Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
Compass provides commentary on and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
This edition of Compass opens with a focus on the Pension Schemes Act 2021, which finally received Royal Assent on 11th February 2021. Key elements of the Act include a structural framework for online pensions dashboards, strengthening The Pensions Regulator, changes to scheme funding, outlining new restrictions on statutory transfers, building on scheme governance for climate change risks and creating a framework for collective defined contribution schemes.
Our second article focuses on the spring Budget, which was delivered to the House of Commons on 3rd March 2021. The aim was, and remains, to support the economy because of the ongoing Covid-19 pandemic.
The Budget sets out how the Government will extend its economic support to reflect the reopening of the economy as restrictions start to ease. The key highlight for the pensions industry was the freezing of the lifetime allowance until April 2026.
Following this, we discuss the proposed new consolidated Code of Practice from the Regulator. The new Code will replace 10 existing Codes and will introduce the requirements relating to the Occupational Pension Schemes (Governance) (Amendment) Regulations.
Our fourth article focuses on pension scams, which remain a hot topic in the pensions industry as scammers continue to find new ways to victimise people.
The article discusses the new guidance recently published by the Pension Scams Industry Group (PSIG) and the statement from the Pensions Minister, which urges pension schemes to share data in an effort to work together to prevent further scams.
Elsewhere in Compass, we cover: