Welcome to the July 2017 issue of Compass
The big news story for July is the Government’s announcement that it intends to follow the Cridland Review’s recommendation and increase the State Pension age from age 67 to 68 between 2037 and 2039. Once legislated, this would bring forward the increase to age 68 by seven years based on the current timetable. Nevertheless, the timetable is not yet set in stone because there will be a further review based on the latest life expectancy figures before the legislation is made.
The Supreme Court judgment in the Walker v Innospec Limited case also made the front pages. This landmark ruling will mean that occupational pension schemes will need to provide civil partners and same-sex spouses with the same survivor benefits as opposite-sex married couples.
The Financial Conduct Authority (FCA) has also published the interim findings of its retirement outcomes review and the final report of its asset management market study. These are important publications because the first has the potential to shake up the current retirement rules if the proposed remedies are taken forward and the second is set to make competition work better in the asset management market and improve consumer protections.
Elsewhere in Compass we cover:
The draft legislation which will result in the creation of a single financial guidance body.
News from the Pensions Regulator including regulatory reviews of the BHS and Coats Group cases and recent enforcement action taken.
Consultation responses from the Department for Work and Pensions on new risk warnings for members with certain types of benefits and also on capping early exit charges and member-borne commission.
A round up of other pensions news.
If you have any questions regarding the topics covered, please email: firstname.lastname@example.org.
Compass July Issue 2017
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.Read more