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Adviser  >  Technical Central  >  OPS Matters  >  Occupational Pensions Matters

Occupational Pensions Matters

Hi and welcome to Occupational Pensions Matters - your guide to what's hot in the world of pensions.

Month by month we aim to bring you news and views on all things pensions. You can register for updates to get the latest OPS news sent direct to your inbox.

Jamie Clark

Occupational Pensions Marketing Manager

Issue 23

Conflicts of interest - TPR guidance released - The guidance is aimed at trustees to help them address and manage conflicts of interest.

New transfer value guidance - sound familiar? - The guidance went live on 1 October 2008. Here's a quick recap of the key points.

How well do trustees plan ahead? - Planning is essential so we’ve put together a sample calendar of events to help trustees plan their scheme events. 

Issue 22

Three more strings to their bow - TPR has added some extra modules to its trustee toolkit.

Salary sacrifice is go - We have launched a new range of support material for advisers and employers on salary sacrifice.

We're showing off again - The Professional Pensions Show 2008 is just around the corner. We'll be there - will you?

Issue 21

Stalling on longevity – The Regulator has announced that it is delaying the introduction of changing the way longevity is treated in the scheme funding regime.

Good record keeping – TPR stresses the importance of good record keeping.

Transfer value guidance published – TPR has published draft guidance on how a member’s cash equivalent transfer value (CETV) should be calculated.

And the results are in... - Details of the Regulator’s third occupational pensions governance survey.

Issue 20

Its the final wind-up - The Regulator issues guidance to assist trustees in completing the key activities when winding-up an occupational pension scheme.

Pension Protection Fund Levies - We comment on the recent announcement by the PPF about the level of the 2008/09 levy.

Issue 19

Trustee relations with advisers - The Regulator's second instalment in its series of best practice guidance trustees.

Question time for DC schemes - TPR has issued a set of Question and Answers for the reference of trustees and employers, which cover a number of DC topics.

Issue 18

Transfer Regulations take 3 - The deadline for the changes has been extended.

TPR Corporate Plan - the sequel - The Regulator has issued a number of consultation and guidance papers and has now published its second corporate plan.

Budget 2008 - Pensions Summary -  Scottish Life's technical gurus have sifted through March's budget and picked out all the changes that relate to pensions. Read all about it here.

Further Clearance - More news on the Regulator's Clearance procedures and what it means for trustees and employers - The Regulator has decided to remove the case studies from it's guidance - find out why.

Issue 17 - February 2008

• TPR Consult on Mortality Assumptions - DB scheme trustees may soon have to take account of recent improvements in mortality when setting actuarial assumptions - and that could mean more cost to the employer.
  
• The Regulator stands firm - A warning shot across the bows of overseas employers with UK pension schemes as the Regulator issues Financial Support Directions to Sea Containers.
  
  
• Key PPF deadlines and changes to levy calculation - A reminder of important deadlines that could effect a DB scheme's levy and details of how the levy calculation is due to change.
  
• Scottish Life appoint Corporate Pension Managers - If you need help with your DB clients, contact one of our experienced specialists.
  
  

Issue 16 - January 2008

• Relatively Beneficial Simplification of Tax-free Cash - Learn about proposed new rules to make it easier to work out how much Pension Commencement Lump Sum a member can get.
  
• New checklists for scheme administrators - HMRC has produced more guidance to help out scheme administrators and practitioners when they are using online services for their pension scheme.

Issue 15 - December 2007

• Pensions Bill - In 2008, yet another Pensions Act is due! This one sets out more detail on Personal Accounts and includes measures to help encourage employers with final salary schemes to keep them running. Here's a summary of the legislation introduced in the Bill which received its first reading in Parliament on 5 December 2007. 
  
• DB pensions universe risk profile aka The Purple Book 2007 - This considerably weighty tome reveals the most up-to-date picture of the UK's defined benefit pension landscape. You'll probably not be surprised to learn that DB schemes appear to be continuing their downward spiral with a 5% increase in those closed to new members from the 2006 survey.

Issue 14 - November 2007

• Professional Pensions Show 2007 - And the winners are... - Find out who won our competitions at this years show.
  
• Personal Accounts - the last straw? - Will employers level down? The signs look ominous.
  
• Deregulatory Review - Changes are being considered to encourage employers with DB schemes to keep them going. Find out what the proposals are and how the Government has responded.
  
• More guidance on the regulation of workplace contract-based pensions issued - A guide has been produced by the FSA and The Pensions Regulator which sets out their roles  in relation to Group PPs and Stakeholder schemes.

Issue 13 - October 2007

• How TPR will govern work based-pension schemes - TPR have now issued their response to the consultation document on governance of work-based pension schemes.
  
  
• Outcome of Open Market Option (OMO) review announced - The findings of the joint review carried out by H M Treasury and DWP has now been published.
  
  
• Flexible Retirement - the consultation has started ! - Yet another consultation, the subject this time is how flexible retirement interacts with age discrimination regulations.

Issue 12 - September 2007

• TPR go online - The Pensions Regulator has asked us to pass on some news about how scheme returns will be completed in future.
  
