With the Pension Schemes Bill on its way in “late Spring”, now might be a good time for trustees to take stock of their trustee agendas and to brush off some items that may have been left to gather dust. A recent Pensions Ombudsman determination serves as a useful reminder that, for most schemes, GMP
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Countdown To The First Own Risk Assessment
By Kate Bailey
It is just over a year since The Pensions Regulator’s (TPR) general code of practice came into force. In the last year, our clients have made good progress towards compliance, with trustees working with internal teams and external advisers to review and update their practices and procedures, and to ensure that these are documented, leading…
Waffles, Passports and Trustee Directors – Part Two
Part one of this blog covered the new requirement for company directors (including trustee directors) and persons with significant control to verify their identity with Companies House. They will be able to do this voluntarily from 25 March 2025 (the week during which national cocktail-making day, national cleaning week and international waffle day will be…
Waffles, Passports and Trustee Directors – Part One
What will you be doing during the third week of March? According to a US website, there will be various celebrations underway. Perhaps you will be making the most of national cocktail-making day, or maybe national cleaning week will grab your attention. (Although, on a personal note, I am happy to say that it…
SECURE Act 2.0 Mandatory Automatic Enrollment Requirements for New Retirement Plans Guidance Released
By Elise Norcini & Joe Yonadi
One of the hallmarks of the SECURE 2.0 Act of 2022 (SECURE Act 2.0) legislation was to increase participation in retirement plans. On January 10, 2025, the Treasury Department and the IRS came one step closer when they announced the issuance of proposed regulations requiring automatic enrollment for new Code Section 401(k) and 403(b) retirement…
The Department of Labor (DOL) Adopts Self-Correction for Common Retirement Plan Fiduciary Breaches
For the first time since the DOL adopted its Voluntary Fiduciary Correction Program (VFC Program) in 2002, retirement plan sponsors will be able to utilize self-correction as an efficient means to correct their most frequent compliance failures – late transmittals of participant retirement plan contributions and retirement plan loan repayments.
The DOL finalized an…
Twenty Five Years of Pensions − Don’t Look Back In Anger
I have been pondering the fact that we are coming up to a quarter of the way through the century. When Big Ben chimes in the new year, it will be 2025. How did that happen? And what has changed in the pensions industry so far this millennium?
- In the first week of the year
…
It’s A Fair Challenge! Penalty Decisions Examined
By Zoya Alam
In recent years, The Pensions Regulator (“TPR”) has been steadfast in enforcing compliance among pension scheme trustees and employers, often issuing penalties for non-compliance. However, recent cases indicate that with a valid reason, it is possible to contest and even overturn penalties. Here, we examine three noteworthy tribunal decisions that shed light on the courts’…
Employer Indemnities – Will They Work If Push Comes to Shove?
To what extent does your trustee board understand the various ways in which they might be protected if things go wrong and claims are made against them? It is a difficult topic to think about, as no trustee ever wants to be on the receiving end of a claim. If your trustee board has not…
Is £1 Million Enough?
It’s Yorkshire Day on 1 August and, when I was thinking about this blog, the stereotype of a stingy Yorkshireman came to mind. Not because I think Yorkshire folk are actually stingy. I don’t! I was wondering whether TPR’s powers granted under the Pension Schemes Act 2021 (PSA 21) have made a difference, or whether…