Research by the National Association of Pension Funds (NAPF) published last week highlights the potential impact of the current financial crisis on the already fragile defined benefit market – and warns that current problems could cause employers to rethink their existing pension arrangements.
Capita Hartshead is running its first investment seminar on January 22nd. This is the first of a series of breakfast investment seminars, looking at the current issues facing trustees as they try to recoup losses suffered during the turbulent markets of 2008.
HMRC has reminded Scheme Administrators of the forthcoming filing deadlines in its latest Pension Schemes Newsletter (35).
Following the consultation on good record keeping practice launched by the Pensions Regulator last summer, the Regulator has now issued its final guidance. Whilst the general approach was supported by industry professionals, some changes have been made in the final guidance to reflect the feedback received.
At the end of November 2008, the High Court handed down its judgement in the Foster Wheeler v Hanley case – a case that could have repercussions for many DB schemes. The case concerns the treatment of benefits accrued during the ‘Barber window’ and the date retirement ages were equalised.
The DWP has launched a consultation on a number of proposed amendments to various sets of pensions regulations.
The Pensions Regulator is now consulting on a new draft Code of Practice on the application of the ‘material detriment’ test. The material detriment test is a new provision introduced by the Pensions Act 2008 for the issue of contribution notices by the Regulator.
The Board for Actuarial Standards (BAS) is responsible for guidance on the production of Statutory Money Purchase Illustrations (SMPIs), which it does through the publication of Technical Memorandum 1 (TM1).
The Government has published the long-awaited response to the consultation document, ‘Flexible Retirement and Pension Provision’, which was released back in October 2007. The consultation sought views on the application of age discrimination regulations in relation to flexible retirement and pensions.
The Pensions Act 2008 finally received Royal Assent towards the end of last year, introducing radical measures to encourage greater private saving for retirement and statutory duties on all employers. These provisions are expected to be effective from 2012.