In the news this week, with the UK in lockdown the Pensions Regulator updates its guidance on Covid-19, Parliament closes early for Easter, the FCA delays its new pension transfer advice rules and HMRC allows some temporary flexibility to processes for scheme administrators.
Month: March 2020
In the news this week, the UK’s bank base rate is cut to 0.1% as the global economy and financial markets are left reeling by the impact of the Covid-19 outbreak. A statement from the Pensions Regulator for companies which are facing liquidity issues is expected imminently. The strains on scheme funding are illustrated by the USS, which has needed to report itself to TPR. Meanwhile, guidance is published on the timescales for GMP rectification and equalisation and ITV loses its legal battle and is told it must support the Box Clever pension scheme.
In the news this week, the Chancellor makes changes to the tapered annual allowance, TPR publishes a statement about COVID-19, there is an emergency cut in bank base rate and illustrative regulations for collective DC schemes are published.
In the news this week, the Pensions Regulator publishes its first consultation on the new funding code, the general levy will go up by 10% in 2020 and the latest CMI model is released.