Significant new DC flexibilities were introduced on 6 April 2015
Since 6 April 2015, DC pension savers aged 55 and over have more control over the use of their pensions savings.
The options bring a number of challenges for trustees, master trust and group personal pension providers and employers, such as:
We advise on all these challenges, including drafting member communications, how to balance providing sufficient information with avoiding giving “advice”, and drafting deeds of amendment/policy changes to introduce new benefit options into the scheme’s trust deed and rules and/or policy documentation. We also advise on how to change investment options and transfer processes.
Introduction The Chancellor, Rachel Reeves, delivered her first Mansion House speech on 14 November 2024. Following the avalanche of pensions reforms...
Building on “significant appetite from industry”, the DWP has published a consultation on extending the CDC framework to enable...
In this briefing we look at: Key news items The latest on VFM and the Government’s pensions review What’s next in the DC...
Introduction Building on its work in tandem with the DWP and TPR, the FCA today published a consultation on detailed rules and guidance for a new...
In this briefing, we reflect on the budding Mansion House reforms and highlight some key agenda items and matters to keep an eye on over the coming...
Introduction Among the Autumn Statement’s 110 growth measures, the Chancellor of the Exchequer, Jeremy Hunt, announced a “comprehensive package...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: On the horizon The Mansion House reforms –...
At a webinar hosted by Sackers and professional trustee firm IGG this week, experts set out four key areas of focus for DC schemes in 2024. Chairing...
Helen Ball, partner, is quoted as part of an article in Pensions Age which explores the current flurry of consolidation within the master trust...
Today’s generation of DC pension savers are faced with a myriad of tough decisions when planning for retirement, often without any support. A...
The FCA’s new consumer duty aims to set higher and clearer standards of consumer protection across financial services, requiring firms to put their...
The natural inclination is to ‘do’. It is human instinct. Do something; do anything; do everything. Never is that urge stronger than when what...
Introduction As widely trailed in the press, the Chancellor, Jeremy Hunt, delivered his Mansion House speech last night. Being guided by three golden...
The Chancellor Jeremey Hunt’s Mansion House speech took place last night, with the changes announced being guided by three golden rules, including...
The only certainty in the pensions industry (in my experience anyway) is that there is no such thing as a quiet year. Now that the dust has settled...
Partner Georgina Jones gives her monthly round-up of what’s been happening in the last few weeks. “While developments have slowed a little for...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Spring Budget 2023: AA and LTA changes...
It’s been hard to miss that pensions was a key area in the Spring Budget, but in all the excitement, it can be easy to lose track of exactly...
Senior counsel Emma Martin has contributed an article to Redington’s first Future of Retirement Income publication, which captures the complexities...
Smaller DC schemes face growing pressure to consolidate. Increasing regulatory requirements, and associated running costs, can make master trusts and...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: On the horizon Pensions dashboards – update...
Cost of living increases have reached levels unprecedented in recent history. CPIH rose by 8.8% in the 12 months to July 2022, the highest annual...
If you work in pensions and can’t say “I know what simpler annual benefit statements are”, you’ll want to read this. The new legal...
Survey results revealed at a recent webinar hosted by Sackers showed that there is a marked upturn in DC schemes now actively signposting members to...
Introduction The DWP published a call for evidence on 14 June 2022 to explore what support members of pension schemes need to help them make informed...
DB schemes that provide DC AVCs must comply with certain DC requirements. Read our Hot topic...
Partner Helen Ball comments in this article for Corporate Adviser on how the imminent introduction of the UK’s first collective defined...
For most of the past thirty years it is fair to say that if you were lucky enough to have a defined benefit (DB) pension then you didn’t need to...
Sackers calls upon the industry to support the PLSA’s proposal for greater support for retirement decision making. Sackers partner Helen Ball...
Stronger than yesterday. Or at least come 1 June, if your scheme contains DC benefits, you’ll need to be. Why? Because in January the DWP published...
