Welcome to Hogan Lovells UK pension team's October 2022 newsletter. The past fortnight has demonstrated how pension schemes can be significantly impacted by unexpected turmoil in financial markets. ...more
A requirement to tell the Pensions Regulator (tPR) about certain events (“notifiable events”) has long been part of tPR’s armoury in its ongoing campaign to strengthen funding of defined benefit (DB) pension schemes....more
The Act introduces two new offences – conduct risking accrued DB benefits and avoidance of employer debt, as explained below. Each offence is punishable by up to seven years' imprisonment and / or an unlimited fine. There are...more
The passage of the Pension Schemes Act 2021 (the Act) into the statute books has received press coverage far beyond the usual pension industry commentary. New criminal offences and civil penalties, plus increased powers for...more
8/17/2021
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be “clearer, quicker and tougher”. The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more
8/17/2021
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more
HM Treasury and HMRC are consulting on the implementation of the increase to normal minimum pension age (NMPA) from 55 to 57 from 2028. The consultation chiefly addresses how individuals with a right to early retirement...more
Pension scheme investment and governance have been occupying policymakers and regulators both in the UK and in Europe. Pension trustees are faced with a challenging array of new requirements, recommendations, statements of...more
The government's Coronavirus Job Retention Scheme (CJRS) has thrown a lifeline to many employers and to their employees who might otherwise have lost their jobs in the current Covid-19 crisis. For employers taking advantage...more
The COVID19 crisis has changed the landscape for pension scheme trustees.
This note discusses the potential impacts and actions trustees should consider taking in relation to the following areas.
...more
3/30/2020
/ Coronavirus/COVID-19 ,
Death Benefits ,
Employee Benefits ,
General Data Protection Regulation (GDPR) ,
Governance Standards ,
Investment ,
Pension Protection Fund (PPF) ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
Trustees ,
UK
The Pension Protection Fund (PPF) has issued a helpful statement concerning the practicalities of certifying contingent assets in the current, highly-unusual, circumstances....more
As expected, following the general election the new government has reintroduced the Pension Schemes Bill and is taking forward changes consulted on in 2018. The Bill will significantly increase the Pension Regulator's powers...more
2/19/2020
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Failure to Comply ,
Fines ,
Legislative Agendas ,
Penalties ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
Trustees ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Bill (the Bill) currently going through Parliament will give tPR...more
2/19/2020
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the BHS debacle, the Pensions Regulator (TPR) announced it was adopting a "clearer, quicker and tougher approach". But what does that mean in practice for the sponsors of UK defined benefit (DB) schemes?
...more
Pension scammers are becoming ever more sophisticated in their methods of parting scheme members from their pension funds, learning how to stay (just) on the right side of the law and to avoid breaching requirements of...more
Featured is a reminder regading action needed on legacy protected rights rules and new briefings on New offences under the Criminal Finances Act 2017; Reducing your PPF levy; VAT and pension schemes; and an updated briefing...more
2/2/2018
/ Employee Benefits ,
Foreign Tax ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
Risk Management ,
Strict Liability ,
Tax Evasion ,
Trustees ,
UK ,
UK Criminal Finances Act 2017
Pension scheme trustees should be aware of requirements under new money laundering regulations to record information and, in some cases, to give the information to third parties and to register the information with HMRC.
...more
12/13/2017
/ Anti-Money Laundering ,
Beneficial Owner ,
Employee Benefits ,
HMRC ,
Money Laundering ,
Notification Requirements ,
Pension Schemes ,
Pensions ,
Recordkeeping Requirements ,
Regulatory Standards ,
Retirement Plan ,
Trustees ,
UK
The Pensions Regulator (tPR) has issued a multitude of codes of practice, guidance notes and other documents to assist pension scheme trustees to understand and better perform their role. However, knowing what help is...more
Pension scheme trustees should be aware of requirements under new money laundering regulations to record information and, in some cases, to give the information to third parties and to register the information with...more
8/31/2017
/ Anti-Money Laundering ,
Beneficial Owner ,
Employee Benefits ,
Notification Requirements ,
Pension Schemes ,
Pensions ,
Recordkeeping Requirements ,
Regulatory Standards ,
Retirement Plan ,
Trustees ,
UK
The March 2017 Budget detailed several measures in relation to overseas pension schemes. These reforms, contained in the Finance Act 2017, aim to permit tax free transfers where people have a genuine reason to move their...more
The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change...more
7/10/2017
/ Data Breach ,
Data Protection ,
Employee Benefits ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Pension Schemes ,
Personal Data ,
Popular ,
Retirement Plan ,
Risk Management ,
Trustees ,
UK
Cybersecurity and protection of personal data are increasingly to the forefront of concerns for pension trustees. The European General Data Protection Regulation (GDPR), applicable in the UK from 2018, will impose additional...more
7/10/2017
/ Cybersecurity ,
Data Protection ,
Employee Benefits ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Mobile Device Management ,
Pension Schemes ,
Personal Data ,
Popular ,
Retirement Plan ,
Risk Management ,
Trustees ,
UK
As announced in the 2016 Autumn Statement, pension schemes may (but will not be required to) allow members to withdraw up to £500 from their defined contribution (DC) pension pots to pay for financial advice about retirement....more