News


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

Spring Budget 2020

13th March 2020

The Chancellor, Rishi Sunak, delivered his first Budget on 11 March.  Understandably, the main focus was on assistance to companies and to individuals in the light of the Covid-19 pandemic.  However, there were a few measures related to pensions that featured in the Budget. Annual Allowance taper tantrum For individuals whose earned income, including employee … Read more

HMRC guidance on GMP equalisation

6th March 2020

Her Majesty’s Revenue & Customs (“HMRC”) has published its long-awaited 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”). This guidance does not cover GMP conversion, nor the treatment of lump sum and death benefit … Read more

PPF consultation on insolvency risk

7th February 2020

Introduction The 2020/21 year is the last year of the current triennium, during which the PPF aims to keep the calculation of the levy it charges defined benefit schemes stable.  Ahead of the next triennium it has appointed Dun & Bradstreet as its insolvency risk provider and consulted on some elements of the calculation of … Read more