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Articles by Clifford Sims
Pensions Weekly Update - 3 April 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. As expected, The Pensions Regulator’s (TPR) General Code of Practice came into force last week. Our Pensions team produced a special video, “The General Cake of Practice”, to mark the occasion and to offer compliance advice.
Pensions Weekly Update - 27 March 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. An order has been made confirming that The Pensions Regulator’s (TPR) general code of practice will come into force on 28 March 2024. Watch out for our materials on the general code, which will appear on social media tomorrow. The Department for Work and Pensions (DWP) has issued its dashboards connections guidance.
Pensions Weekly Update – 27 March 2024 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. An order has been made confirming that The Pensions Regulator’s (TPR) general code of practice will come into force on 28 March 2024. Watch out for our materials on the general code, which will appear on social media tomorrow. The Department for Work and Pensions (DWP) has issued its dashboards connections guidance.
Pensions Weekly Update - 13 March 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The chancellor’s spring budget 2024 contained few surprises on the pensions front. The chancellor confirmed that value for money (VFM) measures will proceed and that the Financial Conduct Authority (FCA) will carry out a consultation in the spring.
Pensions Weekly Update - 5 March 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Following on from the government’s consultation on options for defined benefit (DB) pension schemes, the Pension Protection Fund (PPF) has published a paper setting out how it envisions a public sector consolidator for DB schemes (PSC) could be structured.
Pensions Weekly Update - 21 February 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator (TPR) has published its 2023 official statistics on the defined benefit (DB) and hybrid scheme landscape in the UK. The publication reports on scheme status, membership levels and assets under management. TPR reports that the DB and hybrid landscape continues to shrink at a consistent rate (2% since 2022).
Pensions Weekly Update - 14 February 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. In the government’s green finance strategy 2023, it was noted that a working group of the Financial Markets Law Committee (FMLC) would give further consideration to clarifying pension trustees’ fiduciary duties.
Pensions Weekly Update - 20 March 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. HM Revenue and Customs (HMRC) has updated its lifetime allowance guidance newsletter, which was originally published on 7 March 2024. Additional information has been added to frequently asked questions 14, 20 and 37.
Pensions Weekly Update - 5 March 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Following on from the government’s consultation on options for defined benefit (DB) pension schemes, the Pension Protection Fund (PPF) has published a paper setting out how it envisions a public sector consolidator for DB schemes (PSC) could be structured.
Pensions Weekly Update - 31 January 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 have been laid before Parliament and are due to come into force on 6 April 2024 (subject to parliamentary approval). The regulations will apply in relation to scheme valuations from 22 September 2024 onwards.
Pensions Weekly Update - 24 January 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Dashboards Programme (PDP) has issued an update on how it is collaborating with government, regulators, industry and volunteer participant organisations as part of its dashboards delivery programme. PDP welcomes greater participation in its interest forums and working groups.
Pensions Weekly Update - 14 February 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. In the government’s green finance strategy 2023, it was noted that a working group of the Financial Markets Law Committee (FMLC) would give further consideration to clarifying pension trustees’ fiduciary duties.
Pensions Weekly Update - 31 January 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 have been laid before Parliament and are due to come into force on 6 April 2024 (subject to parliamentary approval). The regulations will apply in relation to scheme valuations from 22 September 2024 onwards.
Pensions Weekly Update - 17 January 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator’s (TPR) long-awaited general code of practice has been laid before Parliament and is scheduled to come into force on 27 March 2024. The code consolidates and updates 10 former codes of practice.
Pensions Weekly Update - 10 January 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Anthony Arter CBE has been appointed as the interim chair of The Pensions Ombudsman (TPO). The appointment took effect from 1 January 2024 and the Department for Work and Pensions (DWP) has said that a recruitment campaign will be conducted to fill the position permanently.
Pensions Weekly Update - 3 January 2024
Happy New Year! Here is our summary of key legal and regulatory developments over the last couple of weeks that are relevant to occupational pension schemes, which you might have missed, with links for further information. On 20 December 2023, HM Revenue and Customs (HMRC) published a lifetime allowance guidance newsletter, which provides an update on technical issues relating to the abolition of the lifetime allowance (LTA) from 6 April 2024.
Pensions Weekly Update - 7 February 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator (TPR) has issued a report outlining how it acted following a major cybersecurity incident last year and worked closely with trustees, administrators and other regulators to assess the risk posed to pension schemes and members.
