Legislation in a hurry... Pensions tax is never simple, and the legislation abolishing the lifetime allowance (LTA) on 6 April 2024 (“L-Day”) bears this out. Regulations issued mid-March correct some, but by no means all, of...more
The government has ambitious plans for the future of defined benefit (DB) pension schemes, many of which, it is hoped, will help the UK economy through increased investment in productive finance. In particular, the...more
The government is keen to see continued reduction in the number of DC trust-based occupational pension schemes, believing that a smaller number of large, well-run schemes will result in better outcomes for members while...more
On 28 November 2023, we held our recent developments in pensions seminar covering legal updates from the pensions industry from the recent months.
Topics members of our team covered included: Autumn Statement 2023: what...more
Pension trustees and sponsoring employers may have seen commentary on the recent case of Virgin Media v NTL Pension Trustees Ltd and others, which concerned procedural requirements for historic amendments in relation to...more
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
Pension scheme (and other) trustees must register certain trusts with HMRC by 1 September 2022, following the implementation in the UK of the Fifth Money Laundering Directive (5MLD). While the new requirements do not apply to...more
Significant changes are taking place to certain inter-bank offered rates (IBORs) commonly used as interest rates in derivatives and other financial contracts. In the UK, LIBOR (the London inter-bank offered rate) is expected...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
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
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
The new directive on occupational pension schemes (IORP II) must be implemented in national law by mid-January 2019. UK pension schemes are already subject to most of the requirements under existing UK legislation. However,...more
9/12/2018
/ Annual Reports ,
Cross-Border Transactions ,
Employee Benefits ,
Investment ,
Investment Products ,
Pension Schemes ,
Pensions ,
Public Disclosure ,
Reporting Requirements ,
Risk Management ,
Trustees ,
UK ,
UK Brexit
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
3/12/2018
/ Breach Notification Rule ,
Cybersecurity ,
Data Breach ,
Data Processors ,
Data Protection ,
Employee Benefits ,
EU ,
EU Data Protection Laws ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Pension Schemes ,
Personal Data ,
Personally Identifiable Information ,
Popular ,
Recordkeeping Requirements ,
Risk Management ,
Trustees
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
The Criminal Finances Act 2017 creates two new offences concerning tax evasion, potentially relevant to pension scheme corporate trustees (but not individual trustees). Corporate pension trustees should consider whether they...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 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 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
This note sets out the areas in which restrictions on charges and governance requirements apply to trustees or managers of occupational money purchase schemes. These requirements have been introduced over the last two years...more