2025 marks the centenary of the Trustee Act 1925, which received Royal Assent in Parliament on 9 April 1925. This article explores how, 100 years on, the Act continues to provide crucial guidance and protection for trustees,...more
On 24 April 2025, the DWP published a Report by the Small Pots Delivery Group, setting out the Group’s detailed recommendations for a system of compulsory consolidation of small defined contribution (DC) pots, plus the...more
Welcome to our latest update, in which we cover: Pensions Regulator (TPR): oversight of professional trustees TPR has announced a framework for the oversight of professional trustees. Pensions Regulator (TPR): supporting...more
A bite-sized summary of recent UK pension news Welcome to our latest update, in which we cover: Pensions dashboards blog: connecting via a third party Explaining the key steps when connecting to the dashboards ecosystem...more
In this news update, we highlight legal developments in UK pensions over the past five weeks. This update covers: News from the Pensions Regulator (TPR) Data strategy Preventing pension scams Priorities for 2025 DC and...more
The Chancellor has announced that new rules will give more flexibility over the use of surplus in DB pension schemes. Details are expected in the Spring, in the government’s response to the consultation “Options for Defined...more
Legislation in a hurry... Pensions tax is never simple, and the legislation abolishing the lifetime allowance (LTA) on 6 April 2024 (“L-Day”) bears this out. Regulations issued mid-March correct some, but by no means all, of...more
The government has ambitious plans for the future of defined benefit (DB) pension schemes, many of which, it is hoped, will help the UK economy through increased investment in productive finance. In particular, the...more
The Autumn Statement confirmed that the lifetime allowance (LTA) will be abolished from 6 April 2024 (“L-Day”). The legislation to achieve this is contained in the Finance Bill, issued on 29 November, of which a whopping 100...more
The government is keen to see continued reduction in the number of DC trust-based occupational pension schemes, believing that a smaller number of large, well-run schemes will result in better outcomes for members while...more
On 28 November 2023, we held our recent developments in pensions seminar covering legal updates from the pensions industry from the recent months.
Topics members of our team covered included: Autumn Statement 2023: what...more
Pension trustees and sponsoring employers may have seen commentary on the recent case of Virgin Media v NTL Pension Trustees Ltd and others, which concerned procedural requirements for historic amendments in relation to...more
We run a comprehensive programme of pension training for clients and their advisers, including training for new pension trustees, training for experienced trustees and regular morning seminars reviewing legal developments in...more
The pension tax changes announced in the Budget today represent a revolution in pension taxation. This alert gives a short summary of the announcements affecting pensions. No doubt further complexities will arise as the...more
Welcome to Hogan Lovells UK pension team's October 2022 newsletter. The past fortnight has demonstrated how pension schemes can be significantly impacted by unexpected turmoil in financial markets. ...more
A requirement to tell the Pensions Regulator (tPR) about certain events (“notifiable events”) has long been part of tPR’s armoury in its ongoing campaign to strengthen funding of defined benefit (DB) pension schemes....more
The Act introduces two new offences – conduct risking accrued DB benefits and avoidance of employer debt, as explained below. Each offence is punishable by up to seven years' imprisonment and / or an unlimited fine. There are...more
The passage of the Pension Schemes Act 2021 (the Act) into the statute books has received press coverage far beyond the usual pension industry commentary. New criminal offences and civil penalties, plus increased powers for...more
8/17/2021
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be “clearer, quicker and tougher”. The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more
8/17/2021
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more
HM Treasury and HMRC are consulting on the implementation of the increase to normal minimum pension age (NMPA) from 55 to 57 from 2028. The consultation chiefly addresses how individuals with a right to early retirement...more
Pension scheme investment and governance have been occupying policymakers and regulators both in the UK and in Europe. Pension trustees are faced with a challenging array of new requirements, recommendations, statements of...more
The government's Coronavirus Job Retention Scheme (CJRS) has thrown a lifeline to many employers and to their employees who might otherwise have lost their jobs in the current Covid-19 crisis. For employers taking advantage...more
The COVID19 crisis has changed the landscape for pension scheme trustees.
This note discusses the potential impacts and actions trustees should consider taking in relation to the following areas.
...more
3/30/2020
/ Coronavirus/COVID-19 ,
Death Benefits ,
Employee Benefits ,
General Data Protection Regulation (GDPR) ,
Governance Standards ,
Investment ,
Pension Protection Fund (PPF) ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
Trustees ,
UK
The Pension Protection Fund (PPF) has issued a helpful statement concerning the practicalities of certifying contingent assets in the current, highly-unusual, circumstances....more