IN THIS ISSUE:

  • PPF-compliant guarantees and security arrangements: The PPF rules are changing for pension schemes that have a pre-18 January 2018 guarantee in place that includes a fixed sum (ie, £x) liability cap. These have to be replaced if they are to be certified or recertified for the 2019/2020 levy year.
  • Proposed new Pensions Regulator powers: Following the recent White Paper on protecting DB pension schemes, the government is consulting on its proposals to give the Pensions Regulator greater powers in relation to corporate activity and to help the Regulator to learn about a wider range of significant events than at present, and at an earlier stage.
  • BA Court of Appeal decision: British Airways has won its appeal against the High Court decision about the validity of decisions taken by the Airways Pension Scheme trustees. Those decisions were to exercise a unilateral power of amendment to give themselves a power to award discretionary increases above those required by the scheme rules and then to exercise that power to give an increase.
  • Investment disclosure: The government is consulting on draft regulations concerning the disclosure of information by pension scheme trustees about environmental, social and governance (ESG) factors and stewardship in relation to investments.
  • EMIR clearing obligation: The European Securities and Markets Authority (ESMA) and the FCA have issued statements giving comfort in connection with the expiry of the current temporary exemption for pension scheme arrangements from the EMIR clearing obligation.
  • Pension scams code of practice: The Pension Scams Industry Group has updated its voluntary code of practice. The code is intended to help share good practice and reduce the risk of successful scams.
  • DC schemes' chair's statement: The Pensions Regulator has issued an updated quick guide to the annual DC scheme chair's statement.
  • Ongoing final salary link: The High Court has ruled that a multi-employer DB scheme that was closed to future accrual, but with deferred members benefiting from an ongoing final salary link while they remained in service, did not have members in pensionable service for the purposes of the employer debt legislation.
  • PPF compensation and fixed pension transfer credits: The government is consulting on amending regulations designed to reverse the effect of the High Court's decision in Beaton v Board of the Pension Protection Fund, concerning the application of the PPF compensation cap to fixed pension transfer credits.
  • Pimlico Plumbers case The Supreme Court decision in Pimlico Plumbers v Smith, that Mr Smith was a worker and so was entitled to workers' rights, has implications for Pimlico Plumbers and other firms with similar practices as regards their automatic enrolment duties.
  • Box Clever - Upper Tribunal decision: The Upper Tribunal has confirmed the Pensions Regulator's Determinations Panel's decision to issue financial support directions to five ITV target companies in relation to the Box Clever Group Pension Scheme.
  • Financial Guidance and Claims Act 2018: The Financial Guidance and Claims Act 2018 has received Royal Assent. Its provisions include new requirements to refer members to guidance; a power to make regulations prohibiting pensions "cold-calling"; and provision for the establishment of the new single financial guidance body.
  • HMRC – genuine errors and IFAS: HMRC has clarified the extent to which its guidance on correcting genuine errors applies where an independent financial adviser or other agent engaged by a member makes an error and the scheme acts on it.
  • Anti-money laundering: HMRC has issued new guidance for pension schemes on the registration and record-keeping requirements of the 2017 money laundering regulations. The EU's Fifth Money Laundering Directive will in due course impose new obligations regarding disclosure of beneficiary details and registration.
  • Master trusts: The Pensions Regulator's code of practice on the authorisation and supervision of master trusts has been finalised.

Download >> What's Happening In Pensions - Issue 71

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