UK Pensions Publications & News
Browse the items below for our latest UK pension news and publications. We publish regular email alerts on recent developments and pension legal updates as well as briefing notes written by our pensions lawyers taking an in depth view of topical issues affecting the pensions industry. Take a look at our press releases to read about our recent work highlights.
DB pension Superfunds are go!
18 June 2020
The Pensions Regulator has issued guidance for supervising the commercial consolidation of defined benefit (DB) pension schemes into Superfunds. Consolidation into "Superfunds" may be an attractive option for employers wishing to discharge their pension obligations where the cost of a traditional buy out with an insurance company is beyond reach. After transfer to a Superfund the link with the employer will be severed. At the same time, a Superfund is expected to provide a robust level of security for members' benefits.
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Pensions and the Coronavirus Job Retention Scheme: what employers and trustees should know
14 May 2020
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 of the CJRS (and the trustees of an employer's pension scheme), the scheme gives rise to several pensions-related issues, in particular:
- how pension contributions should be calculated;
- dealing with salary sacrifice arrangements;
- reducing contributions to the auto-enrolment minimum;
- auto-enrolment duties in respect of furloughed employees;
- the impact on benefits from open defined benefit (DB) schemes;
- the position of furloughed trustees; and
- life assurance benefits.
Our attached note sets out our current understanding of how these issues may be addressed, based on the recently issued Direction from HM Treasury and updated guidance from HMRC and the Pensions Regulator.
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tPR guidance for employers: auto-enrolment and pension contributions
9 April 2020
The Pensions Regulator has published guidance on how it expects pension contributions to be paid during the current pandemic and, in particular, in respect of employees on furloughed leave.
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Coronavirus: actions for pension trustees
26 March 2020
The COVID 19 crisis has changed the landscape for pension scheme trustees.
The note discusses the potential impacts and actions trustees should consider taking in relation to the following areas:
- Governance
- Maintaining business as usual
- Investment
- Funding and covenant issues
- Pension Protection Fund
- Contributions and benefits
- Death benefits
- Transfers out
- Regulation
- Current projects
- Disputes
To discuss any issues arising from this note, please speak to your usual Hogan Lovells contact, or alternatively one of our pensions partners.
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PPF contingent assets: Coronavirus update
18 March 2020
The Pension Protection Fund (PPF) has issued a helpful statement concerning the practicalities of certifying contingent assets in the current, highly-unusual, circumstances.
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New offences, penalties and powers for the Pensions Regulator: whats employers and trustees should know
19 February 2020
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 to require support for defined benefit (DB) pension schemes.
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New criminal offences and unlimited fines: what employers need to know about the Pensions Regulator's new powers
19 February 2020
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 significant new powers so it can beef up its approach. Corporate groups with defined benefit pension (DB) schemes should understand the Bill’s new requirements because failure to comply could result in large fines or being charged with a criminal offence.
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Equalising for the effect of GMPs: where are we now?
1 November 2019
A year has passed since the High Court's landmark judgment in the Lloyds case confirmed that pension schemes must equalise for the effect of guaranteed minimum pensions (GMPs). The Court gave some clarity as to how GMPs must be equalised, although many more questions remain unanswered...
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Pension Alerter September 2019
19 September 2019
Hogan Lovells pension group is delighted to send you our September e-newsletter.
Featured are points regarding the new investment legislation, latest Pensions Ombudsman cases and a High Court case regarding tax issues.
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Pension scheme investment: what's new?
19 September 2019
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 good practice and consultation proposals coming from a wide range of sources....
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GMP equalisation through conversion
11 June 2019
This note sets out the DWP's approach to GMP conversion and highlights some of the issues trustees and employers should consider before undertaking a conversion exercise.
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