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 ACA calls for AE contribution increases plus tax and pension simplification, MaPS launches its 10 year financial wellbeing strategy and the AA consults on stopping future DB accrual.
In the news this week, the consultation on the RPI is delayed until March, the first DB funding code consultation is also expected in March, there is speculation about the Treasury’s intentions towards the tapered annual allowance, HMRC announces a further delay to the final GMP data cuts and Dominic Chappell is ordered to pay £9.5 million.
In the news since 20 December 2019, the Pension Schemes Bill returns, the FCA takes action against bad DB transfer advice, the Chancellor confirms the Budget date and two pension schemes win a US class action.
In the news this week, the ECJ rules on pension benefits in the event of employer insolvency, the PPF confirms its 2020/21 levy estimate and launches a consultation on insolvency risk, there is no change to the Government’s pension posts nor to its Pension Schemes Bill, Equitable Life gains final approval for its business transfer, the FCA increases duties for IGCs and more de-risking transactions are announced.
In the news this week, Frank Field loses his seat and so will no longer chair the Work and Pensions Committee, we anticipate the return of the Pension Schemes Bill, the CMA’s rules come into force, Mothercare restructures its business and DB liabilities, whilst the ONS releases data on private pension wealth.
In the news this week, French workers strike over pension reforms whilst Unilever proposes changes to its UK pension benefits.
In the news this week, the Regulator provides some timely guidance, the Conservatives publish their manifesto, HMRC seeks to encourage members to declare their annual allowance charges and another large buy-in is announced.
In the news this week, there are increased requirements on transfers from DB schemes, whilst the manifestos from Labour and the Liberal Democrats are published.
In the news this week, worrying results from pension scam research, a longevity swap conversion and CPI at its lowest level for nearly three years.