Welcome to the July 2016 issue of Compass

18 July 2016

The July 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 is published immediately following the change of Government that resulted from the EU Referendum vote and, as promised in June, we look at the implications of the result as well as noting some of the significant Ministerial changes.  At this stage it is too early to be precise about the future but some broad principles can be taken into account.  The Pensions Regulator has also issued a guidance statement advising trustees to take a considered approach to these developments.

In Europe there was agreement about a revised Directive on occupational pension funds (known as IORPS 2) to replace the existing Directive while the European Insurance and Occupational Pensions Authority set out its advice on the development of a single EU market for personal pension products.  The timing of any changes and the future level of access to the single market will influence how these developments affect the UK, but they are very relevant to the Republic of Ireland.

Elsewhere in Compass we look at:

  • The Pensions Regulator’s regulatory intervention report on the Halcrow Pension Scheme
  • Clarification on notifiable event reporting by guarantors of defined benefit pension schemes
  • The first mandatory fines imposed by the Pensions Regulator on trustees for failing to produce a Chair’s Statement by the legal deadline
  • A consultation on the future evolution of NEST launched by the DWP; and
  • Legislation being laid before Parliament to delay the step-up in the DC contribution rates for automatic enrolment schemes.

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 July Issue 2016

The July 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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