This page will mainly be of interest to trustees and managers responsible for running a scheme. It focuses on evolving requirements for scheme administration, good governance, compliance and reporting.

Pensions Hub

UK Pensions Briefing | The 2024 pension tax changes: Five things to know and three things to do

UK Pensions Briefing | The 2024 pension tax changes: Five things to know and three things to do

We have had a new pension tax regime since April 6, 2024. The underlying legislation is convoluted and almost impossible for a lay person to follow, so you would be forgiven for thinking there was a lot to study. At the very granular level that is true, and your scheme administrators will have a lot of detailed changes to make to systems. However if you zoom out a bit, in many ways life hasn’t changed. We’ve done the poring over densely amended tax legislation for you. Here are the highlights: five things to know and three things to do.

United Kingdom | Publication | April 26, 2024
Pensions Regulator publishes its findings on climate change governance reports

Pensions Regulator publishes its findings on climate change governance reports

There is a statutory requirement for the largest schemes to publish climate change governance reports and the Regulator has published its review of 30 such reports.

United Kingdom | Publication | April 25, 2024
Transition Plan Taskforce makes available new resources for schemes

Transition Plan Taskforce makes available new resources for schemes

While transition planning is not mandatory for scheme trustees, the Regulator’s view is that this exercise is useful in the management of climate-related financial risks and opportunities.

United Kingdom | Publication | April 25, 2024
Carer’s Leave Act 2023 - new unpaid leave available

Carer’s Leave Act 2023 - new unpaid leave available

From April 6, 2024, employees are entitled to a new form of unpaid leave. Employees with dependants having long-term care needs may take up to one week per year as carer’s leave to provide or arrange care.

United Kingdom | Publication | April 25, 2024
Pensions Dashboards: DWP publishes its long-awaited staged timetable for schemes’ dashboard connection

Pensions Dashboards: DWP publishes its long-awaited staged timetable for schemes’ dashboard connection

All occupational schemes, along with personal pension providers, must connect to pensions dashboards by October 31, 2026, at the latest. The DWP has now published guidance setting out a staged timetable, starting with the largest schemes. This phased connection aims to smooth the process of connecting the approximately 3,000 pension schemes and providers in scope by the 2026 connection deadline.

United Kingdom | Publication | April 15, 2024
Abolition of the lifetime allowance: HMRC pension schemes newsletters 157 and 158

Abolition of the lifetime allowance: HMRC pension schemes newsletters 157 and 158

The lifetime allowance was abolished with effect from April 6, 2024. HMRC has published two newsletters on the topic, and also confirms that further minor technical changes are to be made in additional regulations later this year.

United Kingdom | Publication | April 15, 2024
PPF consults on proposed bespoke discount rates for smaller schemes in section 143 valuations

PPF consults on proposed bespoke discount rates for smaller schemes in section 143 valuations

The Pension Protection Fund is proposing that smaller schemes – those with liabilities of less than about £50 million – may be permitted to use bespoke discount rates in section 143, 152 and 158 valuations. The proposed change would apply to valuations with effective dates on or after May 31, 2024, and the consultation closes on May 6, 2024.

United Kingdom | Publication | April 15, 2024
Pensions Regulator publishes blog on improving schemes’ EDI standards

Pensions Regulator publishes blog on improving schemes’ EDI standards

The Pensions Regulator’s latest blog sets out three tips for trustees seeking ways to improve their scheme’s EDI standards:

United Kingdom | Publication | April 15, 2024
Pensions Dashboards: FCA consults on regulatory framework for pensions dashboard service companies

Pensions Dashboards: FCA consults on regulatory framework for pensions dashboard service companies

The FCA has launched a consultation on new guidance to help companies understand the scope of the new regulated activity of operating a pensions dashboard service.

United Kingdom | Publication | April 15, 2024


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Lesley Browning
Lesley Browning
Partner
Email
lesley.browning@nortonrosefulbright.com
T: +44 20 7444 2448 / +44 77 1030 3311
Shane O'Reilly
Shane O'Reilly
Partner
Email
shane.o'reilly@nortonrosefulbright.com
T: +44 (20) 74443895

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