Welcome to the November 2016 issue of Compass

23 November 2016

The November 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.

On Wednesday 23 November 2016, the Chancellor Philip Hammond delivered his first Autumn Statement since his summer appointment.  A number of pensions related changes were announced, including a consultation on reducing the money purchase annual allowance to £4,000 and a ban on pensions cold calling.  Changes to the salary sacrifice rules and the taxation of termination payments were also confirmed. 

In other news, we consider a new Pension Schemes Bill which seeks to ensure that savings into master trusts are adequately protected so that members can have more confidence in their pension scheme.  We also take a look at consultation responses from the DWP and FCA on capping early exit charges. 

In our review of recent court cases, we cover two important cases:

1.  A Court of Appeal decision on whether the Barnardo’s trustees can switch from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI) for the purposes of indexation and revaluation. 

2.  A key employment tribunal case focusing on whether or not Uber drivers are self-employed or ‘workers’ for the purposes of employment legislation.

Elsewhere in Compass we cover:

  • The latest news from the Pensions Regulator, including an intervention to protect members’ benefits and enforcement action in relation to the BHS pension schemes. 
  • A look at the debates surrounding the concept of ‘intergenerational fairness’ and the State Pension triple lock plus John Cridland’s interim report on the State Pension age. 
  • An analytical paper from the Office for Budget Responsibility (OBR) on the Government’s policy approach to private pensions and savings. 
  • The announcement that plans for a Secondary Annuity Market have been abandoned by the Government. 
  • The launch of a new version of AS TM1 for producing Statutory Money Purchase Illustrations (SMPIs). 

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 November issue 2016

The November 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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