Administering occupational pension schemes is a tough gig. The past few months have seen a steady stream of new legislation which has meant...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: DC agenda Pensions dashboards Delivering the...
Cool (pension scheme) runnings – working with your administrator Administering a pension scheme is not easy and the bar keeps getting higher with...
Introduction On 17 January 2022, the DWP published its response to the July 2021 consultation, together with final regulations, on proposals to...
Following on from my August 2021 blog post on the DWP’s plans to introduce simpler annual benefit statements, we have now had some time to digest...
Earlier this year the Pension Schemes Act 2021 provided the long awaited statutory framework for Collective Money Purchase (“CMP”) schemes,...
Helen Ball, partner considers whether new annual pension statement regulations coming into force next year will help improve individuals’...
Introduction On 19 October 2021, the DWP published its response to the consultation on proposed regulations and statutory guidance to introduce...
Earlier this year, the Department of Work and Pensions (the “DWP”) published a consultation on draft regulations introducing new standard...
Introduction On 19 July 2021, the DWP published a consultation seeking views on the draft Occupational Pension Schemes (Collective Money Purchase...
Helen Ball, partner, is to join a panel of other speakers at the upcoming Westminster & City conference on DC Pensions and Master Trusts –...
Sackers announces the results of its most recent webinar survey which looked at the number of employers and trustees who are facilitating the...
Introduction On 17 May 2021, the DWP published a consultation on draft regulations (“the Regulations”) and accompanying draft statutory guidance...
Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today announced the results of their...
The Government is “determined” to address the growth in the number of deferred small pots (of less than £1,000) and the impact this has on the...
Pressure on small schemes to consolidate In a recent consultation response, “Improving outcomes for members of DC pension schemes”, the...
Emma Martin, associate director, has written in Pensions Expert on the trend towards consolidation in the DC industry, which has been accelerating...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Improving outcomes for members of DC pension...
The Pensions Policy Institute (PPI) recently published a briefing document entitled Small pots: what are they and why they matter, setting out the...
All occupational pension schemes must prepare an annual report and accounts within seven months of the end of each “scheme year”. However, on and...
Introduction On 11 September 2020, the DWP published its response to the February 2019 consultation, “Investment Innovation and Future...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Default fund charge cap under review VfM...
Contents Our Sackers Corporate briefing (PDF) takes a look at the latest developments in pensions for employers and corporate investors. In this...
Kirsty Pake, senior associate, has commented in Pensions Expert on whether it is time for pension trustees to do more to help members, as record...
For many employers, the attraction of a DC scheme is that their responsibility starts and ends with making the right contributions. This is...
Emma Martin, associate director, comments in Employee Benefits on the impact of COVID-19 on retirement savings, urging those worried about seeing...
Associate, Aaron Dunning-Foreman, has written in Corporate Adviser on the potential for a rise in claims from members of Defined Contribution (DC)...
Partner, Claire Carey, will be joining an SPP cross-disciplinary panel discussion on 24 April. Held as a webinar, the subject will be ‘COVID-19...
Partner, Faith Dickson, has commented in Pensions Expert on the effect of the Covid-19 outbreak on auto-enrolment. As a response to the ongoing tough...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Future of trusteeship and governance revealed...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Is your data Dashboard ready? Collective...
Until recently, the focus of master trusts has been on obtaining authorisation from the Pensions Regulator (TPR). Master trusts that have been...
With the introduction of the pensions dashboards on the horizon and TPR’s crackdown on poor record-keeping, schemes should act now to get their...
Introduction The DWP published its response to consultation on “Delivering collective defined contribution schemes” on 18 March 2019. This gives...
Introduction Whilst all was quiet on yesterday’s spring statement front, and uncertainty remains on what will become of Brexit by the end of March,...
Introduction On 6 November 2018, the DWP published its consultation on “Delivering collective defined contribution pension schemes”. Click here...
Introduction For DC pension schemes being used to meet an employer’s automatic enrolment requirements, both minimum employer and overall...
