United Kingdom | Publication | November 2024
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.
This addresses the PPF’s concern that its standard assumptions could lead to marginally overfunded smaller schemes being unable to obtain affordable buyout quotations for PPF levels of compensation.
The bespoke discount rate easement is due to apply to schemes with liabilities of £50 million or less. The changes will apply to valuations under ss. 143, 152 and 158 Pensions Act 2004 with effective dates on or after May 31, 2024. No changes are being made in relation to s. 179 valuations.
Publication
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.
Publication
The Chancellor presented her maiden Budget on October 30, 2024.
Publication
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.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023