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.
Alongside an announcement of a new role of Head of Restructuring
, the Pension Protection Fund (PPF) has released new guidance
on situations involving new or successor schemes.
The PPF approach will depend on the specifics of the restructuring and proposed successor scheme; The Pensions Regulator (TPR) is consulted on all cases.
This new guidance summarises the full guidance on the 'restructuring principles'
The Financial Conduct Authority (FCA) has published a speech by Edwin Schooling Latter
, Director of Markets and Wholesale Policy, setting out its strategic priorities for the pensions sector. (Spoiler: significant growth in the pensions market subject to FCA regulation.)
The pensions sector is of course already formidable: over 34m 'consumers' and over £2tn of assets. However, demographics, macro-economic conditions and government policy mean
The Pensions Regulator (TPR) has launched
a new consultation exploring its future vision
for fewer, better run, occupational pensions that deliver good value.
TPR will actively play a part in this consolidation to support efficiency ('economies of scale') and close the quality gap for schemes that don't meet the standards it expects. Quite bluntly, in its own words, TPR's view is that "many smaller schemes are simply not good enough".
Authorised master trusts offer a route to consolidation for occupational defined contribution (DC) schemes, with Group Personal Pensions (GPPs) providing an alternative route for securing individual savers' benefits. TPR is working with the DWP to find a solution to support defined benefit (DB) consolidation, via DB superfunds - although there are some suggestions
this might feature in the upcoming Pensions Bill. So, fewer schemes, better run, is the message.
will benefit from this change.
The exception to this may be in specific schemes where, in the past, improvements in female members' survivor benefits have led to increased contributions.
The statement also provides the Government's response to the review of survivor benefits in occupational pension schemes. It has concluded that, . . .
06 July 2019