Welcome to the August 2016 edition of Compass

22 August 2016

The August 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.

This edition has a governance focus following the recent publication of the Pensions Regulator's new Code of Practice on governance and administration of occupational trust-based DC schemes, which came into force on 28 July 2016. The Code sets out the standards that the Regulator expects of trustees and is accompanied by some separate guides which cover recommended best practice and suggested approaches for trustees. The Regulator has also published research into the governance challenges which face occupational trust-based DC schemes, which shows that trustee boards of smaller schemes are lagging behind those of larger schemes in this area.

The Regulator has also published a discussion paper entitled 21st Century Trusteeship and Governance to seek views on how higher standards can be met by pension scheme trustee boards given their findings that many trustee boards struggle to cope with the increasingly complex requirements. 

Elsewhere in Compass we look at:

  • A report from the House of Commons' Select Committees covering the recent history of BHS and its defined benefit pension scheme leading up to its insolvency;
  • The launch of HMRC's online Lifetime Allowance protection application service for individuals;
  • The latest research from the Pensions Regulator on the progress of automatic enrolment;
  • A legal case (Hampshire vs Board of the Pension Protection Fund) referred to the CJEU concerning the legality of the PPF's compensation cap;
  • Two consultations in progress; the first on salary sacrifice for the provision of benefits-in-kind in which the Government sets out its intention to introduce certain income tax and National Insurance Contributions (NICs) charges, and the second on the tax treatment of termination payments in which the Government is aiming to reduce the complexity of the current system and the potential for tax avoidance; and
  • The Irish Pensions Authority's anticipated consultation on reform and simplification of private pensions.

This month’s articles may be viewed from the list on the right hand side of this page.

If you have any questions regarding the topics please contact your usual Capita contact.

Compass August Issue 2016

The August 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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