Clifford Chance
UK: Pensions Update: May 2016
4 May 2016
Welcome to the May 2016 edition of the UK: Pensions Update
In this edition we focus on a number of key developments which took place on 6 April (including new corporate law disclosure requirements to maintain a "PSC" register, the ban on member-borne commission payments and the introduction of a statutory modification power to help with GMP revaluation issues caused by the abolition of contracting-out), as well as taking a look at what a "Brexit" could mean for UK pensions.
In this edition we also cover:
- EIOPA's announcement to drop plans for a solvency-based funding regime for pension schemes;
- an update on the progress of the revised IORP Directive;
- ESMA's published list of UK pension arrangements which benefit from the derivatives clearing exemption;
- trustee liability insurance;
- the key announcements from March's Budget;
- the Pensions Regulator's consultation on six new guides to support the DC Code of Practice; and
- progress on the introduction of an early exit charges cap.
