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Articles by Philip Sutton
Pensions Weekly Update - 21 August 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 has published the terms of reference for the first phase of the pensions review announced recently. The review will focus on defined contribution (DC) pension schemes and the Local Government Pension Scheme (LGPS).
Pensions Weekly Update - 13 August 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. On 7 August, Chancellor Rachel Reeves hosted a roundtable with the so-called “Maple 8” group of Canadian retirement funds in Toronto, which have invested billions of pounds in the UK economy in recent years.
Employer Indemnities Will They Work If Push Comes to Shove?
What Is the Issue? Trustees are generally volunteers. Many are unpaid. All trustees will remember the part of their trustee induction training about the risks of being a trustee the words "unlimited joint and several liability" are hard to forget. All trustees will have taken comfort from the next slide in the training deck about the layers of protections available for trustees. At the heart of those protections is the indemnity that is generally provided under the scheme's rules.
Employer Indemnities – Will They Work If Push Comes to Shove?
To what extent does your trustee board understand the various ways in which they might be protected if things go wrong and claims are made against them? It is a difficult topic to think about, as no trustee ever wants to be on the receiving end of a claim. If your trustee board has not considered trustee protection for a while, or if there have been changes to the trustee board, it is well worth revisiting this important subject.
Pensions Weekly Update - 7 August 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 report on market oversight: review of trustee compliance with environmental, social and governance (ESG) duties. TPR undertook three types of review.
Pensions Weekly Update - 24 July 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, Rachel Reeves, has launched the first review of the pensions landscape, with a focus on investment. The aim is to increase investment in UK productive finance and boost the growth of pension pots.
Pensions Weekly Update - 17 July 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. Background papers to the King’s Speech set out the scope of a new pensions bill to be brought forward.
Pensions Weekly Update - 3 July 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 Ombudsman (TPO) has issued an updated factsheet with generic wording that schemes can use to signpost members to its complaints service. The factsheet includes referral wording that can be used in complaint and resolution processes and contains two options for scheme website wording (long form and short form).
Pensions Weekly Update - 19 June 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 last week’s update, the Green Party and Labour Party have now published their respective election manifestos, both of which contain pensions pledges.
Pensions Weekly Update - 15 May 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 National Audit Office has released a report on its investigation into the delays which led to the “reset” of pensions dashboards, which was announced in March 2023.
Pensions Weekly Update - 1 May 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 annual defined benefit (DB) funding statement for 2024. It is particularly relevant to schemes with valuation dates between 22 September 2023 and 21 September 2024.
Pensions Weekly Update - 17 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. The Pensions Regulator (TPR) has undertaken an analysis of a sample of climate-related reports published in relation to scheme year-end dates between 1 October 2022 and 30 September 2023. TPR reviewed 30 out of approximately 300 reports for that period. 25 of the schemes reviewed were reporting for the first time.
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.
UK Prepares to Connect Pension Schemes to Dashboards Architecture
Skip to main content March 22, 2024 Volume XIV, Number 82 Legal Analysis. Expertly Written. Quickly Found. Trending News Pensions Dashboards – Avoid the Legal Ruck Print Mail Download i The rugby Six Nations Championship has been a recent topic of conversation. But do you know how long pensions dashboards have been a topic of conversation?
California Employers on Deadline: Workplace Violence Prevention Plan Required by July 1
Another year, another mandate for California employers. By July 1, 2024, nearly all employers in the Golden State must have in place a workplace violence prevention plan. While the compliance deadline may be three months away, employers need to immediately take action to ensure completion and training by July 1.
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 - 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 - 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 - 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 - 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 - 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 Life Hacks - Data Protection Impact Assessments (DPIA) When Are They Needed?
What Is a DPIA? A DPIA is a process designed to describe a processing activity, assess its necessity and proportionality and help manage any resulting risks to the rights and freedoms of data subjects. In other words, a DPIA is a way for data controllers, such as pension trustees, to build and demonstrate compliance with data protection requirements. What Is the Issue?
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 - 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 - 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.
