Pensions news is a weekly summary of those pensions news items that are particularly relevant to the corporate reader.
In the news this week, the pensions world continues to be dominated by the impact of the Covid-19 pandemic, with the Regulator publishing more guidance for employers, the FCA delaying the implementation of its drawdown investment pathways and two household name companies deferring (or missing) their deficit recovery contributions.
In the news this week, the Covid-19 outbreak provides the common thread as the Regulator shows pragmatism in its latest guidance on DB funding/investment and DC investment, the April 2020 general levy increase is cancelled, the final GMP data cuts are delayed again, financial regulators caution savers to stay calm and two buy-ins are announced.
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.
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.
In the news this week, the PLSA publishes its 2020 stewardship guide and voting guidelines, UCL’s Marmot review looks at changes in life expectancy in the 2010’s and the DWP evaluates AE.
In the news this week, the long-awaited tax guidance on some GMP equalisation issues is published, BAE Systems agrees to contribute £1 billion to its main DB scheme and PACE completes a second buy-in.
In the news this week, the Pensions Regulator publishes its response on the future of trusteeship, the Chancellor resigns, PASA consults on a code of good practice for DB transfers and two more large buy-ins are agreed.