bradstreet. In this briefing, we discuss the background and the impact of the change, and set out actions that employers and schemes will need to take in preparation for the takeover.

The Pensions Regulator (TPR) has published the first of two consultations on DB funding, in preparation for a revised Code of Practice. The consultation discusses how TPR proposes to regulate funding and the principles that should underpin the new framework. Read our March briefing for the key points.

The UK Statistics Authority (UKSA) is planning to amend the calculation of RPI to align it with CPIH. The Chancellor will issue a consultation as part of the 2020 Budget to gauge the impact and identify the RPI changes required. How will this affect pension schemes?

In our August First briefing, we look at the new stronger governance arrangements around investment duties which will apply to trustees and managers of occupational pension schemes from 10 December 2019.

Each year the Pensions Regulator prepares an Annual Funding Statement and the 2019 edition has just been published. Our March briefing takes you through the important new developments covered in this year’s statement.

Superfunds are one of the more interesting DB consolidation solutions to emerge recently. Essentially they involve a third party providing additional capital to replace the covenant of the sponsoring employer. We take a detailed look at how superfunds work and whether you should be considering them for your scheme.

April 2019 will bring two updates to auto-enrolment regulations – the last of the planned increases in contribution phasing, and changes in qualifying earnings and other limits. Read on for further details in our latest First Briefing.

If your business is under relentless pressure to make cost savings while keeping staff onside, salary sacrifice is worth considering. Implementing salary sacrifice on pension contributions is a potential win-win, offering National Insurance (NI) savings for both employer and employer. Find out how in our opening First Briefing of 2019.

The judgment in the Lloyds Banking Group case has at last provided clarity on how to deal with Guaranteed Minimum Pension (GMP) equalisation, although it may not have given the answer many had hoped for. This briefing covers the recent judgment and considers where we go from here.

The Chancellor of the Exchequer presented his Budget on 29 October 2018. This briefing sets out some of the key points around pensions and other employer-provided benefits.

The PPF have recently published for consultation their draft rules for determining the PPF levy for 2019/20. This briefing looks at the key points, giving key deadlines and specific guidance on contingent assets,

The announcement that Equitable Life is to transfer all its policies to Reliance Life will have widespread ramifications across the pensions world. We look at what it will mean for Equitable Life policyholders, and recommend actions that trustees can take at this stage.

Following the DWP’s 2017, the government has now issued regulations and guidance on the disclosure of cost and charge information relating to occupational money purchase benefits. This should make it easier to compare value for money between schemes. In this First Briefing, we take you through the key elements of…

In March, Government published a policy paper on how it intends to increase the protections for DB scheme members and make improvements to the pensions system. This First Briefing gives a summary of the main themes of the proposals, with some comment and analysis from First Actuarial.

When the government introduced auto enrolment in 2012, it set minimum contribution levels that would increase over time. The first increase of this ‘contribution phase’ takes place on 6 April 2018. This briefing sets out the new rates and provides guidance on member communication and consultation, and the processing of…

Although the automatic enrolment regime is not yet fully rolled out, the DWP has already carried out a review. The results of this review, which examined coverage of automatic enrolment, how engagement can be improved and future contributions have just been published. We provide a digest of the review’s proposals and findings, assess the…

In November 2017, the Pensions Regulator published an update to its original guidance on record-keeping. The new guidance looks at measuring and improving the quality of pension scheme data. This briefing takes you through the new guidance and recommends a number of steps trustees should take.