Giving your lawyers a seat at the table when a communications strategy is being devised can save both time and costs. Not only can lawyers often...
Introduction As has become customary for the pensions industry, April heralds a number of changes, and 2018 is no exception. Click here for a PDF of...
Introduction The DWP has finalised its proposals to simplify the process for consolidating DC pension schemes while maintaining member protection....
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Authorisation regime for master trusts...
Introduction On 26 February 2018, the DWP published the response to its consultation on the disclosure of costs, charges and investments in DC...
Background The DWP is seeking views on the draft regulations that will fully commence the new authorisation and supervisory regime for Master Trust...
Background The DWP is consulting on draft regulations that are intended to simplify the bulk transfer of DC pensions without member consent. In this...
Introduction Recognising that the current legislation’s drafting is causing problems in practice, the DWP has issued a consultation to seek views...
Introduction On 26 October 2017, the DWP launched a consultation seeking views on the policy and proposed regulations for how costs and charges...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Update on costs and charges TPR finds...
Introduction On 20 September 2017 the FCA published Policy Statement 17/20, on “Transaction cost disclosure in workplace pensions”. Click here...
Introduction Following the publication of the Government’s response to consultation earlier this year, regulations to implement the second phase of...
Trustees have a legal duty to establish and operate adequate “internal controls” to ensure that their scheme is run in accordance with the scheme...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Existing master trusts – new obligations...
Introduction On 6 July 2017, the DWP published a response to its autumn 2016 consultation (see our Alert) on valuing pensions for the advice...
Introduction The Pensions Schemes Bill 2017 (“the Bill”) received Royal Assent on 27 April 2017 and is now the Pension Schemes Act 2017 (“the...
The chair’s annual statement is a legal document which confirms the steps the trustees have taken to ensure good governance of their DC...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: 21st Century Trusteeship and Governance Master...
Background The DWP has called for evidence on how the current provisions on the bulk transfer of defined contribution pensions without member...
TPR’s revised Code of practice on the governance and administration of occupational trust-based schemes providing money purchase benefits came into...
TPR’s revised Code of practice on the governance and administration of occupational trust-based schemes providing money purchase benefits came into...
TPR’s revised Code of practice on the governance and administration of occupational trust-based schemes providing money purchase benefits came into...
TPR’s revised Code of practice on the governance and administration of occupational trust-based schemes providing money purchase benefits came into...
TPR’s revised Code of practice on the governance and administration of occupational trust-based schemes providing money purchase benefits came into...
Introduction On 20 December 2016, the DWP published a call for evidence seeking views on how the current provisions on the bulk transfer of DC...
Introduction On 23 November 2016, Philip Hammond delivered his first Autumn Statement as Chancellor of the Exchequer. It will no doubt come as a...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Four key DC issues Spotlight: Latest news on...
After another turbulent year for trustees and employers of schemes with DC arrangements, we took stock of DC developments to see what new legal...
Background The ICAEW is consulting on a revision of its Technical Release on Assurance reporting on Master Trusts. Originally released in 2014, the...
Introduction Two consultations and a call for evidence are underway which look set to simplify certain elements of financial advice in the retirement...
Introduction On 5 October 2016, the FCA published a consultation paper which proposes rules and guidance to improve the disclosure of transaction...
For a PDF version of this hot topic click here Following the introduction of automatic enrolment and an increasing regulatory focus on DC governance,...
For a PDF version of this hot topic click here TPR’s revised Code of practice on the governance and administration of occupational trust-based...
For a PDF version of this hot topic click here. TPR has amended its Code of practice for occupational trust-based schemes providing money purchase...
For a PDF version of this hot topic click here. TPR’s revised Code of practice on the governance and administration of occupational trust-based...
Introduction TPR’s revised code of practice on the governance and administration of occupational trust-based schemes providing money purchase...
Introduction As part of its work to examine how trustee boards can meet the challenge of scheme governance in the 21st century, on 22 July 2016, TPR...
