02 November 2023
8 min
See excerpts from this month's articles below (to read more, please download our latest Current Issues).
The Department for Work and Pensions (DWP) proposes to substantially increase the general levy on pension schemes for the years from 2024/25 to 2026/27. Its favoured approach would result in schemes with fewer than 10,000 members paying an additional £10,000 ‘premium’, in April 2026, on top of the usual per-member levy, to help recover the levy deficit whilst incentivizing consolidation.
His Majesty’s Revenue and Customs (HMRC) has published draft legislation intended to provide continuity in the operation of value-added tax (VAT), in the wake of the UK’s exit from the European Union. The draft legislation, which is destined for inclusion in the next Finance Bill, should mean that VAT on pension scheme management expenditure continues to be recoverable as it is currently—provided, that is, that trustees and sponsoring employers can jump through the existing hoops.
The Pensions Regulator has announced the first fine for climate-reporting failure.
The Taskforce on Social Factors has announced the publication of a draft Guide, containing recommendations on how the pensions industry can incorporate such factors into investment decision-making.
Nausicaa Delfas, the Pensions Regulator's Chief Executive, gave a speech at a Pensions Summit at Mansion House in the City of London on 25 October 2023. She said that consolidation into larger, better-run pension schemes will facilitate asset diversity and help achieve optimal retirement outcomes.
The Pensions Regulator has published a regulatory intervention report on its investigation and criminal prosecution of Stuart Garner, the former owner of Norton Motorcycles and sole trustee of three pension schemes.
The First-tier Tribunal recently set aside fines issued to an employer for non-compliance with its automatic enrolment duties. The Tribunal said that penalties were inappropriate in the circumstances, because the employer likely had not received the Pensions Regulator’s notice directing it to take steps to remedy the contravention, and that the Regulator had been wrong to refuse the employer’s requests for review of the penalty notices.
The Pensions Ombudsman's determination in Mr N (CAS-38681-W2H9) tells the (thank goodness) unusual story of a scheme administrator that was conned by a swindler who somehow gained access to a member's email account.
Updates on: 2022/23 LGPS statistics, Guidance on correction of pension contributions, Guidance on common actuarial approaches, and ‘McCloud’ newsletter.
His Majesty’s Revenue and Customs (HMRC) has published Pension Schemes Newsletter 153. It contains updated defined-contribution flexibility and scheme-registration statistics, along with the now-customary update on the development of the online Managing Pension Schemes service. On the last point, more schemes are likely to be asked to submit pension scheme returns, via MPS, than in the past, and to supply more information, because they are going to be used to police pensions tax compliance.
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.
Download our publication to learn more
Opens in new window Download reportWe pride ourselves on being thought leaders and are constantly discussing the many issues facing and shaping up our industry. Sign up to find our current thinking on topical issues.
Opens in new window Subscribe
