05 June 2024
7 min
See excerpts from this month's articles below (to read more, please download our latest Current Issues).
On 22 May 2024, the UK’s Prime Minister, Rishi Sunak, called for a general election to be held on 4 July 2024. Parliament was prorogued (discontinued) on 24 May—requiring a last-minute change to the Whitsun recess—and then dissolved on 30 May. The next few months promise hustle and bustle for politicians and pundits, but bring uncertainty and inertia to the programme of pensions reform.
Updates include the Pensions Dashboards Programme's draft data standards and recently published progress update report.
The Pensions Regulator published a blog post on 'Supporting innovation in savers’ interests'. In it, the Regulator talks about emerging market propositions that are now becoming (or may soon become) available to trustees of defined benefit (DB) pension schemes. It warns that such 'new DB models must offer both clear benefits and proper protections'.
The Pensions Regulator has published a new three-year corporate plan. Its main priorities for the period include raising standards of trusteeship, data quality and administration; value for money and decumulation in defined contribution schemes; and the new funding regime and emerging propositions for defined benefit schemes. The plan also mentions the development of a framework for oversight of professional trustees, and talks about some firms becoming ‘systemically important’ due to mergers and acquisitions.
Updates on HMRC's Pension Schemes Newsletter 160.
This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.
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