7 days

7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

Coronavirus – Sackers response
Confirmation that NMPA will rise to 57 in 2028
Consultation on local government exit pay
Update from Pensions Dashboard Programme
Update on single code of practice timing
HMRC v Parry (Supreme Court, August 2020)

Coronavirus – Sackers response

At Sackers we are committed to ensuring that the Coronavirus outbreak causes minimal disruption for our clients, and have taken several steps to ensure it is ‘business as usual’. For details of these steps, as well as key points for trustees and employers to consider in light of the outbreak (which we will continue to update), please see the dedicated section of our website, or talk to your usual Sackers contact.

Confirmation that NMPA will rise to 57 in 2028

On 3 September 2020, John Glen MP (Economic Secretary to the Treasury and City Minister) confirmed that, in line with its previous announcement in 2014, the Government plans to increase the NMPA from 55 to 57 with effect from 2028. The changes will be legislated for “in due course”.

Consultation on local government exit pay

On 7 September 2020, the MHCLG published a consultation on proposals to reform exit payment terms for local government workers, and specifically those who are eligible to be members of the LGPS. The consultation closes on 9 November 2020.

Update from Pensions Dashboard Programme

On 2 September 2020, the Pensions Dashboard Programme published an update on its work on data standards for the pensions dashboard. It is reviewing feedback received from its call for input on the topic (see 7 Days), and is aiming to publish a summary of the responses “in the autumn”. An initial version of the data standards is “currently targeted for the end of the year”.

Update on single code of practice timing

On 1 September 2020, TPR updated its statement on its proposed single code of practice (see 7 Days). The code was originally anticipated in the first half of this year, but the announcement now says that TPR is “planning to launch a formal consultation in late 2020 or early 2021”. Before that, TPR “will engage with stakeholders for feedback on the proposed design and content”.

HMRC v Parry (Supreme Court, August 2020)

The Supreme Court has partially upheld the Court of Appeal’s 2018 judgment in relation to HMRC being able to charge inheritance tax on certain death benefits.

For further detail, see our case report.