Regular round-up of the latest pensions, investments, trusteeship and scheme management news
Current Issues - April 2023
05 Apr 2023 - Estimated reading time: 3 minutes
See excerpts from this month's articles below (to read more, please download our latest Current Issues).
Spring Budget, 2023
The Chancellor of the Exchequer, Jeremy Hunt, spelled out his Spring Budget plans on 15 March 2023. This time, rumours of significant pensions-tax changes proved to be true:
- the annual allowance will increase to £60,000 (and the money purchase annual allowance will rise to £10,000) from 6 April 2023, whilst
- the lifetime allowance will be abolished altogether
Legislation
On 23 March 2023, just over a week after the Budget, the Finance (No. 2) Bill 2022/23 was introduced to Parliament.
No change (yet) to SPA-rise schedule
Mel Stride, the Secretary of State for Work and Pensions, has confirmed that there will be no changes to the timetable for increases to State pensionable age (SPA). The position will be reviewed again in around three years’ time.
DWP delays dashboards
The Government will postpone the deadlines for schemes to connect to the pensions dashboards infrastructure, to allow more time for development.1 Details of the revised connection deadlines are not yet available.
Equality, diversity & inclusion—the Regulator’s guide
The Pensions Regulator has issued guidance on equality, diversity and inclusion (EDI) within pension schemes’ governing bodies.
Select Committee calls for evidence on DB schemes
The House of Commons Work and Pensions Committee has launched an enquiry into defined benefit (DB) pensions. Its call for evidence is open until 26 April 2023.
Employer-related investment
The Regulator has issued guidance on Employer Related Investments, following the Norton Motorcycles and Eastman Staples cases. The guidance is short and to the point: breaches could result in fines or imprisonment (or both) but should be reported and disclosed in annual reports. They may also have an adverse effect on a defined benefit scheme’s funding position because investments made in contravention of the rules will not count as assets.
HMRC newsletters: March 2023
Highlights from Pension Schemes Newsletter 148.
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