Compass May 2018Download
Welcome to the May issue of Compass
Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.
This month we report on a couple of guidance papers published by the Pensions Regulator. Although aimed at trustees they may also be of interest to other parties involved with the scheme.
The first paper has been produced to help trustees assess the strength of cyber security measures in place for their scheme. A failure to have adequate security in place can have serious consequences and the Regulator expects trustees to operate adequate internal controls to help protect members against ‘cyber risk’.
The second paper is a detailed guide to help trustees understand what advice they should be looking to consider when undertaking a bulk transfer exercise between occupational pension schemes but where the members have not consented.
We also take a quick look at the flexibility granted to the National Assembly for Wales to set their own income tax rates from April 2019.
Elsewhere in Compass we cover:
- The Advocate General’s opinion on a case referred to the CJEU on the operation of the PPF compensation cap.
- The recent legal case of Burgess and others v BIC Ltd which looked at the validity of a historic scheme rule change and whether subsequent overpayments to members can be recouped in full.
- An update on the master trust authorisation regime.
- The Financial Guidance and Claims Act 2018
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