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On February 17, 2015, HM Treasury published the final draft
Financial Services and Markets Act 2000 (Banking Reform) (Pensions)
Regulations together with its response to its consultation on the
draft Regulations. The aim of the Regulations is to impose
requirements on the pension liabilities of ring-fenced banks to
ensure they are not liable for pension schemes of other group
entities (except in cases that are specifically prescribed by the
Treasury). The draft Regulations provide a framework in which
existing pension arrangements can be restructured so that they are
aligned with the requirements. In the consultation response, HM
Treasury sets out its policy decisions and addresses concerns
raised by the respondents, stating that banks would now have to
apply for a clearance statement from the Pension Regulator only if
changes are likely to be materially detrimental to the scheme and
its members. The consultation response also states there is no
general provision for transitional tax protections for employees in
the Regulations at present but it commits to addressing such issues
once it has a better understanding of how banks will implement the
ring fence and the nature of any detrimental impact on individuals
as a result of scheme changes. The final draft Regulations have now
been put before Parliament.
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Michael Tang - Global Financial Services Digital Transformation Leader, Aug 2017 (Video)
