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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
United Kingdom | Publication | October 2023
On October 5, 2023, HMRC published guidance for private sector pension schemes affected by the McCloud judgment.
What is known as the “McCloud remedy” was implemented on October 1, 2023, and is intended to remove the effect of past age discrimination in public sector schemes. It has been recognised that there may be knock-on effects for private sector scheme members as well.
There are possible tax implications where increased usage of LTA in a public sector scheme could retrospectively create an LTA charge where the individual has withdrawn benefits from a private scheme. Schemes may therefore need to re-process benefit crystallisation events where a member has been paid an LTA excess lump sum and all or part of that lump sum is no longer considered “excess” following changes effected earlier this year. The guidance explains how to adjust the LTA charge in the relevant cases.
Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Publication
On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
Publication
We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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