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The Sackers Quarterly Briefing Q3 2021 highlights significant developments in pensions, covering key areas such as pensions reform, regulatory developments, new legislation and cases. In this briefing Hot topic: Pension Schemes Act 2021...
Background In September 2020, in the consultation Improving outcomes for members of defined contribution schemes, the government set out that while consolidation is, to some degree, already happening, the rate at which this is occurring is...
Introduction On 20 July 2021, the Government published a consultation on draft clauses for the Finance Bill 2021-22. Among these are clauses which will increase the normal minimum pension age (“NMPA”) for the purposes of pensions tax....
Introduction On 19 July 2021, the DWP published a consultation seeking views on the draft Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2021 (“the Regulations”) and associated consequential changes that...
Back in 2018, Mr Justice Morgan held in Lloyds No.1 that schemes are under a duty to equalise for the effect of GMPs. More recently, with Mr Justice Morgan once again at the helm, the High Court concluded in Lloyds No.3 that, in certain...
Background The DWP is consulting on the policy around the implementation of a threshold (or de minimis) below which the flat fee element of the combination charge used by pension providers cannot be charged to members. It is also seeking...
Introduction The latest addition to PASA’s suite of GMP equalisation guidance was published on 9 July 2021, the eagerly awaited GMP conversion guidance (“the Guidance”). The Guidance “provides examples of how GMP conversion is...
Background The Pensions Dashboards Programme (“PDP”) has issued a call for input on staging, which outlines the proposals for the order and timing of when data providers (including occupational schemes) will connect to the pensions...
Background TPR is consulting on changes to its Code of Practice 12 (“the Code”) and the accompanying code-related guidance in relation to two new tests for imposing a Contribution Notice (“CN”). The new tests, the employer...
