Compass January 2019
Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
The new year brings a new body within the pensions industry; from 1 January 2019, the New Single Financial Guidance Body (SFGB) provides the free services previously delivered by The Pensions Advisory Service, the Money Advice Service and Pension Wise under one organisation. The new year also sees the introduction of a ban on pensions cold-calling which came into effect from 9 January 2019 as the Government takes further steps to protect retirement savers from scammers.
This issue of Compass begins with a focus on GMP equalisation. As expected, the High Court ruling in the Lloyds Bank Case confirmed that benefits must be equalised for the effects of GMP. However, there are still many unanswered questions relating to the most appropriate equalisation methodology and the next steps for trustees.
The Government has recently published two consultations proposing new ideas for employers when considering how best to manage DB liabilities or those wanting to set up a new type of risk sharing scheme.
We also look into the latest developments of the Pensions Dashboard project, a free-to-consumer online resource that enables people to find and check all of their pension savings in one place. Its development has proved to be more complex than originally thought and the Government has now published its next steps which will hopefully spur the project along.
Elsewhere in Compass, we look at:
Workplace Benefits report examines the employee attitudes to workplace benefits.
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