Introduction For a PDF version of this hot topic click here. Trustees sometimes need to move their DC funds without member consent, for example,...
The DC briefing (PDF) highlights topical news on DC pensions from a legal viewpoint. In this briefing: Four key DC issues Spotlight: moving DC...
Introduction On 23 June 2016, the UK voted to leave the EU by 52% to 48%. Whilst Britain, the EU and the rest of the world come to terms with what...
Introduction On 23 June 2016, those eligible will be able to vote on the question “Should the United Kingdom remain a member of the European Union...
Introduction On 13 April 2016, TPR launched a consultation on a series of new guides aimed at helping trustees know “how to” implement the draft...
The DC briefing highlights topical news on DC pensions from a legal viewpoint. In this briefing: Four key DC issues Spotlight: DC risk and liability...
Background On 24 November 2015, TPR issued a consultation on a revised Code of Practice on the governance and administration of occupational DC trust...
Introduction On 26 January 2016, the DWP published its response to the consultation, “Better workplace pensions: Banning member-borne commission in...
Background The DWP’s consultation on the draft Occupational and Personal Pension Schemes and the Pension Protection Fund (Miscellaneous Amendments)...
Background The Board of the Pension Quality Mark (PQM) launched a consultation in November 2015 on its proposed new Mark, the Retirement Quality Mark...
Background The DWP is consulting on the best way of regulating a ban on member-borne commission payments in relevant occupational pension schemes...
Introduction On 24 November 2015, TPR issued a consultation on a revised Code of Practice on the governance and administration of occupational DC...
The DC briefing highlights topical news on DC pensions from a legal viewpoint. In this briefing: Four key DC issues Spotlight interview with Andrew...
Background On 8 July 2015, HM Treasury published a consultation to examine whether there is a case for reforming pensions tax relief. The Government...
Section 67 of the PA95 applies whenever a power to modify an occupational pension scheme is exercised to make a change (known as a “regulated...
The Bribery Act 2010 came into force on 1 July 2011. It aims to update and simplify the UK’s anti-corruption laws. The Act creates 4 offences:...
Introduction On 1 October 2015, provisions will come into force which are intended to ban DC short service refunds. In this Alert Key points...
Introduction Subject to certain exceptions, on and from 6 April 2015 new governance standards apply to all occupational DC schemes and the DC...
We asked more than 50 of the UK’s top pension schemes how they are dealing with the new flexibilities which came into force on 6 April 2015. Here...
Background On 4 March 2015, the FCA published a consultation on proposed changes to its pension transfer rules that are designed to support the new...
Introduction The Finance Act 2015 received Royal Assent on 26 March 2015. The Act extends the new rules for taxing pensions and lump sums on death,...
Why is this important? From April 2015 new minimum quality standards will affect DC schemes. Trustees must assess the extent to which an occupational...
Background On 12 February 2015, TPR published a consultation on guidance for trustees of DB schemes on member requests for transfers from DB to DC...
Introduction On 5 March 2015, TPR published a new draft essential guide which aims to help pension scheme trustees communicate with their members...
Welcome to the latest edition of our DC briefing, which highlights topical news on DC pensions from a legal viewpoint. DC schemes should offer...
Introduction With Government reforms allowing DC pension savers greater freedom and choice over their retirement options set to come into force on 6...
Introduction HMRC has published draft legislation and explanatory notes on pension flexibility and annuities for a technical consultation. The new...
Introduction On 12 February 2015, TPR published a consultation on guidance for trustees of DB schemes on member requests for transfers from DB to DC...
Introduction On 4 February 2015, the FCA confirmed the final rules requiring firms that operate workplace personal pension schemes to set up and...
Introduction On 4 February 2015, the government published the response to its October 2014 Command Paper regarding governance and charges in...
Introduction The DWP is consulting on technical changes to automatic enrolment with a view to further simplifying the automatic enrolment process and...
