Clifford Chance

Welcome to the June 2023 edition of the UK: Pensions Update

28 June 2023

In this edition we look at the recent High Court ruling on the validity of amendments to formerly contracted-out schemes, we consider the recent report published by the DWP on the impact of the pension transfer regulations and we summarise the key points and updates set out in the Pension Regulator's 2023/2024 corporate plan.

For the first time, we've also prepared an audio podcast which covers the above three topics and which generally accompanies our update newsletter. Listen to the podcast here.

The content of this podcast does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.

In this edition we also cover:

1. recent publications from the Pensions Regulator (its annual funding statement, EDI guidance, LDI guidance, and refreshed guidance on protecting schemes from employer distress);
2. progress on the Retained EU Law Bill, which has now received Royal Assent;
3. the recent announcement of a new connection deadline for Pensions Dashboards following the previous "reset" announcement;
4. an extension to the pension funds clearing exemption;
5. progress on legislation for pensions tax changes;
6. the Government's confirmation of a state pension age increase to 68 by 2046;
7. the commitment of the UK and the US to establish a US-UK data bridge; and
8. recent Government announcements regarding a consultation into auto-enrolment reform.

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