13 September 2024
5 min
The Pensions Regulator has published information about the statements of strategy that trustees of private sector defined benefit (DB) schemes will soon be required to produce with their actuarial valuations. It seems that, in many cases, less info will have to be provided than initial proposals had foreboded.
The Pension Protection Fund (PPF) proposes to collect £100m via its levies in 2025/26, the same levy estimate as for 2024/25. To keep the amount raised to that level and distribute the burden widely and in a way that reflects risk, it is adjusting some of the factors that go into the levy calculation.
His Majesty’s Treasury, the Department for Work and Pensions and the Ministry of Housing, Communities and Local Government called for evidence to feed into the first phase of the Government’s pensions review.
The Pensions Regulator has published an Occupational Defined Benefit Scheme Funding Analysis 2024, covering 'tranche 17' valuations (those with effective dates falling within the period from 22 September 2021 to 21 September 2022).
The Pensions Ombudsman has published a blog post about his plans for 'expedited determinations'. It’s one way in which he hopes to make greater inroads into the growing list of complaints.
The Pensions Regulator has published a pensions dashboards enforcement policy. It says that it will take a risk-based approach, focusing on behaviors and breaches that pose the greatest risk to savers' abilities to receive a complete and accurate picture of their pensions. Notably, it explicitly recognizes that dashboards represent ‘a huge challenge for industry’, and suggests that its approach will generally be to help trustees and providers to comply—although it will not shy away from stricter measures when it spots ‘wilful or reckless non-compliance').
Updates from the Pension Schemes Newsletter 162 and the September 2024 edition of HMRC's Newsletter on the Public Sector Pensions Remedy.
If you’d like to discuss anything we’ve covered, or have any questions, please get in touch.
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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