7 days

7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

WPC calls for further evidence on DB schemes with LDI

As part of its inquiry on DB schemes with LDI (see 7 Days), the WPC has opened a further call for evidence to inform a session with the Pensions Minister and the Economic Secretary to the Treasury in March. The WPC is welcoming further views until 3 March 2023, including comments on TPR’s consultation on its draft DB funding code of practice (see our Alert for details of the consultation).

As the WPC has previously stated, it intends to launch a further inquiry on DB schemes “in due course”.

HMRC gives an update on pension transfers guidance in its latest newsletter

On 1 February 2023, HMRC published its latest pension schemes newsletter. Among other things, the newsletter gives an update on changes to HMRC’s pension transfers guidance, clarifying how to confirm the status of a receiving scheme. Schemes should do this by contacting HMRC using the online contact form or by writing to Pension Schemes Services. In addition, schemes can now choose to receive HMRC’s response by email rather than post.