United Kingdom | Publication | September 2024
Last month, we reported that the Government had launched the first phase of its Pensions Review and a related call for evidence was published on September 4, 2024, focusing on DC schemes and the Local Government Pension Scheme. Replies are sought by September 25, 2024.
This first phase of the review aims to boost investment, increase pension pots and tackle waste in the pensions system. The call for evidence poses 10 questions under headings of scale and consolidation, costs versus value and investing in the UK.
The review intends to engage extensively with stakeholders via meetings and workshops but also welcomes written submissions from relevant organisations and individuals.
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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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