DC briefing – July 2015

Welcome to the latest edition of our DC briefing, which highlights topical news on DC pensions from a legal viewpoint.

It has been a busy few months but we now have all the DC pension freedoms (not to mention the minimum governance standards and the default fund charges cap) in force.  Schemes are starting to bed down their new systems and processes and are really getting to grips with the new requirements.

Continuing with the theme of change, the General Election has given us a new Pensions Minister.  While Baroness Altmann is a (very) familiar face for the industry, it remains to be seen how she will act now she really has the power to make changes.  Will she continue with the plans of the previous administration or does she have her own ideas?  She has already made clear that she does not intend savers’ rights to be forfeited in the interests of the industry.  Given the increasing concern over pension scams, particularly in the light of the new DC pension freedoms, this seems a sensible starting point for DWP policy.  However, it will be interesting to see how the tension between protection and HM Treasury’s desire for people to be able to access the new options easily will be resolved.  Will there be yet more changes to legislation?  It seems likely, but we will have to wait and see!