Here we look at the big picture trends in the world of pensions, including important case law developments and industry initiatives.

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
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
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
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 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
Pension Protection Fund publishes blog on supporting overfunded schemes and Clara takes over the Debenhams scheme

Pension Protection Fund publishes blog on supporting overfunded schemes and Clara takes over the Debenhams scheme

The PPF has published a blog sharing its experience of working with overfunded schemes (that is, on a PPF basis) that enter the PPF’s assessment period and how it is helping them to achieve the best possible outcomes for members.

United Kingdom | Publication | March 27, 2024
Budget Spring 2024: Pension changes

Budget Spring 2024: Pension changes

Compared with recent years, the pensions changes announced in the Budget were relatively minor this year.

United Kingdom | Publication | March 13, 2024
DWP publishes consultation on surplus extraction and public sector consolidator options for DB schemes

DWP publishes consultation on surplus extraction and public sector consolidator options for DB schemes

On February 23, 2024, the DWP published a consultation paper with proposals facilitating DB scheme surplus extraction and investment of scheme assets in the productive finance proposals outlined in the 2023 Mansion House speech. It also introduces the plan for a public consolidator vehicle operated by the PPF by 2026, which aims to be accessible to smaller, less well-funded schemes unable to secure an insurance buy-out.

United Kingdom | Publication | March 13, 2024
Regulator publishes annual report on overview of DB and hybrid schemes

Regulator publishes annual report on overview of DB and hybrid schemes

On February 20, 2024, the Regulator published its annual report providing an overview of the occupational DB and hybrid pension scheme landscape in the UK. The report covers scheme status, membership...

United Kingdom | Publication | March 13, 2024


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

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