In The Month In Pensions for March 2021, Ian Chapman-Curry looks at the wave of consultations that have been released by government departments and The Pensions Regulator. In this month's interview, Liz Wood explains the impact that the Pension Schemes Act 2021 will have on employers that sponsor defined benefit pension schemes. We also look over some of the other developments that have made the headlines in the world of pensions in March 2021, including: TPR launches consultation on draft single code of practice - Click here for TPR's ‘New code of practice consultation’ (17 March 2021). DWP consults on information gathering powers - Click here for the DWP's consultation ‘Strengthening The Pension Regulator’s Powers: Contribution Notice and Information Gathering Powers Regulations 2021’ (18 March 2021). TPR consults on employer resources test regulations - Click here for the DWP’s consultation ‘Strengthening The Pension Regulator’s Powers: Contribution Notice and Information Gathering Powers Regulations 2021’ (18 March 2021). DWP consults on diversification of DC investment portfolios - Click here for DWP’s consultation ‘Incorporating performance fees within the charge cap’ (18 March 2021). TPR issues its revised 15 year strategy for the future - Click here for TPR’s strategy paper ‘TPR Strategy: Pensions of the future’ (10 March 2021). No surprises for pensions in the March Budget statement - Click here for HM Treasury’s Budget 2021 documents webpage. Then we take a quick look at what is coming down the tracks for pensions in April 2021. NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

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The Month In Pensions - March 2021 - You wait for one consultation…

In The Month In Pensions for February 2021, Ian Chapman-Curry looks at a survey of defined benefit scheme trustees that suggests the age of the quarterly trustee meeting is over. We also look over some of the other developments that have made the headlines in the world of pensions in February 2021, including: Government issues further consultation on climate change risk - See details of the new consultation 'Taking action on climate risk: improving governance and reporting by occupational pension schemes - response and consultation on regulations' on the Department for Work and Pensions' consultation webpage; and Listen to our on demand webinar on ESG implementation – challenges and practical solutions. The Pensions Regulator (TPR) confirms increase in regulatory activity in Q4 2020 - Visit  the TPR’s press release 'Enforcement activity rises as expected to protect savers (18 February 2021)'. Pensions Protection Fund (PPF) publishes levy rules and policy statement for 2021/22 levy year - See the PPF’s 2021/22 levy webpage for details. The Pensions Administration Standards Association (PASA) issues guidance on tax issues in GMP equalisation - Visit the PASA GMPEWG Guidance Note on Tax Issues. The Pension Schemes Act 2021 becomes law – Visit our Pension Schemes Act 2021 hub; and See our one-page overview of what the Pension Schemes Act 2021 will mean for trustees. Then we take a quick look at what is coming down the tracks for pensions in March 2021. NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

The Month In Pensions – February 2021 – The end of the quarterly trustee meeting?

In The Month In Pensions for January 2021, Ian Chapman-Curry focuses on the legislation that will become the Pension Schemes Act 2021. At the point of recording, the Pension Schemes Bill 2019 – 21 was on the cusp of receiving Royal Assent so this episode focuses on what it will mean for pension scheme trustees and employers. When enacted, the Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes. We've created one page overviews of the key issues and actions for trustees and scheme sponsors: Trustees for our one page overview for trustees; and Sponsors for our one page overview for scheme sponsors. We'll also look over some of the other developments that have made the headlines in the world of pensions in January 2021, including: DWP publishing its response to default fund charge cap consultation (DWP’s consultation response ‘Review of the Default Fund Charge Cap and Standardised Cost Disclosure’); Government announces expansion of Dormant Assets Scheme to certain pension assets ( press release issued by HM Treasury and the Department for Digital, Culture, Media & Sport); TPR issues interim response to its funding code consultation ( TPR’s DB funding code of practice consultation interim response); PPF issues response to its levy consultation (the PPF’s ‘Outcome of the 2021/22 levy consultation’); and Small Pots Working Group issues report (Small Pots Working Group Report). NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

The Month In Pensions – January 2021 – Time for the Pension Schemes Act 2021

In The Month In Pensions for December 2020, Ian Chapman-Curry focuses on the key trends and developments that will dominate the world of pensions in 2021. With a backlog of legislative, regulatory and policy developments, 2021 promises to be a busy year for anyone working in the pensions industry. The Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes. But 2021 will be about more than primary legislation. The Pensions Regulator will be updating its codes of practice as it moves towards a single code, environmental, social and governance issues will continue to be a trend, with an increasing emphasis on climate responsible investing and the government will tackle discrimination issues in public sector pension schemes. With so much going on, we've brought together ten key trends covering the most important issues that will dominate agendas and work streams throughout the year. Make sure that you stay ahead of the curve with our guide to pensions in 2021. NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

The Month In Pensions – December 2020 – Pensions in 2021 – key trends and developments