  
• Clearance guidance revised - Just when you might have thought the mountain of pensions related reading was at manageable levels, TPR has launched a consultation paper, this time on the subject of Clearance.
  
  
• Feedback results and prize winner - Last month, we asked for feedback on OPS Matters and the chance to win a prize. Find out the results of the feedback and who the winner is.
  
  
• Professional Pensions Show 2007 - We’ll be there – will you?  Come along and see us at stand 12, where you can enter our competitions, enjoy some tasty delights, or just chat about the issues facing corporate pensions with our experts.

Issue 11 - August 2007

• MNT opt outs end - Employers could opt out of the Member Nominated Trustee (MNT) requirements by putting in place "alternative arrangements", but this is no longer possible as a result of the Pensions Act 2004. Find out what trustees need to do if an opt out is already in place.
  
  
• Let's get it on...line - From 16 October 2007, some HMRC forms will have to be completed online. Here we look at who needs to do this and what the forms are.
  
  
• Is this a wind-up ? - If you were told the Government has been busy working on ways to speed up the wind up process for Defined Benefit (DB) schemes, you might well think it is a wind-up. But regulations have recently been laid and various other things are going on, all of which are designed to reduce the time taken to wind up schemes.

Issue 10 - July 2007

• The Regulator’s 2007 governance report – Are trustees up to speed? - Find out the improvements trustees have made since the last report.
  
  
• Transfer values - new draft regulations - We've produced a short summary of the draft regulations which highlight the new responsibilities for trustees.

Issue 9 - June 2007

• It's a first for the Regulator - The Regulator has finally flexed it's muscles - read all about the two determination notices it has issued.
  
  
• Changes to contracted out rebates - You may have read about rebates in the press recently, so here's a reminder of the changes that were made in April 2007.
  
  
• Personal Accounts - DWP response to the consultation - The consultation is over.  Find out what plans the DWP have for Personal Accounts.
  

Issue 8 - May 2007

• Abandonment of defined benefit pension schemes - guidance issued - Find out how this important guidance affects trustees and advisers.
  
  
• DC schemes in the spotlight – The Pensions Regulator Corporate Plan 2007-2010 - The Regulator's objectives for the next three years includes details of how they will regulate Defined Contribution schemes. Find out more about how they plan to do this.
  
  
• NAPF Conference 2007 - A warm welcome to all who signed up to this newsletter at NAPF last week. Find out if you're the winner of one of our competitions! 

Issue 7 - April 2007

• HMRC abandon paper forms - The why's and wherefore's of HMRC's decision and the deadlines for submission of the last ever paper based scheme adminstrator forms.
  
  
• Scheme funding - MFR is dead (or will be soon), long live scheme specific funding! Our recommended eight steps to complying with the new requirements.
  
  
• NAPF conference in May - We'll be there, will you? If so, come along and see us at our stand - you won't be disappointed. Find out more about where to find us and how you could win a fabulous prize.
  

Issue 6 - March 2007

• Auto-enrolment and NPSS - The exemptions - The Government are proposing to introduce a National Pensions Savings Scheme which will auto-enrol all employees into personal accounts. Here we look at the types of pension scheme which will exempt employers from this requirement.
  
  
• DC regulation on the horizon - The Pensions Regulator is now turning its attention to defined contribution schemes. We look at what they intend to do and what the impact will be on schemes.
  

Issue 5 - January/February 2007

• PPF levy set to increase - The PPF have set out what the levy will be for the 2007/2008 tax year.
  
  
• Guidance on transfer inducements published - Confirmation that cash payments will be taxed and guidance from the  Pensions Regulator on what trustees and employers should be doing.
  
  
• New Transfer Value Calculation Proposals - How trustees will need to get involved in transfer calculations in the future.

Issue 4 - December 2006

• Scheme Abandonment - Worried that employers are walking away from their underfunded DB schemes, The Pensions Regulator has issued a discussion document that looks at the issues and offers guidance as to what scheme trustees should do about this. Find out about the main issues.
  

Issue 3 - November 2006

• The PPF Levy - Have you received your bill yet? For the first time, the PPF levy includes a risk based element. Find out exactly how this is calculated.
  
  
• You control. You choose. We've developed a defined benefit solution that addresses all the key issues faced by employers and trustees in providing their pension scheme members with an excellent benefits package.
  
  
• Showing Off! - On the 15th and 16th November, we exhibited at the Professional Pensions Show at ExCel in London. Many thanks to all of you who came along to our stand and congratulations to the following winners of our competitions...
  

Issue 2 - October 2006

• I blame the governance - Looking at pension scheme governance, focusing on investment
  
  
• Latest news on amendments to the Age Regulations - A quick look at the DWP's recent amending regulations 

Issue 1 - September 2006

• I'm a trustee...Get me out of here! - Just one possible reaction to The Pension Regulator's Trustee Knowledge and Understanding requirements...

• Age Regulations Postponed - The DWP have decided to put back the implementation date of pensions bits of The Age Discrimination Regulations - what should be done in the meantime?

To find out more about how we can help you with your corporate clients or our expert restructuring service, speak to your Scottish Life consultant or e-mail us.