Introduction The recoverability of VAT on professional fees paid in respect of occupational pension schemes has been in the spotlight recently....
Introduction Transfers are emerging as one of the key issues for members of both DB and DC schemes when accessing the flexibilities promised by...
Introduction Still dealing with the fallout from the Chancellor’s announcements in the 2014 Budget, the UK pensions industry gave an audible sigh...
Background On 17 October 2014, the DWP published a Command Paper which includes its response to the consultation on minimum governance standards and...
In scope of the default fund charge cap on member-borne deductions. All member-borne deductions relating to scheme and investment administration paid...
Introduction On 17 October 2014 the DWP published a Command Paper which includes its response to the consultation on minimum governance standards and...
Introduction The Taxation of Pensions Bill (the Bill) was formally published on 14 October 2014. This follows the publication of a draft of the...
Welcome to the first edition of our DC briefing, which highlights topical news on DC pensions from a legal viewpoint. We are living in times when...
Background The FCA is consulting on proposed standards for delivery partners (CP14/11) in connection with the “Guidance Guarantee” that was...
Background HMRC is consulting on draft legislation – The Taxation of Pensions Bill – and other documents for the changes to the pensions...
Introduction The FCA has been working with the DWP and TPR to design a package of reform measures, aimed at helping to ensure that all workplace...
Introduction Last week, the Government published its response to the consultation on “Reshaping workplace pensions for future generations” (see...
Introduction The position in relation to the recoverability of VAT on professional fees paid in respect of occupational pension schemes has been in...
Background The 2014 Budget proposed significant changes on the use of individuals’ DC pension pots at retirement. HM Treasury’s...
In this response: Background Respondent information General comments Administration Master trusts Trust-based governance Transparency Background The...
Introduction The DWP has published final Regulations following the October 2013consultation on reclassifying DC benefits in the wake of the Bridge...
Introduction Following a consultation in 2013 (please see our Alert), on 1 May 2014 TPR published a master trust assurance framework which aims to...
Introduction On 27 March 2014, the DWP issued a command paper (the “Paper”) proposing a range of measures aimed at improving the quality of...
Introduction The morning after the night before (the much publicised Farage/Clegg debate on Europe), the European Commission published a proposal...
Introduction Certain changes are being introduced with effect from 27 March 2014 to give greater flexibility for both DB and DC members now ahead of...
Introduction Having been expected to give pensions a wide berth, George Osborne’s fourth Budget as Chancellor (delivered on 19 March 2014)...
Background The DWP consultation on reshaping workplace pensions for future generationsseeks views on the Government’s proposals for...
Background The ICAEW consultation on its proposed framework for assurance reporting on master trusts, produced in partnership with the Pensions...
Background The DWP’s consultation on the draft Regulations that provide transitional, supplementary and consequential measures supporting the...
Background The DWP’s consultation paper, Better workplace pensions: a consultation on charging asks for views on whether a cap on charges in...
Introduction TPR’s code of practice for trust-based DC pension schemes (the Code) came into force on 21 November 2013. To coincide with the Code...
Introduction On 7 November 2013, the DWP unveiled its plans for “Reshaping workplace pensions for future generations”. The consultation, which...
Background TPR’s latest consultation sets out its proposed approach to compliance in relation to occupational DC trust-based schemes. The draft...
Introduction The DWP has published a consultation paper on reclassifying DC benefitsfollowing the Bridge Trustees case. The Supreme Court’s...
Introduction The OFT’s market study published in September 2013 found that competition alone cannot be relied upon to drive value for money for...
Introduction Pension liberation continues to be a major focus for pension scheme trustees faced with transfer requests from members wishing to move...
Introduction TPR and the Institute of Chartered Accountants of England and Wales (ICAEW) have issued a consultation on a draft independent assurance...
Introduction TPR has issued a consultation on its compliance and enforcement policy for occupational DC trust-based schemes, together with...
