Legislation coming soon to a pension scheme near you
What do we expect the 2019 Pensions Bill to contain?
14 May 2019
A significant Pensions Bill is expected this summer which will bring changes to many areas of current pensions legislation. It is likely to receive Royal Assent in 2020.
What can we expect it to contain?
The Pensions Bill will bring together the Government’s proposals from the White Paper, ‘Protecting Defined Benefit Pension Schemes’, published in March 2018, the 2018 Budget and various subsequent consultations.
- Commercial defined benefit (DB) consolidation schemes (‘superfunds’)
- New civil and criminal fines in relation to DB schemes
- The Pensions Regulator’s new powers
- The Regulator’s expectations for DB scheme funding
- Collective defined contribution (CDC) schemes
- Changes to the Pensions Ombudsman’s powers jurisdiction
- Pensions dashboards
- GMP equalisation
Click to download our full article which goes into more detail on each of the proposals above.
With all this change on the horizon, we predict trustees and employers will find managing this a key challenge in 2019 and beyond. 49% of trustees we surveyed said they think that keeping on top of regulatory requirements is the biggest challenge they will face over the next 12 months. Taking time to understand what’s coming and the potential implications for your scheme is a good first step towards building this into your plans.
Please contact your usual Hymans Robertson consultant if you would like to discuss these issues further.