Welcome to your weekly update from the A&O Shearman Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.
TPR seeks input on updates to trustee toolkit
The Pensions Regulator (TPR) has added a statement on its website explaining that it is updating its trustee toolkit (the online learning programme designed to help trustees gain the necessary level of knowledge and understanding). TPR is seeking the help of lay and professional trustees who use the toolkit to participate in user testing of a prototype updated module. Details about how to participate are included in the statement.
Read the statement.
TPR: remain vigilant to prevent pension scams
TPR, the Fraud Compensation Fund (FCF) and The Pensions Ombudsman have announced that a total of GBP81.5 million in compensation has been paid to 58 pension schemes whose members were defrauded by scammers. This follows a High Court ruling in 2020 which clarified that occupational pension schemes set up as part of a scam could potentially be eligible for FCF compensation. Alongside the announcement, TPR highlights the importance of prevention and urges pension schemes to be vigilant and report any suspicions to Action Fraud.
Read the press release.
HMRC: latest pension scheme newsletter
HMRC has published its latest newsletter (no. 172). This newsletter covers:
- changes to evidence requirements for requests for higher rate or additional rate relief to be given through an individual’s tax code. This should not require changes to pension scheme processes, but HMRC warns that it may lead to an increase in member enquiries
- an invitation for pension scheme administrators and practitioners to test the new service for looking up a member’s Lifetime Allowance protections and enhancements
- updates on submitting return information and consolidated claims for relief at source purposes
- information on changes to the mandatory scheme pays deadline for active and deferred members affected by the public service pension remedy.
Read the newsletter.
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