UK Pensions Newsletter – July 2022 | Hogan Lovells

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Welcome to the July 2022 newsletter from the Hogan Lovells UK Retirement Team.

Contents

Discrimination based on age: historical claims?

An unusual Case before the Labor Court raised the possibility of claims of age discrimination in service prior to 1 December 2006 (when age discrimination legislation was introduced), where the discriminatory practice does not fall no specified exemption.

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High Inflation: Time to Check Your DB Diet Rules

Legislation requires that certain pensions in payment (generally benefits incurred and benefits acquired after April 6, 1997) be increased, and some plan rules also provide for increases on benefits acquired before April 6, 1997. It is also relatively common for schemes to contain the power to grant additional (discretionary) pension increases. In times of higher inflation, plan members may begin to question whether the trustees or the employer have the authority to grant further increases.

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Pension regulator’s guide to reporting pension scams

The latest publication in the ongoing campaign against pension fraud is a joint guide to reporting pension scams, published jointly by the Pensions Regulator (tPR), the Financial Conduct Authority (FCA) and ActionFraud. The guide is accessible via a link in a recent tPR Blog.

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Consultation on UK Solvency II reforms

At the end of April 2022, HM Treasury published its highly anticipated consultation document on the reform of aspects of the Solvency II system in the United Kingdom, which governs the capital resources that insurers must have to guarantee the risks they insure. The reforms are of interest to UK pension schemes, in particular sponsoring employers and trustees of defined benefit (DB) pension schemes, as changes to capital requirements may have a favorable impact on the availability and cost of annuities .

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Other news

  • Climate change: regulations (and associated tips) have been published to introduce the obligation for master trusts and large occupational pension schemes to report a portfolio alignment indicator from 1 October 2022.
  • Investment: the DWP has published an update tips to report on the Statement of Investment Principles (SIP) and Statement of Implementation.
  • The DWP launched a call for evidenceto explore the support plan members may need to help them make informed choices about the use of their savings.
  • PASA published:
  • Derivatives (EMIR): the exemption of pension plans from the obligation to clear OTC derivative contracts through a central counterparty, which was due to expire on June 18 this year, is extended until June 18, 2023.
  • Pension dashboards: A brief supplementary consultation has been published introducing the concept of “Dashboards Available Point” (DAP) – the date from which qualifying dashboard services will be available to the general public. The date of the DAP will be specified in a notice at least 90 days in advance.

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