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Pensions Regulator: consultation focuses on governance,
trustee knowledge and understanding (TKU) and driving DC
consolidation. The 'Future of trusteeship and
governance' consultation focuses on improving scheme governance
and includes a new legal requirement for trustees to demonstrate a
minimum level of TKU and ongoing learning commitment, the
possibility of a mandatory professional trustee and encourages
poorly governed DC schemes to consolidate.
Pensions Regulator: consolidation of all 15 existing
codes into one code of practice. The Regulator will review
all codes of practice and hopes to combine them into one code (to
make it easier to use and update) and will formally consult later
this year on the design and content.
Pensions Regulator: online tool to help with
re-enrolment. This will particularly help small and micro
employers re-enrol their staff and assist in the completion of the
re-declaration of compliance.
Pensions Regulator: new master trust systems and
processes guidance. This is intended to aid those applying
for authorisation of a new master trust which will be using an
external administration and investment platform. One of the five
authorisation criteria is that the scheme has sufficient processes
and IT systems and is effectively run.
DB scheme funding: dividends exceeding pension
contributions. Research of 200 FTSE 250 companies between
2012 and 2015/16 indicated they have been paying out roughly five
times more in dividends than in DB scheme contributions even though
deficits increased, the behaviour of which is concerning to the
Pensions Regulator.
Regulators: climate change declaration. The
FCA, Prudential Regulation Authority and the Pensions Regulator
welcomed the launch of the government's Green Finance Strategy
and issued a joint declaration on the need for a co-ordinated
response in relation to climate-related financial disclosures
guidance. The Pension Regulator has said that "climate change
is no longer simply a social responsibility issue" but is a
financial risk that impacts businesses, markets and the
economy.
DWP: response to 2014 review into survivors'
benefits. The government has confirmed that following the
Walker v Innospec decision that same-sex civil partners
and spouses are entitled to survivor benefits in the same way as
opposite-sex spouses, public service pension schemes will consult
on and implement the necessary changes. Private sector schemes will
need to take their own advice.
Pensions Administration Standards Association (PASA):
good practice guidance on DB transfers. This voluntary
guidance (Part 1 of 2) aims to improve the overall member
experience through faster, safer transfers and sets out the maximum
acceptable timescales for processing transfers and a transfer
template. PASA anticipates the Ombudsman will reference it as a
source of what good industry practice looks like. Part 2 on complex
or non-standard cases will follow later.
PASA: first guide on GMP equalisation. The
'Call to Action' guide sets out the three areas schemes
should initially focus on – GMP rectification, member data,
and impacted transactions. Further guidance is to follow later in
the year.
DWP: DB consolidation legislation. The DWP has
stated it needs more time to introduce DB consolidation
legislation, owing to the technical and difficult area to ensure
superfunds are "held to the right standards and investment
strategies and member security is being protected".
Public sector pension schemes: judges and firefighters
case. The Treasury has confirmed that the decision that
"transitional protections" introduced to the reformed
judges and firefighters pension schemes were discriminatory will
apply to all public sector pension schemes and will need to be
remedied across all of them.
NHS Pension Scheme: consultation on "50/50 accrual
option" to address effects of annual allowance taper.
This consultation seeks to address the adverse tax impact of the
annual allowance taper for highly paid clinicians which has
resulted in a number of them changing their working patterns or
retiring early. The proposal would allow NHS Pension Scheme members
opt at the start of a tax year to reduce both their accrual and
contribution rates by 50%.
Pensions Regulator: survey on 2018 public service
governance and administration. This survey supported the
previous assessment that the major risks relating to public service
schemes arise in relation to governance, record-keeping and member
communications.
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A View From Mayer Brown – New UK Pensions Law Video Series (Video)
