16 December 2015
Welcome to the December 2015 edition of the UK: Pensions Update
In this edition we focus on the impending deadline for resolutions under section 251 of the Pensions Act 2004, as well as recent publications by the Pensions Regulator, including new guidance on integrating risk management and the new draft defined contribution Code of Practice which has been published for consultation.
In this edition we also cover:
- proposed changes to the Financial Services Compensation Scheme rules;
- a potential issue for without-consent transfers after 5 April 2016 raised by the draft Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments) Order 2016, which was recently published for consultation;
- HMRC's Scheme Reconciliation Service and the benefits of reconciling Guaranteed Minimum Pension records with HMRC;
- a recent High Court judgment in the case of BCA Pension Trustees Limited, relating to a Part 8 application under section 48 of the Administration of Justice Act 1985;
- the Chancellor's Autumn Statement;
- an update on VAT recovery and HMRC's extended deadline;
- the European Court decision on data protection in the case of Maximillian Schrems v Data Protection Commissioner and what this means for pension schemes and employers;
- DWP's consultation on secondary legislation to ensure the flexibilities introduced in April this year operate as intended;
- DWP's consultation on banning member-borne commission, which closed at the end of last month;
- the Court of Appeal's judgment in the case of Walker v Innospec, which dismissed a member's appeal that his civil partner should be entitled to a survivor's pension on his death in respect of service built up before 5 December 2005; and
- the Pension Protection Fund's recent consultation on the 2016/17 levy.