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.
Here is a selection from our most recent headlines. You can get the fuller details by sending us an email - just click here to fire one off.
The DWP has released a fact sheet
explaining requirements established by Shareholder Rights Directive II (SRD II)
, from 1 October 2019, as it relates to workplace pension scheme stewardship and governance.
SRD II has been adopted into UK law through the Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019 (SI 2019/982) and the Pension Protection Fund (Pensionable Service) and
accruing after 28 calendar days if the invoice remains unpaid.
Levy Payment Plans can be agreed where a scheme is genuinely struggling to pay within 28 days. Separately, the PPF has published a new page on paying the levy in instalments. There were only fifteen requests for such payment plans in each of 2017/18 and 2018/19.
The invoice will not cover the Administration Levy, General Levy or
Fraud Compensation levy, all of which are invoiced separately by the Pensions Regulator.
The bulk of the guide deals with the levy calculation itself, particularly insolvency risk, risk reduction and asset backed funding structures. There is a significant section on querying the invoice: contact Experian to check details used; contact the PPF to query the scheme-based . . .
05 Sept 2019
The dog days of summer have yielded shorter than usual updates from HMRC:
Pension Schemes Newsletter 113
In PSN 113, HMRC makes its usual warning that where there are still annual returns of information outstanding from scheme administrators who've submitted interim repayment claims for 2019 to 2020, any subsequent interim repayments will be withheld, pending receipt of the outstanding information.
has published its tailored review
of The Pensions Ombudsman (TPO), the first dedicated review of the organisation. It considers the remit, governance, efficiency and effectiveness of TPO.
Spoiler: TPO is a well-respected and effective organisation that has grown rapidly, broadened its remit to include the TPAS Early Resolution Team and moved offices whilst doing so.
There are however a number
need for action to reduce the scope for jurisdictional overlaps and gaps.
Relationship with the DWP: the DWP should provide greater support and challenge to TPO, and be properly resourced in order to achieve this.
Relationship with the TPR: TPO should continue to strengthen its relationship with the Pensions Regulator (TPR) with more joint working. TPO could share more . . .
28 Aug 2019