Criminal prosecutions policy

The Department for Work and Pensions (DWP) and the Pensions Regulator have published a Memorandum of Understanding about the prosecution, in England and Wales, of the criminal offences introduced by the Pension Schemes Act 2021.

Regulator holds fire on Carillion

The Pensions Regulator has published a regulatory intervention report explaining why it has no basis for enforcement action in relation to the insolvency of the Carillion Group. An investigation found that neither Carillion's public misstatement of its financial performance (and the resultant payment of dividends), nor the Group's disposals of assets and business prior to its insolvency gave the Regulator cause to exercise its anti-avoidance or criminal prosecution powers.

The ‘actual or prospective right’ to a protected pension age

The High Court has lent support to His Majesty’s Revenue and Customs' interpretation of the legislation on 'protected pension age': the ability to take benefits before ‘normal minimum pension age’ (NMPA) under the tax rules.

FCA seeks data on iffy transfers

The Financial Conduct Authority (FCA) is seeking information from trustees and administrators about transfer requests that raise concerns. It is hoping to gather intelligence on matters such as the involvement of unauthorised advisers, suspicious numbers of cases involving the same adviser, transfer requests prompted by cold calling and other unsolicited contacts, questionable investments, and suspected scams.

Public sector news

Updates on Increases, LGPS revaluation date and McCloud calculator.

HMRC newsletters: February 2023

Highlights from Pension Schemes Newsletter 147.