Year: 2021
Pensions Regulator Enforcement Powers
17th December 2021
Background The Pension Schemes Act 2021 gave new powers to the Pensions Regulator (TPR) to: bring criminal prosecutions, or impose fines of up to £1 million, for: avoiding an employer debt or for conduct that risks accrued benefits in a scheme or providing TPR with false or misleading information and issue Contribution Notices, requiring a … Read more
Contribution Notices – New Code of Practice
3rd December 2021
Background The Pensions Act 2004 introduced a power for the Pensions Regulator (TPR) to issue a Contribution Notice (CN) in certain circumstances, requiring an employer (or a connected party) in relation to a defined benefit pension scheme to make a payment to the scheme. Initially, there was one test that might trigger a CN, known … Read more
Changes to the Notifiable Events Regime
1st October 2021
Background Section 69 of the Pensions Act 2004 requires trustees and employers in relation to a pension scheme to notify the Pensions Regulator of certain events which have the potential to cause harm to the scheme. The Government is consulting on introducing two new notifiable events, removing one existing notifiable event and making changes to … Read more
TPR Annual Funding Statement 2021
11th June 2021
Summary The Pensions Regulator has published its annual funding statement, providing guidance for those schemes whose actuarial valuation dates fall between 22 September 2020 and 21 September 2021, although it should be of interest to other schemes as well. TPR expects trustees whose schemes are undergoing valuations between these dates to comply fully with the … Read more
Changes to the Retail Prices Index
16th April 2021
The UK Government and UK Statistics Authority confirmed on 25 November 2020 that the Retail Prices Index (RPI) is to be set equal to the CPIH (Consumer Prices Index including Housing) from 2030. There are differences between RPI and CPIH, both in the items that are included in the calculation and in the method of … Read more
PPF Levy rules for 2021-22
29th January 2021
The PPF has issued the final levy rules for the 2021-22 year. This would be the first year of a new triennium, when the levy rules would be, largely, fixed for the next three years. However, in light of the Covid-19 pandemic, the PPF has decided to look at one year at a time until … Read more