Welcome to the August 2017 issue of Compass
Amid a largely quiet August there have been a few developments of note. In particular, the Government’s commitment to ban pensions cold-calling, limit the statutory right to transfer to occupational schemes and make it harder for fraudsters to open new pension schemes.
The Pensions Regulator is continuing with its theme to improve scheme governance by describing who would fall within the scope of a professional trustee and consequently is expected to work to a higher standard.
Financial advisers can also expect to find it easier to distinguish between what is FCA regulated advice and what is guidance, from early 2018, as a result of the FCA publishing a further consultation and proposing changes to its guidance. It also looks at the issue of insistent clients.
A Supreme Court judgment on the extent to which a member’s occupational pension scheme rights should be regarded as matrimonial property in Scottish divorce proceedings.
Elsewhere in Compass we cover:
Two legal cases: Mr Bradbury has lost his appeal against the BBC capping the level of pay increases that would be treated as pensionable under the scheme and IBM are victorious in their appeal against a High Court Judgment that it had breached its duties to employees by closing two DB pension schemes to future accrual.
Changes to the alternative requirements that defined benefit (DB) pension schemes may use to satisfy the qualifying scheme requirements and how the automatic enrolment legislation classifies seafarers and offshore workers and brings those that are relevant workers into the scope of automatic enrolment.
A round up of other pensions news.
If you have any questions regarding the topics covered, please email: firstname.lastname@example.org.
Compass August Issue 2017
The August edition of our online monthly publication, Compass, is now available. Compass provides commentary and analysis of recent legislative and regulatory developments affecting pensions and employee benefits.Read more