Alerts

Focusing on breaking news

• Life Cover Only Members

  We have previously alerted you to the question of whether, following the implementation of the European Pensions Directive into UK legislation, it is possible for occupational pension schemes to continue to have life cover only members as a separate category of membership. Having recently heard from the DWP as to their thinking on this topic, we can now update you.

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• Consultation! Consultation! - an update

  With 2006 less than three weeks old, the production line of Pensions Act 2004 regulations has begun in earnest. From 6 April 2006, employers will have to consult with employees before certain changes (known as "listed changes") can be made to a pension scheme. The new obligation, which follows a consultation document published back in June 2005, stems from the EC Directive on Informing and Consuling Employees.

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• PPF levies cometh

  Following its October 2005 update, the PPF Board has finally published its proposals for assessing the risk-based levy. (The risk-based levy, which is relevant to all schemes potentially eligible for the PPF, will apply from financial year 2006/07). The final proposals include "incentives to reduce risk, measures to ensure affordability for weaker schemes and refinements".

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• Scheme Funding - the nightmare before Christmas (!)

  Whilst the scheme funding process is contained in the Pensions Act 2004, much of the detail was left to Regulations and to a Code of Practice to be issued by the Pensions Regulator. After a number of delays, the final Scheme Funding Regulations and the Code of Practice have been laid before Parliament and will come into force on 30 December 2005.

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• Investment - walking in a regulatory wonderland

  With the prospect of seasonal cheer less than 10 days away, the pensions industry is expecting several sets of regulations to come into force when all is quiet on 30 December 2005. Here we consider some of the key points for pension schemes presented by just one set of them, the Occupational Pension Schemes (Investment) Regulations 2005.

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• Cross border - new order

  The Pensions Act 2004 transposed the cross border requirements of the European Pensions Directive into UK law. The reason the designation as a cross-border pension scheme is important is that it brings with it a need to be "fully funded at all time". The Cross Border Activites Regulations 2005 which detail the exact conditions and procedures schemes must follow to enter into cross border activity have at last been finalised - and there are some significant changes from the draft published for consultation in September.

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