Pensions Weekly Update - 17 May 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 a blog linking to refreshed guidance for pension scheme trustees dealing with employer stress or distress. This has been updated to reflect recent market volatility.
Pensions Weekly Update - 19 April 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 announced that it has authorised the UK's first collective defined contribution (CDC) pension scheme. Currently, CDC schemes can be set up as a single employer scheme or for employers in the same group of companies.
Pensions Weekly Update - 5 April 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 government has published its anticipated review of the state pension age, in which it confirms that state pension ages will increase to age 67 between 2026 and 2028, as planned. The increase to age 68, scheduled to take place between 2044 and 2046, will be reviewed again within two years of the next parliament.
Pensions Weekly Update - 29 March 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 guidance for pension scheme governing bodies and sponsoring employers to improve equality, diversity and inclusion (EDI). The term “governing body” includes trustee boards as well as managers and board members of public service pension schemes.
Pensions Weekly Update - 8 March 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 Minister, Laura Trott, announced in a ministerial statement that the Pensions Dashboards Programme will be “reset”, as additional time is needed to prepare for the introduction of pensions dashboards.
Pensions Weekly Update - 1 March 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 launched a campaign to ensure that pension trustees are complying with their climate change and environmental, social and governance (ESG) reporting duties.
Pensions Weekly Update - 22 February 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 Financial Conduct Authority (FCA) has asked pension trustees to report concerns about transfer requests to it.
Pensions Weekly Update - 15 February 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. In September 2021, The Pensions Regulator (TPR) published its criminal offences policy in relation to the investigation and prosecution of two new offences introduced by the Pension Schemes Act 2021. The offences relate to conduct risking accrued scheme benefits and avoidance of an employer debt.
Pensions Weekly Update - 8 February 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. HMRC has published pension schemes newsletter 146. While mainly providing an update on an administrative front, HMRC notes that it has updated its transfer guidance so that anyone seeking confirmation of the status of a receiving scheme can now request an email response from HMRC provided that they follow a certain process.
Pensions Weekly Update - 18 January 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 guidance statement for pension trustees and their advisers around how schemes should communicate with, and support, defined contribution (DC) savers.
Data Protection Day – a Time for Reflection
January 27, 2022 DFPI Reminds Licensees to Submit Annual Reports by March 15 by: Moorari Shah and A.J. S. Dhaliwal Uyghur Forced Labor Prevention Act – Comment Period Open until March... by: Michael J. Walsh Jr and Jeffery R. Atkin Cal/OSHA Enters the New Year With Expanded Enforcement Authority by: Roland M. Juarez and Susan F. Wiltsie CFPB Addresses “Confusion” Over Earned Wage Access Program by: Moorari Shah and A.J. S.
PPF to doff its compensation cap | Lexology
On 22 June 2020, the High Court ruled in Hughes v Board of the Pension Protection Fund that certain restrictions applied to benefits paid from the Pension Protection Fund (PPF) are unlawful on age discrimination grounds. Background: PPF compensation Members of eligible defined benefit pension schemes with an insolvent employer will receive compensation from the PPF if the scheme’s assets (including any recoveries made from the employer) are insufficient to cover PPF compensation levels.
The Geometry and Trigonometry of the Corporate Insolvency and Governance Act – What Is the Final Pensions Angle?
Monday, July 6, 2020 If you are going round in circles trying to figure out the final shape of the new insolvency legislation, read this blog which takes a look at the impact the final amendments made to the legislation will have in the pensions sphere. The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent on 25 June 2020, with most provisions coming into force on 26 June 2020.
The Geometry and Trigonometry of the Corporate Insolvency and Governance Bill – What’s the Pensions Angle?
Monday, June 15, 2020 Part One The Corporate Insolvency and Governance Bill (the Bill) is passing through parliament at the moment. Some of the measures included in the Bill are in response to the current pandemic and will provide temporary easements for company directors from an acute economic downturn. Other measures have been under consideration for a while, and will be permanent. Our restructuring colleagues provide some insights into the proposed new measures on their blog page.
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