United Kingdom | Publication | November 2024
On October 21, 2024, the Pensions (Special Rules for End of Life) Bill received its first reading in the House of Commons.
The text is not yet available, but it is expected that it will amend the definition of terminal illness in relation to compensation payments made under the PPF and the FAS to allow compensation claims for members with less than 12 rather than 6 months to live. This would bring the PPF and FAS into line with the rules governing registered pension schemes.
The second reading is scheduled for January 17, 2025.
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The Court of Appeal has overturned a 2023 High Court decision in Manolete v White [2024], ruling that courts cannot issue injunctions requiring members to draw down their occupational pensions to make them available to judgment creditors.
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The Chancellor presented her maiden Budget on October 30, 2024.
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On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.
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