Pensions Weekly Update - 20 December 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pension Protection Fund (PPF) has published its policy statement and levy rules for the 2024-25 levy year. The PPF has confirmed a levy estimate of £100 million (which is half the levy estimate for 2023-24). The PPF says that it expects that 99% of defined benefit pension schemes will pay less levy in 2024.
Pensions Weekly Update – 3 January 2024 | Publications | Insights & Events | Squire Patton Boggs
Happy New Year! Here is our summary of key legal and regulatory developments over the last couple of weeks that are relevant to occupational pension schemes, which you might have missed, with links for further information. On 20 December 2023, HM Revenue and Customs (HMRC) published a lifetime allowance guidance newsletter, which provides an update on technical issues relating to the abolition of the lifetime allowance (LTA) from 6 April 2024.
Pensions Weekly Update – 10 January 2024 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Anthony Arter CBE has been appointed as the interim chair of The Pensions Ombudsman (TPO). The appointment took effect from 1 January 2024 and the Department for Work and Pensions (DWP) has said that a recruitment campaign will be conducted to fill the position permanently.
Pensions Weekly Update – 17 January 2024 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator’s (TPR) long-awaited general code of practice has been laid before Parliament and is scheduled to come into force on 27 March 2024. The code consolidates and updates 10 former codes of practice.
Pensions Weekly Update - 24 January 2024
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Dashboards Programme (PDP) has issued an update on how it is collaborating with government, regulators, industry and volunteer participant organisations as part of its dashboards delivery programme. PDP welcomes greater participation in its interest forums and working groups.
Pensions Weekly Update - 6 December 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Following publication of the autumn finance bill, HM Revenue & Customs (HMRC) has issued newsletter 154. The newsletter gives a high-level overview of what is included in the finance bill and highlights which proposals have been dropped.
Pensions Weekly Update - 29 November 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. We noted in last week's update that the background papers to the chancellor's autumn statement included government responses to consultations and calls for evidence that were issued as part of its Mansion House proposals, including the outcome of its call for evidence on options for defined benefit (DB) pension schemes.
Pensions Weekly Update - 15 November 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Laura Trott is no longer the pensions minister. In the cabinet reshuffle of 13 November 2023, she was appointed chief secretary to the treasury. Laura Trott has overseen a number of important developments in her year-long period of office. We wish her well and we hope to hear confirmation of the new pensions minister soon.
Pensions Weekly Update - 8 November 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. King Charles III delivered his speech at the opening of Parliament yesterday. There had been speculation that the king would announce a pensions bill, in view of the number of pensions reform proposals that would require primary legislation (including the Mansion House reforms). However, the king did not mention a pensions bill.
Pensions Weekly Update - 1 November 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pension Protection Fund (PPF) has published a blog by Sara Protheroe, chief customer officer, setting out further thinking around the possibility of the PPF becoming a public consolidator of pension schemes.
Pensions Weekly Update – 29 November 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. We noted in last week's update that the background papers to the chancellor's autumn statement included government responses to consultations and calls for evidence that were issued as part of its Mansion House proposals, including the outcome of its call for evidence on options for defined benefit (DB) pension schemes.
Pensions Weekly Update – 1 November 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pension Protection Fund (PPF) has published a blog by Sara Protheroe, chief customer officer, setting out further thinking around the possibility of the PPF becoming a public consolidator of pension schemes.
Pensions Weekly Update – 20 December 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pension Protection Fund (PPF) has published its policy statement and levy rules for the 2024-25 levy year. The PPF has confirmed a levy estimate of £100 million (which is half the levy estimate for 2023-24). The PPF says that it expects that 99% of defined benefit pension schemes will pay less levy in 2024.
Pensions Weekly Update – 23 November 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. While the chancellor's autumn statement was short on detail, the package of pensions measures contained in the background papers to the autumn statement are substantial. We set out links to the main documents below.
Pensions Weekly Update - 6 December 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Following publication of the autumn finance bill, HM Revenue & Customs (HMRC) has issued newsletter 154. The newsletter gives a high-level overview of what is included in the finance bill and highlights which proposals have been dropped.
Pensions Weekly Update - 11 October 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Society of Pension Professionals (SPP) has published a paper on the lifetime allowance (LTA) and a review of the options. This follows on from the government’s announcement at Spring Budget 2023 that the LTA would be abolished from 6 April 2024. The paper contains some useful case studies.
