Regular round-up of the latest pensions, investments, trusteeship and scheme management news
Current Issues - September 2021
02 Sep 2021
See excerpts from this month's articles below (to read more, please download our latest Current Issues):
GMP equalisation working group transfer guidance
The Pensions Administration Standards Association (PASA) working group dealing with guaranteed minimum pensions (GMP) equalisation has published Supplemental Guidance on Transfer Payments. It offers suggestions for how schemes might deal with GMP equalisation in connection with transfers that they have paid to, or received from, other schemes.
Pension Schemes Act powers prospective-only, as promised
The Pension Schemes Act 2021 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2021 bring a motley selection of PSA ’21 provisions into force with effect from 1 October 2021. They cover additional grounds for the imposition of contribution notices, the creation of new criminal offences and civil penalties, changes to the notifiable events regime (but not the extended notification obligations related to corporate activity), and amendments to the Pensions Regulator’s information-gathering powers. Perhaps most noteworthy are transitional provisions to the effect that the new powers bestowed upon the Regulator will generally not apply to events occurring prior to 1 October.
Regulator issues holding update on single Code project
The Pensions Regulator has published an 'interim response' to comments about its draft combined Code of Practice. It recounts receipt of 'several well-argued direct challenges to aspects of [its] work', and plans to take time to give them due consideration.
Ombudsman anticipates rise in complaints
The Pensions Ombudsman has publicized his plans for the next three years. He forecasts increasing caseloads (including a lockdown-induced bump) and announces a pilot scheme to investigate more trustee-fraud allegations, whilst aiming to resolve complaints more quickly by increasing his office’s productivity.
HMRC newsletters, August 2021
We share the latest announcements from the Managing Pension Schemes Service Newsletter and Pension Schemes Newsletter.