DWP backs GMP-conversion amendments

The Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill, which seeks to fix some of the inconsistencies in the primary legislation on conversion of GMPs into ordinary scheme benefits, had its Second Reading in the House of Commons on 26 November 2021. Although it is a Private Members' Bill, it has the support of the Government, and therefore has a good chance of becoming law.

Funding regs consultation in spring '22, draft Code in late summer

A blog on the Pensions Regulator's website indicates that the Department for Work and Pensions (DWP) will consult on defined benefit (DB) funding and investment regulations in the spring of 2022. The Regulator's draft Code of Practice is now set to follow in late summer.

Revised Code of Practice on Contribution Notices

The Pensions Regulator’s revised Code of Practice 12: Contribution Notices—Circumstances in Relation to the Material Detriment Test, the Employer Insolvency Test and the Employer Resources Test came into effect on 25 November 2021. The updated Code reflects the new employer insolvency and employer resources tests for the imposition of contribution notices, which were introduced by the Pension Schemes Act 2021, and came into force on 1 October 2021.

PPF levies 2022/23

The Pension Protection Fund (PPF) has confirmed the details of its levies for 2022/23. The levy estimate has been reduced to £390m, £130m less than the estimate for 2021/22.

Review of State pension age begins

The Department for Work and Pensions (DWP) has begun a statutory review of State pensionable age (SPA). It has commissioned reports from the Government Actuary’s Department (GAD) and a team led by Baroness Neville-Rolfe, and will consider regional and group differences in life expectancy.