Regular round-up of the latest pensions, investments, trusteeship and scheme management news
Current Issues - January 2021
06 Jan 2021
See excerpts from this month's articles below (to read more, please download our latest Current Issues):
Higher, more-targeted general levy proposed
The Department for Work and Pensions (DWP) has aired plans to raise the rates of the general levy on pension schemes, and redistribute the cost burden onto those that attract the most regulatory efforts.
Distressed sponsor’ guidance for DB scheme trustees
The Pensions Regulator has published guidance for defined benefit (DB) scheme trustees, to help them to manage the risks arising from financial distress affecting their sponsoring employers. The Regulator warns that anxious sponsors may act in ways detrimental to the interests of scheme members, and encourages trustees to think of themselves as ‘the first line of defence’ against the adverse outcomes of corporate insolvency.
Data standards for pensions dashboards
The Pensions Dashboards Programme (PDP) has announced the publication of a Data Standards Guide for the initial dashboards. The Guide contains detailed information on the components of data that pension providers will need to supply to members via the dashboards.
PPF confirms 2021/22 levy decisions
The Pension Protection Fund (PPF) has confirmed, in advance of its formal determination on the 2021/22 levy, that it is proceeding with the central proposals from the consultation documents published in September 2020.
Working group recommends action on small DC pots
The Department for Work and Pensions (DWP) has published recommendations from a working group on the question of how to deal with the increasing number of small, deferred, money purchase pension pots arising from automatic enrolment.
PASA cybercrime guidance
The Pensions Administration Standards Association (PASA) has published Cybercrime Guidance for pensions administrators.
TPR: Pledge to combat pension scams
The Pensions Regulator has launched a campaign asking pension trustees, providers and administrators to pledge to help protect pension savers from pension scams.
HMRC newsletters - December 2020
Her Majesty’s Revenue and Customs (HMRC) published Pension Schemes Newsletter 126 at the start of December 2020.