Archives: UK Pensions

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Is LGPS Governance Up To Scratch?

From asset pooling and actuarial valuations to administration and data, local government pension schemes have a lot to think about this year – meaning good governance is more important than ever. In this podcast episode recorded for Pensions Expert, Kirsty Bartlett, partner in our Pensions team, and Ian Colvin, head of LGPS Benefits and Governance … Continue Reading

No Deal, No PPF?

Brexit insolvency issues for trustees of pension schemes with overseas sponsors You might remember that before 2016, in the world before the EU referendum (which did exist!), it was effectively not possible for the insolvency of an overseas sponsor of a UK pension scheme to trigger entry into the PPF unless the overseas sponsor had … Continue Reading

Strength in numbers – The Pensions Regulator presents challenges for the sole trader trustee model

Are you a professional trustee of an occupational pension scheme? If so, you will soon be expected to apply for accreditation and demonstrate that you meet a new set of standards. The Professional Trustee Standards Working Group recently published details of a proposed accreditation framework for professional trustees. This follows on from a consultation which … Continue Reading

I’m a small DC scheme… get me out of here

Does your DC scheme have less than £10m in assets or fewer than 1,000 members? If so, you may have to consolidate into another arrangement – or explain why you should not. The encouragement of DC consolidation is one of the proposals in the DWP’s consultation “Investment Innovation and Future Consolidation”, which runs until 1 … Continue Reading

GMPs Rock!

Are GMPs getting you down? ‘Tis the season for a lighthearted view of a serious issue. We have set the history of GMPs to verse in our “GMPs Rock” poem, and invite you to reminisce with us. All the best from the Squire Patton Boggs Pensions Team. GMPs Rock! It all began way back in time, in Nineteen … Continue Reading

Keep calm and carry on!

Some of the questions we have been asked this week in relation to GMP equalisation, include – Do we have to equalise for GMPs? How do we do this? Do we have to make back payments? What should we tell our members? How do we deal with outstanding and new cash equivalent transfer value requests? … Continue Reading

PPF standard guarantee survives attack in the courts

It was inevitable that at some point the Pension Protection Fund standard guarantee would be put to the test in the courts. That’s exactly what happened when a guarantee in favour of the Caribonum Pension Scheme was triggered by sponsor insolvency. Although not a surprising outcome, trustees of pension schemes which have Type A PPF … Continue Reading

#How2DoPensions

Starting on #Pensions Awareness Day in September, our #How2DoPensions education campaign involves sharing a bank of quick guides with clients, contacts and the wider pensions industry. Each Tuesday, we publish on our website a quick guide on a topical pensions issue and share a link on the main social media channels. The guides are short … Continue Reading

TPR set to get new powers

The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers: Notifiable events framework Declaration of intent (new) Voluntary clearance Engagement with other regulators Fines Contribution notices and financial support directions Of particular note are the new civil and criminal sanctions. The DWP is proposing that TPR should be able to … Continue Reading

Back to Basics

“You need to get the basics right, including giving us up-to-date information about the scheme, and we will take action if you fail.”  The Pensions Regulator’s (TPR) move towards being a “clearer, quicker and tougher regulator” is apparent from this statement, taken from its most recently published compliance and enforcement bulletin. TPR has recently fined … Continue Reading

A lot of crossing out

The writing may not always be on the wall in terms of validating scheme amendments where historic documentation is scarce and in terms of recovering overpayments to pensions. An interesting case involving the BIC UK Pension Scheme (yes, “BIC” as in the pen that you may be holding) highlights a new way forward for trustees … Continue Reading

Does “cybersecurity” leave you cold?

If I ever claimed to be an expert on IT systems and processes, those who work in our firm’s IT department would struggle to contain their amusement. Along with many other forty-somethings, I am a proficient user of IT at work and at home – until something goes wrong. Then I find it frustrating because … Continue Reading

Happy New Tax Year!

To celebrate the new tax year, we provide a round-up of some of the pensions measures that come into force on 6 April 2018. Bulk transfer without consent of DC benefits At last, trustees and employers can close an occupational money purchase (DC) plan without the pension plan actuary having to decide how the certification requirement … Continue Reading

The clock is ticking

It’s that time of year again: the weather is wintry, despite it being nearly Spring; the New Year TV dramas have finished with nothing to replace them; and we are into the final few days of implementing Pension Protection Fund (PPF) levy saving measures. Are you on track to meet the PPF’s deadlines? Trustees that have … Continue Reading

To infinity and beyond – anti-money laundering hits new heights

Whilst trustees of occupational pension plans are still grappling with the implications of the EU’s fourth money laundering directive, they will be horrified to hear that the fifth money laundering directive is already on its way! The fourth money laundering directive was implemented in the UK on 26 June last year and was the first one … Continue Reading

But sir, my dog ate the scheme accounts!

Four trustees of an occupational defined benefit pension scheme have been fined £500 each by the Pensions Regulator (TPR) for their failure to obtain audited scheme accounts on time without reasonable excuse. This is the first fine of this type, and follows TPR’s announcement in 2017 that it was going to be “clearer, quicker and … Continue Reading

What does US tax reform mean for non-US institutional investors – and UK pension funds in particular?

Colleagues have previously blogged about US tax reform and the impact on US retirement plan provisions. We highlight in this blog the key takeaway points from the US tax reform that will impact upon non-US institutional investors.  In particular, it is worth noting that pension funds investing through partnership structures and/or real estate may be … Continue Reading
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