Welcome to the Autumn issue of Compass

25 October 2018

Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.

We begin this quarterly issue of Compass by focusing on master trusts. The new authorisation and supervisory regime came into force as of 1 October 2018 and the Pensions Regulator has published its policy outlining how it intends to enforce the new rules. 

The Government has published its response to a recent consultation on strengthening trustees’ investment duties and final regulations have now been laid. Impacted schemes will be required to review their Statements of Investment Principles by 1 October 2019 and consider how they will meet the new disclosure requirements which are to have effect from 1 October 2019 and 1 October 2020. 

The fight against Pension Scams continues with the launch of a new ‘ScamSmart’ campaign and we look at an interesting Pensions Ombudsman case which has ordered the reinstatement of a member’s benefits in the transferring scheme following a suspected pension scam.   

Elsewhere in Compass, we look at:

  • The Pensions Regulator’s tougher new approach to protecting savers. 
  • Changes to PPF compensation rules and consultation on the 2019/2020 levy. 
  • Highlights from the public sector.
  • Plans for master trusts and automatic enrolment in Ireland.
  • A round up of other pensions news.

At the time of writing, the industry is still awaiting a decision from the High Court in the landmark GMP equalisation case involving Lloyds banking group. The hearing took place in July and a judgment is expected to be issued in October.  This should provide clarity on whether it is necessary to equalise benefits for the effect of GMP and, if so, how this should be done.   

Workplace Benefits Insight Report 2018

Workplace Benefits report examines the employee attitudes to workplace benefits.



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