In The Month In Pensions for November 2020, we focus on two related and increasingly intertwined areas – pension scams and cyber crime - and ask are you ready for cyber scams? Ian Chapman-Curry is then joined by Charlotte Scholes, a principal associate in our specialist pension disputes team, to discuss the latest in GMP equalisation with the third judgment on Lloyds. Also covered in this month's edition are: TPR asks trustees to pledge to combat scams - Click here for TPR’s press release ‘Make a pledge to combat pension scams, industry urged (10 November 2020)’: https://bit.ly/2KZnPt3; PASA issues cyber crime guidance - Click here for PASA’s ‘Cybercrime Guidance (November 2020)’: https://bit.ly/2VoA447; DWP publishes statement of policy intent for guidance ‘nudge’; TPR publishes new trustee guidance on sponsoring employer distress - Click here for TPR’s guidance ‘Protecting schemes from sponsoring employer distress’: https://bit.ly/3qm2A4D; Pension Schemes Bill 2019-21 clears the House of Commons - Click here for the Parliamentary webpage on the Pension Schemes Bill: https://bit.ly/33ywg4M; Coronavirus Job Retention Scheme extended; High Court rules on trustee obligations on GMP equalisation and transfers out - Click here for our Insight ‘GMP equalisation: duty does extend to past transfers’: https://bit.ly/3mx3j0P Click here for the full text of the judgment in Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors [2020] EWCh 3135 (Ch) (20 November 2020): https://bit.ly/3g2BGtV We also look forward to some of the developments to expect in December 2020.

The Month In Pensions – November 2020 – Are you ready for cyber scams?

In The Month In Pensions for October 2020, we join The Pensions Regulator in gazing into the future and consider what the world of pensions will be like in 15 years' time. See The Pension Regulator's 'Pensions of the future - a discussion on our strategy (16 October 2020)': https://bit.ly/3owKcp6  Also covered in this month's edition are: DWP gives green light to standardised simpler annual benefit statements for DC auto enrolment pension schemes (See the DWP’s response to its consultation ‘Simpler annual benefit statements for workplace pensions’: https://bit.ly/3kEp7GY); PPF consults on the 2021/22 levy (See the PPF’s consultation ‘Have your say on our 2021/22 levy rules’: https://bit.ly/3mraS8D); Public sector exit payment caps to come into force (See our insight ‘Public sector exit cap in force from 4 November 2020 (15 October 2020)’: https://bit.ly/3dZW91z); TPR publishes new guidance on superfunds (See TPR's guidance 'Superfund guidance for prospective ceding trustees and employers (21 October 2020)’: https://bit.ly/35y6X3a); Action Fraud reveals extent of pension scam activity in wake of COVID-19; and ECJ decides on VAT and pension management services case (See the full text in the judgment of United Biscuits (Pensions Trustees) Ltd. and another v Commissioners for HM Revenue and Customs (C‑235/19): https://bit.ly/2TvuDiW). We also look forward to some of the developments to expect in November 2020. This podcast and its accompanying transcript are also available on our website: https://bit.ly/3kKzp88  Find out more about the Gowling WLG Pensions team here: https://bit.ly/3jvtmTx  We regularly talk about a broad range of topics that may be of interest to you. Register for an account on our website to receive our latest articles, podcasts and webinars: https://bit.ly/34us0V1 

The Month In Pensions – October 2020 – Where will you be in 15 years' time?

In The Month In Pensions for September 2020, we go back to school and consider what is coming down the tracks for trustees and employers in the final third of 2020. Ian Chapman-Curry is also joined by Gowling WLG pensions partner Christopher Stiles to discuss his latest Insight on GMP equalisation: https://bit.ly/30zranJ  Also covered in this month's edition are: TPR's confirmation of the end of the COVID-19 easements on reporting payment failures; Government consultation on ESG and climate change (https://bit.ly/36iUO4e); Government consultation on investment innovation and improving outcomes for DC members (https://bit.ly/2EHVpko); Pensions Minister confident that the Pension Schemes Bill 2019 - 21 will be in law this year; Government confirms plans to increase the minimum pension age (https://bit.ly/36dwtg5); Pensions Dashboard Programme to publish initial data standards for dashboards by the end of 2020 (https://bit.ly/30j7Z11); and High Court rectifies successive deeds in summary judgment (https://bit.ly/2G9l5ap). We also look forward to some of the developments to expect in October 2020. This podcast and a transcript are also available on our website: https://bit.ly/3n17EtA  NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