Background From its latest call for evidence on quality standards in workplace DC schemes, the DWP is looking to gain a greater understanding of the...
Introduction Following a consultation earlier this year1, today, 11 July 2013, TPR has published its new code of practice for trust-based DC...
Introduction The introduction of automatic enrolment is expected to lead to the proliferation of dormant, often small, DC pension pots. The...
Introduction There is growing evidence of a rise in pension liberation schemes and the systematic targeting of vulnerable members. This is not new;...
Background The DWP’s consultation on The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (the...
Background TPR consultation on “Regulating work-based defined contribution pension schemes” sets out a new framework that TPR intends to...
Introduction Despite the best efforts of trustees and administrators, the misstatement and overpayment of benefits is not an uncommon event. These...
Background The consultation by TPR on “Maintaining contributions” (the Consultation), includes revised codes of practice on the late...
Introduction The latest DWP consultation1 revisits the disclosure requirements for occupational and personal pension schemes, with a view to...
Introduction On 10 January 2013, TPR published a consultation on a new code of practice (the “Code”), regulatory guidance (the...
Introduction CPAC was asked to consider and comment on the recommendations the ONS developed following their October 2012 consultation on changing...
Introduction On 22 November 2012, the Government unveiled its strategy for “Reinvigorating workplace pensions”. The proposals build on...
Introduction Pensions trustees could be forgiven for taking a deep breath and thinking “here we go again” as the ONS consults on making...
Introduction Over the last five years, TPR has responded to the growing prominence of DC provision by publishing a number of statements, Q&A...
Introduction TPR believes that ensuring the right contributions are paid into schemes at the right time will be key to the ongoing success of...
Introduction The Government expects the introduction of automatic enrolment to lead to the proliferation of dormant DC pension pots. With this in...
Background Three options are proposed in on the DWP’s consultation on “Meeting future workplace pension challenges: improving transfers...
Introduction With effect from 6 April 2012, contracting-out on a DC basis (protected rights) will be abolished.1 On 29 February 2012, the DWP...
Introduction With the standard LTA reducing to £1.5 million from 6 April 2012, individuals with existing pension savings need to consider whether to...
Introduction DC contracting-out will be abolished on 6 April 2012. Employers and trustees should use the run-up to that date to check that they are...
Introduction When doing due diligence on a transaction, lawyers tend to breathe a sigh of relief when they discover the target only has a DC pension...
Introduction On 15 December 2011, the DWP published plans aimed at ensuring that “money saved into a pension stays in a pension”. With a...
Introduction When doing due diligence on a transaction, lawyers tend to breathe a sigh of relief when they discover the target only has a DC pension...
In a DC scheme there will generally be a range of investment funds for the member to choose from, including a default fund. Trustees must formally...
Introduction Changes introduced by the Finance Act 2011 are set to remove the requirement for individuals with DC funds to secure an income by age...
Background The DWP consultation on offering a default option for DC automatic enrolment pension schemes, published on 13 December 2010, seeks views...
Background The DWP’s consultation, “The impact of using CPI as the measure of price increases on private sector occupational pension...
Introduction The pensions pre-Christmas rush is in full swing. With only 12 shopping days to go, key institutions are racing to get their...
Background On 28 July 2010, the DWP published a consultation, draft consequential legislation in relation to the abolition of contracting out on a...
Introduction DC member communications are crucial to help employees make appropriate decisions about their pension benefits. However, negotiating the...
Background Due in part to increasing longevity and the fact that people are working for longer, the Government intends to remove the effective...
Introduction On 28 July 2010, the DWP published a consultation on draft regulations in connection with the proposed abolition of DC...
Background The Government’s consultation on the proposals and draft regulations relating to the strengthening of the administration regime for...
Introduction If an underfunded scheme goes into wind-up or enters a PPF assessment period, DC members of hybrid schemes generally expect that their...
Introduction Sackers’ Public Sector Unit has wide experience of working with organisations on the complex legal and compliance issues that face...
