Publication

Current Issues - December 2022

13 September 2024

5 min

Regular round-up of the latest pensions, investments, trusteeship and scheme management news.

See excerpts from this month's articles below (to read more, please download our latest Current Issues).

Pensions aspects of the 2022 Autumn Statement

The Chancellor of the Exchequer, Jeremy Hunt, delivered an Autumn Statement on 17 November 2022. He relayed the Office for Budget Responsibility’s conclusion that the UK economy is in recession, and that inflation will average 7.4% in 2023. Despite (or perhaps because of) that, there were few major pensions-related announcements, other than confirmation that the ‘triple lock’ will produce the largest ever increase to State pensions next April.

Get up to speed with dashboards developments

Updates on: Regulations ‘made’; Dashboards operational standards finalised; Staging timetable and; Regulator consults on compliance & enforcement policy.

EU Withdrawal Act deflects PPF-related discrimination claims

The Employment Appeal Tribunal (EAT) issued a ruling that preserves the ‘temporal limitation’ under pensions age discrimination law—except in legal actions begun by 31 December 2020—and may portend how UK and EU law diverge, post-Brexit.

HMRC Newsletters: November 2022

Updates on: Public Service Pensions Remedy Newsletter and Pensions Schemes Newsletter 145.

Revaluation Order

The Occupational Pensions (Revaluation) Order 2022 (SI 2022 No. 1229) has been made, laid before Parliament, and comes into force on 1 January 2023. The Order sets out the minimum statutory increases in deferment for early leavers with final-salary benefit who reach their normal pension ages during 2023. It also, indirectly, establishes the minimum statutory increases to pensions in payment.

Journey into un-chartered territory

The Institute and Faculty of Actuaries (IFoA) is calling on its actuaries to participate in an upcoming member vote on whether to adopt the designation of Chartered Actuary. The proposals reflect the increasing need to distinguish qualified actuaries from others carrying out actuarial work, who may not hold a professional qualification or have undertaken any formal actuarial training.