News
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
Lloyds 3 – past transfers
4th December 2020
The third judgment arising from the Lloyds case on “GMP equalisation” was published on 20 November 2020. The High Court ruled that historical transfers out of schemes should be revisited and equalised, although it is unclear how proactive trustees need to be in addressing the issue. This will apply only to statutory, individual transfers out, … Read more
GMP equalisation – updated guidance from HMRC
7th August 2020
Her Majesty’s Revenue & Customs (“HMRC”) has published guidance regarding the tax treatment of additional benefits granted to pension scheme members when schemes equalise for the effect of unequal (between men and women) Guaranteed Minimum Pensions (“GMP”). The guidance was updated in July 2020, to cover the treatment of lump sum and death benefit payments … Read more
The Corporate Insolvency and Governance Act 2020
23rd July 2020
This Act includes measures intended to provide relief to companies impacted by Covid-19. However, its application is wider and trustees of defined benefit (DB) pension schemes should understand the potential impact on their scheme. Company moratorium Companies will be able to declare a moratorium, initially for a period of 20 business days, during which the … Read more
An interim regime for “superfunds”
9th July 2020
Summary The Pensions Regulator (“TPR”) has issued guidance in relation to defined benefit consolidation vehicles, including so-called “superfunds”, that enable employers sponsoring DB pension schemes to sever their link to the scheme in return for a capital sum. The guidance sets out the standards TPR expects to be met during the period until formal legislation … Read more
Updated guidance on suspension of deficit-reduction contributions
25th June 2020
Summary The Pensions Regulator (“TPR”) has updated its guidance for trustees and employers in situations where the employer needs to request a suspension or reduction of deficit-reduction contributions (“DRCs”). Trustees should treat requests to suspend or reduce payments for future service benefits in a similar way as requests to reduce or suspend DRCs and should … Read more
The Pension Regulator’s Annual Funding Statement 2020
14th May 2020
Summary The Pensions Regulator has published its annual funding statement, providing guidance for those schemes whose actuarial valuation dates fall between 22 September 2019 and 21 September 2020, although it should be of interest to other schemes as well. TPR clarifies that, although it is currently consulting on a new version of Code of Practice … Read more
The Regulator’s guidance in relation to Covid-19
1st May 2020
The Pensions Regulator (“TPR”) has been issuing guidance to help trustees ensure that their schemes can withstand the impact of Covid-19. Reporting duties and enforcement activity TPR is adopting a more flexible approach to what trustees should report to them and when enforcement action would be appropriate under the current circumstances. If there is a … Read more
Censeo and HamishWilson
6th April 2020
We are delighted to announce that Censeo has teamed up with HamishWilson Limited – a similarly-sized firm we have known and respected for a considerable time. Having been working towards the merger for some time now, completing the deal during the Covid-19 lockdown was interesting, to say the least! We share the same ethos and … Read more
