Welcome to the January 2016 issue of Compass

27 January 2016

The January 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 January 2016 issue of Compass.

The new year starts full steam ahead for DB schemes that need to reconcile GMPs. We look at PASA’s guidance for administrators encouraging them to start a GMP reconciliation exercise if they haven’t already done so. 

The Government will be looking to limit the scope of charges applied by some pension arrangements when a member elects to access their benefits early.  This has been backed up by the results of surveys issued by the DWP and The Pensions Regulator which note that charges are generally higher for smaller schemes.  

The High Court has ruled in favour of TPR in a landmark case surrounding peripatetic cruise ship workers and their inclusion in automatic enrolment requirements. The case is likely to have implications for workers who need to travel overseas as part of their employment. 

HMRC has been ruled against in a case establishing whether residential property owned by a pension scheme will trigger unauthorised payment charges and scheme sanction charges. The key is to ensure that they are genuinely business-related investments. 

Changes are afoot in Europe; EIOPA has recently launched a consultation paper on communication tools and channels for communicating to members of occupational pension schemes.  In addition, there may be a new levy on pension schemes to fund EIOPA and changes to the funding requirements of cross-border schemes. 

In the Public Sector, there will be changes to exit payments with the Government enacting powers to restrict payments for workers that return to employment within a year. 

Elsewhere in Compass we cover:

  • The PPF Levy determination for 2016/17
  • The latest edition of HMRC’s Countdown Bulletin looking at the end of DB contracting-out
  • Guidance in relation to changes to FRS 102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland 

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

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

Compass January Issue 2016

The January 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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