Welcome to the April 2016 issue of Compass

21 April 2016

The April edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.

Welcome to the April 2016 edition of Compass.

We have included a picture of the UK's most famous senior citizen who is still working as it is her 90th birthday in April.

As the pace of legislative change just recently has been quite phenomenal, we start this month with a summary of the main changes which came into force on 6 April 2016 including the new single-tier state pension, the cessation of DB contracting-out, changes to the annual allowance for high earners, a reduction in the Lifetime Allowance and new exceptions and thresholds for automatic enrolment.

We then consider the Government’s plans to restructure the delivery of Public Financial Guidance in the UK by replacing MAS and merging TPAS and Pension Wise.

We also review the six draft guides issued by the Pensions Regulator that aim to help trustees to comply with the planned new Code of Practice 13 on the governance and administration of occupational defined contribution (DC) trust-based schemes.

In an important step for DB pension schemes, the European Insurance and Occupational Pensions Authority (EIOPA) has published its recommendation on a common framework for risk assessment and transparency for Institutions for Occupational Retirement Provision (IORPs). Importantly, EIOPA has abandoned plans to harmonise capital or funding requirements at the current time.

Elsewhere in Compass we cover:

  • Pension Schemes Newsletter 77 which includes information on the interim application process for the new Lifetime Allowance protections.
  • The Pension Regulator's first report into how employers are handling their triennial re-enrolment duties.
  • A PPI report on the work of Independent Governance Committees (IGCs) of GPPs over their first year.
  • The Regulator's re-launched scorpion campaign against pension scams.
  • The closure of the Financial Assistance Scheme (FAS) to new schemes.
  • This month’s articles may be viewed from the list on the left side of this page.

If you have any questions regarding the topics covered, please email: cebtechnicalteam@capita.co.uk

 

Compass April Issue 2016

The April edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.

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