Back to school, back to reality - The Month in Pensions - September 2020

In The Month In Pensions for July 2020, we focus on the role that technology will play in improving customer service in the pensions industry. Ian Chapman-Curry is also joined by Gowling WLG pensions partner Joanne Tibbott to discuss the Department for Work and Pensions' review of the charge cap that is applicable to certain defined contribution schemes. For the full text of Joanne's Insight, visit: https://gowlingwlg.com/en/insights-resources/articles/2020/dwp-kicks-off-charge-cap-review/ Also covered in this month's edition are: - the Pension Schemes Bill 2019 - 21 delayed until autumn; - Government consultations on changes to public sector pension schemes; - PLSA publish a simple guide to GMP equalisation Click here for the PLSA’s ‘Simple Guide to GMP Equalisation’; Click here for the first part of our introductory Insights on GMP equalisation; Click here for the second part of our introductory Insights on GMP equalisation. - High Court rectifies pension scheme’s increase rules to remove hardwired RPI provisions (Univar UK Limited v Stephen Smith and others [2020] EWHC 1596 (Ch) Click here for our Insight ‘High Court rectifies pension scheme’s increase provisions to remove hardwired RPI’; Click here for the full text of the judgment. - High Court rectifies pension scheme’s increase rules to remove hardwired RPI provisions (Safeway Ltd v Newton & Ors (Rev 1) [2020] EWCA Civ 869 (13 July 2020) Click here for our Insight ‘Court of appeal rules that normal pension ages under Safeway pension scheme were equalised retrospectively’; Click here for the full text of the judgment. We also look forward to some of the developments to expect in August 2020. NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

The robot will see you now - The Month In Pensions - July 2020

In The Month In Pensions for June 2020, have we reached a tipping point for consolidation in the pensions industry? Is it time for superfunds and collective defined contribution?   And, in a month with plenty of sobering economic news, what are the options for pension scheme trustees and employers in distress? Ian Chapman-Curry is joined by Christopher Stiles to discuss his latest Insights on the options that are available for those faced with difficult market conditions and what a new insolvency regime means for trustees of defined benefit occupational pension schemes. For the full text of Christopher's Insights, visit www.tinyurl.com/TMIP2006C and www.tinyurl.com/TMIP2006D Also covered in this month's edition are: - TPR updating its measures on helping pension schemes tackle COVID-19 challenges (see TPR's press release at www.tinyurl.com/TMIP2006A); - the Financial Conduct Authority's package of measures on defined benefit transfers and transfer advice (see the FCA's DB transfer webpage at www.tinyurl.com/TMIP2006B); and - TPR's new interim guidance regime for the emerging superfund pension market (visit www.tinyurl.com/TMIP2006E for our Insight on TPR's interim guidance). This episode finishes with a roundup of key developments in the world of pensions for July 2020. You can get in touch with Ian Chapman-Curry at www.tinyurl.com/GWLGICC. For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk. NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

Tipping point for consolidation? The Month In Pensions - June 2020

In The Month In Pensions for May 2020, is COVID-19 accelerating the pace of change and the adoption of technological and digital solutions in the pensions industry? Ian Chapman-Curry is joined by Jason Coates to discuss his latest Insight on how coronavirus has not ushered in a 'new normal' in pensions but has, instead, been the catalyst for an accelerated normal. Pre-existing trends have been brought to the forefront and change is, if anything, speeding up. For the full text of Jason's Insight, visit www.tinyurl.com/TMIP2005C. Also covered in this month's edition are: - The Pension Regulator's new and updated guidance on dealing with COVID-19 in pensions (see our Insight on this at www.tinyurl.com/TMIP2005A); - The Pension Regulator's Annual Funding Statement (our full Insight on this is at www.tinyurl.com/QU202002A); and - the High Court deals with CPI / RPI issues twice (see www.tinyurl.com/ QU202002X for the full text of Ove Arup & Partners International Ltd). This episode finishes with a roundup of key developments in the world of pensions for June 2020. For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk. NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

Accelerating the pace of change (The Month In Pensions - May 2020)

The Month In Pensions looks at the key developments in the UK pensions industry over the previous month. For April 2020, we focus on the continued impact that COVID-19 is having on the pensions industry, delays to government and regulatory consultations and the impact of the lockdown on pension scheme deficits. We also look forward to some of the developments to expect in May 2020.

Adapting to a new normal - The Month In Pensions April 2020

The Month In Pensions looks at the key developments in the UK pensions industry over the previous month. For March, we focus on the impact that coronavirus is having on business continuity planning, the progress of the Pension Schemes Bill 2019 – 21, the increased attention on ESG matters and the much anticipated TPR consultation on the revised defined benefit funding code. We also look forward to some of the developments to expect in April. https://gowlingwlg.com/en/insights-resources/articles/2020/the-month-in-pensions-march-2020/

Business Continuity in a Time of Crisis - The Month In Pensions March 2020

Getting ready for GDPR - Part five - Communicating with members

Getting ready for GDPR - Part four - Legal issues and trustee decisions

Getting ready for GDPR - Part three - Dealing with third parties

Gowling WLG's Pensions experts discuss the latest developments. NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

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Pensions - Gowling WLG

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