Welcome to the first edition of Compass for 2018.
Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
The recent pattern of relatively quiet months in pensions and employee benefits has continued into the New Year. Nevertheless, it cannot be guaranteed that this pattern will continue, particularly since the Government has confirmed that it will publish a White Paper in response to the Green Paper, “Security and Sustainability in Defined Benefit Pension Schemes”, before the summer.
The 2017 Automatic Enrolment Review, published on 18 December 2017, is one of the highlights of this month’s Compass. The Review considers how workplace pensions will meet the needs of individuals and employers both now and in the future while remaining fair, affordable and sustainable. It sets out proposed changes designed to build on the foundations that have already been laid. The Government’s proposed automatic enrolment trigger and thresholds for 2018/19 were also published at the same time.
In our second article, we look at the Scottish Budget, which announced the introduction of two new income tax brackets, as well as an increase to the highest rate of tax. We consider the forthcoming impacts of this change for pensions and employee benefits.
We also examine a recent change to the advice safeguard regulations, which could have unintended consequences for certain defined benefit pension schemes.
Elsewhere in Compass we cover:
A consultation on a new set of standards for professional trustees published by the Professional Trustee Standards Working Group.
The Government’s interim response to the report by the Law Commission on pension funds and social investment.
A round up of other news including the latest from the PPF, the FAS, the DWP and HMRC.