Following on from my August 2021 blog post on the DWP’s plans to introduce simpler annual benefit statements, we have now had some time to digest the DWP’s response in October to its consultation and the finalised Regulations, which...
Earlier this year the Pension Schemes Act 2021 provided the long awaited statutory framework for Collective Money Purchase (“CMP”) schemes, commonly referred to as Collective Defined Contribution (or “CDC”) in the UK. This was...
Sarah Henderson’s blog last month, “Why the rules are just the beginning…”, looked at steps to building a benefits specification for a bulk annuity policy. One of the steps was crystallising trustee discretions. Let’s look at...
The Pensions Regulator (TPR) consulted earlier this year on its proposed new single code of practice (the Code). The Code is to combine 10 of TPR’s existing 15 codes of practice into an updated and online format, and with content that...
The benefit specification from start to finish When securing benefits through a bulk annuity policy with an insurer, it’s important to ensure the benefits are carefully documented in your benefit specification. Why? Because, otherwise,...
For many occupational pension schemes there is an interplay between the scheme’s benefit structure and gender that continues to necessitate the inclusion of a member’s gender on their scheme record. As such, schemes should ensure they...
As defined benefit schemes mature, de-risk and edge ever closer to buy-out and wind up, companies and trustees are increasingly focusing on different types of risk exposure. One risk they may be looking at more closely is the risk which...
A bulk annuity transaction is a transaction about risk. Funding and administering a DB pension scheme involves lots of risks. A bulk annuity transaction looks to transfer some of those risks from the scheme and its sponsor to an...
At the end of the Brexit transition period, certain regulations and conventions governing jurisdiction and enforcement ceased to apply to the UK, making the process for enforcing UK court judgments in EU member states, Iceland, Norway and...
Earlier this year, the Department of Work and Pensions (the “DWP”) published a consultation on draft regulations introducing new standard requirements for annual workplace pension benefit statements for members (excluding pensioners)...