Pensions Weekly Update – 15 November 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Laura Trott is no longer the pensions minister. In the cabinet reshuffle of 13 November 2023, she was appointed chief secretary to the treasury. Laura Trott has overseen a number of important developments in her year-long period of office. We wish her well and we hope to hear confirmation of the new pensions minister soon.
Pensions Weekly Update – 11 October 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Society of Pension Professionals (SPP) has published a paper on the lifetime allowance (LTA) and a review of the options. This follows on from the government’s announcement at Spring Budget 2023 that the LTA would be abolished from 6 April 2024. The paper contains some useful case studies.
Pensions Weekly Update - 25 October 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator (TPR) has issued a blog reminding trustees that complying with pensions dashboards requirements is a big project. TPR encourages trustees to follow its checklist, which breaks down the stages of the project into bite-sized chunks.
Pensions Weekly Update - 18 October 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Management Institute has published a guide on dashboards for the pensions industry.
Pensions Weekly Update - 4 October 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator (TPR) has published its compliance and enforcement bulletin for the period of January 2023 to June 2023. This notes that it published one regulatory intervention report during the period.
Pensions Weekly Update - 27 September 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Barry Kenneth, chief investment officer at the Pension Protection Fund (PPF), has published a blog that explains the PPF's investment strategy. This follows on from the government's Mansion House proposals and stated aim of encouraging more defined benefit pension funds to invest in productive finance.
Pensions Life Hacks - Derivative Contracts Understanding the Risks
What Is the Issue? Virtually all pension schemes use derivatives, whether they realise it or not. The involuntary stress-testing of liability driven investment (LDI) strategies used by defined benefit schemes last year, following the crisis in the gilts market that the mini budget induced, focused a lot of attention on leverage levels and liquidity requirements for schemes.
Pensions Weekly Update - 20 September 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions (Extension of Automatic Enrolment) (No. 2) Bill has passed through the House of Lords unamended and has now received Royal Assent. The government has said that it will consult as soon as possible on implementing the provisions of the act and that consultation will hopefully take place later this year.
Pensions Weekly Update - 27 September 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Barry Kenneth, chief investment officer at the Pension Protection Fund (PPF), has published a blog that explains the PPF's investment strategy. This follows on from the government's Mansion House proposals and stated aim of encouraging more defined benefit pension funds to invest in productive finance.
Pensions Weekly Update – 6 September 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Regulator (TPR) has updated two sets of defined contribution (DC) guidance to cover the new disclose and explain requirements applying to the default funds of schemes with DC benefits.
Pensions Weekly Update – 23 August 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Dashboards Programme (PDP) has issued an update on the dashboards reset. A recent assessment did not find any major issues with the central digital architecture that sits at the core of the pensions dashboards ecosystem; therefore, plans can continue towards setting new connection deadlines.
Pensions Weekly Update – 26 July 2023 | Publications | Insights & Events | Squire Patton Boggs
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Chancellor Jeremy Hunt’s Mansion House speech on 10 July 2023 (and the vast quantity of accompanying documents) launched a wide-ranging review of pension policy on a disparate range of topics. Our pension partners have analysed the detail of the reforms and summarised the key takeaways.
Pensions Weekly Update - 12 July 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The chancellor has delivered his 2023 Mansion House speech, which includes some major proposals for the pensions industry, and introduces the government's response to several consultations that have been on the back burner for a while (such as defined benefit (DB) consolidation).
Pensions Weekly Update - 2 August 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. The Pensions Dashboards (Amendment) Regulations 2023 have been laid before Parliament and are due to come into force on 9 August 2023.
Pensions Weekly Update - 19 July 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Nausicaa Delfas, chief executive of The Pensions Regulator (TPR), has welcoming the government's new package of pensions measures that were announced by the chancellor in his Mansion House speech on 10 July.
Reputational Risks: Lessons From the Odey Crisis
The investigations into Odey Asset Management and its founder, Crispin Odey, which are currently capturing the headlines in the financial press, tell a familiar story of how fast a financial institution can fall from grace when disaster strikes. Institutional investors (and by extension some retail funds that had been invested in Odey’s strategies) have already caused the suspension of five Odey managed funds.
Pensions Weekly Update - 14 June 2023
Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information. Laura Trott, Pensions Minister, has issued a written statement in relation to the progress of pensions dashboards. In the statement, she says that more time is needed to deliver the dashboards programme. The Pensions Dashboards (Amendment) Regulations 2023 have been laid before Parliament, using the "affirmative" procedure.
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