Publication
Regulatory investigations and enforcement: Key developments
The past six months have seen a number of key changes in the regulatory investigations and enforcement space.
Briefing paper on GMP Equalisation
United Kingdom | Publication | October 2023
On September 21, 2023, the House of Commons Library published a research briefing paper on Guaranteed Minimum Pensions (GMPs) equalisation. The briefing paper is a useful reminder and covers three main areas:
1. What GMPs are, and the requirement for schemes to provide them.
2. GMP equalisation and possible approaches schemes could take.
3. The Pensions Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022, which came into force last year, with the aim of amending existing legislation relating to GMPs to:
- Clarify that the legislation applies to survivors as well as earners.
- Provide for a power to set out in regulations the conditions that must be met in relation to survivors’ benefits.
- Provide for a power to set out in regulations detail about who must consent to the conversion.
- Remove a requirement for schemes to notify HMRC when they carried out a conversion exercise.
Regulations to supplement 2022 Act are still awaited.
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Recent publications
Publication
Understanding hydrogen in Indonesia
As a general remark, Indonesia has not, at the date of preparing this summary, issued any regulation on hydrogen production, distribution and trade. It is expected that the upcoming New and Renewable Energy Law will provide a legal framework for the exploitation and utilisation of various new energy sources, including hydrogen.
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