Aries monitors every development in new and proposed legislation and official guidance. Clients are kept up to date via the website, email alerts and tweets. Aries serves as a one-stop source of intelligence on everything that is going on and coming up. Aries doesn't miss anything of significance.
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The Pensions Regulator (TPR) has published
its Corporate Plan for the next three years
. It outlines how, as part of TPR's more proactive and targeted approach, new regulatory initiatives will be applied to hundreds more schemes to influence their behaviours and improve outcomes for savers. TPR wants to improve participation, accountability, protection and confidence in occupational pension schemes.
It identifies six priorities for the next
The Court of Appeal has reached a "respectful disagreement
" with Justice Arnold's original decision in the Burgess v BIC UK Ltd
case. The High Court had agreed with trustees that they had correctly granted increases, from 6 April 1992, to pensions in payment earned by service before 6 April 1997.
The original attempt in 1991/2 to introduce those pre-97 increases was invalid for failure to comply with the necessary formal requirements in the version of the rules
that then governed the scheme. However, this was not recognised at the time: the pre-97 increases were not only added to pensions in payment, but were also taken into account in calculating accruals of future pension entitlements and the funding of the scheme, until the problem was identified in 2011.
That version of the Deed and Rules was superseded in May 1993 by a version that, for unconnected reasons, was given retrospective effect from August 1990.
VfM will vary with the membership, from scheme to scheme.
Government legislation introduced in February 2018 means that all occupational DC schemes will have published their assessment of VfM for members by November 2019.
The Government thinks its interventions are working, noting that charges surveys in 2015 and 2017 showed that average charges paid by members of DC schemes
used for auto-enrolment were between 0.38 and 0.54%, ie well below the 0.75% charge cap.
Oversight of the Investment Chain
The Government sets out that in occupational DC schemes, the vast majority of trustees invest via an investment platform in funds. The trustees of the DC schemes are overseen by the DWP and TPR. The Financial Conduct . . .
10 May 2019
Brexitalysis is currently delaying the Queen's Speech, which - if and when it happens - is likely to include a new Pensions Bill. That primary legislation should aim to implement some of the changes highlighted in last year's White Paper
on protecting defined benefit (DB) pension schemes. This week The Pensions Regulator (TPR) published a blog article
on the subject, setting out future intentions.
The White Paper tackled the concept of a