02 February 2024
7 min
See excerpts from this month's articles below (to read more, please download our latest Current Issues).
The Pensions Regulator’s General Code of Practice was, after an elephantine gestation period, presented to Parliament on 10 January 2024. Likely to come into force in late March 2024, it will consolidate and update much of the Regulator’s guidance on the legal responsibilities of, and expected standards of conduct and practice for, the trustees and scheme managers of occupational, public-sector and personal pension schemes.
The Department for Work and Pensions (DWP) has announced the outcome of proposed reforms to the defined benefit (DB) funding rules, addressing concerns that the new regime will be unduly restrictive. Final Regulations have been laid before Parliament, with the expectation that they will come into force on 6 April 2024, and apply to valuations with effective dates from 22 September onwards.
The Pensions Regulator has published guidance for trustees on private-market investments. It says, in summary, that such investments can contribute to good member outcomes, if trustees consider their options properly and have the right governance systems in place.
Pension Schemes Newsletter 155 confirms that His Majesty’s Revenue and Customs (HMRC) is aware of potential problems with some of the clauses in the Finance Bill 2023/24 concerned with the abolition of the lifetime allowance from 6 April 2024. It is considering whether changes are required.
Updates on GMPs in payment and Public Sector.
The Pension Protection Fund (PPF) has updated its suite of valuation guidance, effective from 1 January 2024. It was prompted by the changed status of EU-derived law, specifically the court decisions in the Hampshire, Hughes and Bauer.
The Pensions (Special Rules for End of Life) Bill, a Private Member's Bill sponsored by Laurence Robertson MP, is due for a Second Reading on 2 February, and seems to have Government support. It would change the Pension Protection Fund (PPF) and Financial Assistance Scheme (FAS)’s definitions of 'terminally ill', so that they apply in future to people with life expectancy of less than a year, rather than (as at present) six months. The change would mirror one made recently in connection with social security benefits.
This communication has been compiled by Hymans Robertson LLP, and is based upon their understanding of legislation and events as at the date of publication. It is designed to be a general information summary and may be subject to change. It is not a definitive analysis of the subject covered or specific to the circumstances of any particular employer, pension scheme or individual. The information contained is not intended to constitute advice, and should not be considered a substitute for specific advice in relation to individual circumstances. Where the subject of this document involves legal issues you may wish to take legal advice. Hymans Robertson LLP accepts no liability for errors or omissions or reliance on any statement or opinion.
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