Highlighting recent cases and guidance.
Many trustee boards have taken steps to mitigate for the current coronavirus pandemic and most schemes are now settling into the 'new normal'. Despite the current pandemic, pensions issues haven't gone away - new legislation, guidance and decisions continue to be published by the government and the courts.
GMP equalisation remains at the forefront of industry discussion and there have been a number of developments this year. Our latest update on HMRC's approach to GMP equalisation is here. There is currently no sign of the highly anticipated judgment in the third Lloyds case (which is expected to give further guidance on transfers and other matters) but we will provide a further update when that is issued.
In addition, it has been over two years since the General Data Protection Regulation (GDPR) came into force in the UK. Trustees should continue to monitor their compliance with the new regime, including developing case law. The recent "Schrems II" decision is of particular relevance for those schemes which permit the transfer of members' personal data outside the EU - further details of the decision and its impact on UK pension schemes can be found here.
We will provide additional updates in due course.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.