Regular round-up of the latest pensions, investments, trusteeship and scheme management news
Current Issues - September 2020
01 Sep 2020 - Estimated reading time: 8 minutes
See excerpts from this month's articles below (to read more, please download our latest Current Issues):
Pension Schemes Bill 2019/20: where we are now?
We thought we would take advantage of the break provided by Parliament’s summer recess to provide an update on progress with the current Pension Schemes Bill. It has completed its passage through the House of Lords (where it originated), and will undergo the House of Commons’ scrutiny after the holidays.
Finance Bill 2020/21 collective money purchase scheme provisions
The Treasury and Her Majesty's Revenue and Customs (HMRC) have published draft legislation that will appear in the Finance Bill 2020/21. It includes amendments to the Finance Act 2004's pension tax rules to accommodate collective money purchase (CMP) arrangements and benefits.
No contribution notices arising from Bernard Matthews administration
The Pensions Regulator has published a regulatory intervention report about the events leading to the insolvency of Bernard Matthews Limited, and the Pension Protection Fund (PPF) assuming responsibility for its pension scheme.
Viral news — August 2020
Regulator predicts rise in COVID related insolvencies
A blog post on the Pensions Regulator's website discloses that the organisation is expecting a rise in COVID-related insolvencies and corporate restructurings involving defined benefit (DB) scheme sponsors, beginning in the autumn and extending into 2021.
PPF to give trustees more time to pay
The Pension Protection Fund (PPF) has announced an electronic option for levy invoices, and the availability of a 90-day interest-free payment period for schemes or sponsoring employers that are struggling to pay their levies because of the pandemic.
GMP Working Group member communications guidance
The Guaranteed Minimum Pension Equalisation Working Group (GMPEWG) has published guidance for trustees on communicating with members at the early planning stage of ‘GMP equalisation’.
W&PC inquiry into pension scams
The House of Common’s Work and Pensions Committee has begun an inquiry into pension scams. It is the first part of a planned trilogy on the effects of the 2015 'Freedom and Choice' reforms (next year it will turn its attention to the themes of accessing pension savings and saving for later life).
Court judgments
In this article we give brief summaries of pensions-related rulings that have not otherwise featured in Current Issues.
HMRC Pension Schemes Newsletter 123
Her Majesty’s Revenue and Customs (HMRC) has published Pension Schemes Newsletter 123.
0 comments on this post