Regular round-up of the latest pensions, investments, trusteeship and scheme management news
Current Issues - December 2023
01 Dec 2023 - Estimated reading time: 7 minutes
See excerpts from this month's articles below (to read more, please download our latest Current Issues).
Pensions measures in the Autumn Statement 2023
The Chancellor of the Exchequer, Jeremy Hunt, presented an Autumn Statement to the House of Commons on 22 November 2023. The pensions-related elements were dominated by updates on the ‘Mansion House’ initiatives, first mentioned in July 2023. The industry is bracing itself for another series of consultation exercises over the coming months.
Statutory revaluation hits the buffers (again)
The Occupational Pensions (Revaluation) Order 2023 was laid on 27 November 2023, and enters into force in the new year. The Order applies to final-salary benefits, establishing the minimum statutory revaluation for the rights of early leavers who reach their normal pension ages (NPAs) in 2024 (a separate Order will govern the revaluation of guaranteed minimum pensions). Due to the high inflation rate for September 2023, the statutory caps on revaluation come into play in the Order.
Clearing exemption for pension schemes – call for evidence
The Treasury has called for evidence on pension funds' exemption from the obligation to clear, through a central counterparty, their derivative transactions.
Ombudsman upholds by-the-book transfer approach
The Pensions Ombudsman has published details of the first complaint about the ‘Conditions for Transfers' Regulations that were introduced in 2021. He rejected the member’s claim that the trustee had delayed processing his transfer request by insisting that he attend a Pension Safeguarding Guidance appointment with MoneyHelper.
Ombudsman not ‘competent’ in overpayment cases
The Court of Appeal has confirmed that the Pensions Ombudsman’s determinations of disputes about recoupment of overpayments are not enforceable until rubber-stamped by a county court. He is not himself a ‘competent court’.
New Pensions Minister
Paul Maynard has replaced Laura Trott as Minister for Pensions, following a cabinet reshuffle. Laura Trott has been promoted to the role of the Chief Secretary to the Treasury.
HMRC newsletters: November 2023
Updates from His Majesty’s Revenue and Customs' (HMRC) Pension Schemes Newsletter 154.
Dates set for pensions-law appeals
Updates on cases involving Virgin Media and the BBC.