Welcome to the May 2016 edition of Compass

20 May 2016

The May 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.

The Queen delivered her 2016 Speech on 18 May 2016 setting out the Government’s agenda for the coming parliamentary session. Within her Speech, the Queen confirmed that the Government would press ahead with plans to create a Lifetime ISA and a Help to Save Scheme through the introduction of a Lifetime Savings Bill. The background briefing notes also confirm that a Pensions Bill will be introduced to Parliament to deliver protections for members of Master Trusts; to remove barriers for consumers who want to access their pension savings flexibly and to restructure the delivery of financial guidance to consumers.

The Government is pushing ahead with plans to create a secondary annuity market enabling individuals to assign or surrender their pension annuities from April 2017. In this edition of Compass, we look at three recent consultations from HMRC, HM Treasury and the FCA which provide the detail as to how this will work.

HMRC has also published its latest newsletter which, amongst other matters, provides some welcome clarifications on the operation of reporting requirements and ‘Scheme Pays’ for the Tapered Annual Allowance for the 2016/17 tax year onwards.

At a time when scheme funding is again hitting the headlines, the Pensions Regulator has published the 2016 Annual DB Funding Statement. One of the key messages from the Regulator is that increased levels of profitability mean trustees should generally be questioning whether employers have the capacity to increase their deficit contributions.

In an interesting legal case, the High Court has confirmed that the security of benefits is not a factor for a ‘bulk transfer without consent’ actuarial certificate.

Elsewhere in Compass we look at:

  • Action taken by the Pensions Regulator in cases involving non-compliance with employer duties.
  • A round up of other developments.


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 May Issue 2016

The May 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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