Pensions

The paper focuses on two possible approaches for creating a single market for PPPs - passporting and the 2nd regime. The passporting section briefly explains the main elements of the concept and discusses the main obstacles and challenges that currently preclude PPP providers from passporting their products to other MSs - namely certain prudential obstacles, tax law obstacles, and challenges arising from social and labour law...

Topics in this issue:

Top of the agenda
DWP confirms that GMP equalisation is here to stay and that it will issue statutory guidance on GMP conversion
Reforms to Public Service Pension Schemes to go ahead as Public Service Pensions Bill receives Royal Assent

Pensions Ombudsman
Deputy Pensions Ombudsman rules on "protected person" status
Administrator not guilty of maladministration for making an unauthorised payment to the member

Consultations
Trustees to be given a right to publish their views on the effects of a takeover offer on their scheme under changes to the Takeover Code

Legislation
DWP to go ahead with proposals for automatic transfer of "small pots"

Round up
Kodak Pension Plan Trustees to buy the business of US parent Company
Ministerial statement on Government's red-tape challenge to simplify pensions regulations

The FSCP welcomes the Government’s decision to ban consultancy charging for auto-enrolment defined contribution workplace pension schemes...

The Panel on Takeovers & Mergers has announced the introduction of new rules in relation to defined benefit pension plans operated by target companies, where such companies are subject to a takeover bid. Bidders, targets and pension plan trustees will need to be prepared for the changes, which will apply from 20 May 2013 onwards...

Topics in this issue:

Automatic enrolment: new thresholds and proposed changes page

Automatic transfer of small pots page

GMP equalisation: latest developments page

Takeover bids: new disclosure requirements

The Takeover Panel has announced pensions-related changes to the Takeover Code. The stated intention is to make the effects of a Code offer on the target's defined-benefit pension scheme - where there is one - a debating point on which the scheme trustees can express views...

The pensions landscape has continued to evolve across Europe with a steady shift from DB provision to DC provision. In addition, in most of the Central and Eastern European member states occupational pension arrangements have always only been DC. This has meant that risks previously borne by employers and pension funds are now being partly or entirely borne by pension plan members...

The Takeover Panel has announced new information rights for pension scheme trustees where a scheme sponsor is the target of a takeover bid...

On 5 July 2012, the Code Committee of the Takeover Panel published a public consultation paper in relation to pension scheme trustee issues...

Pursuant to sections 942, 943 and 944 of the Companies Act 2006, and in exercise of the functions conferred on it by the Panel in paragraph 2 of its Terms of Reference, the Code Committee hereby makes this instrument containing rules...

The Pensions Regulator, HM Revenue & Customs and other government agencies have joined forces in an attempt to combat the threat to individuals posed by pension liberation fraud...

Topics in this issue:

State pension reform and the end of contracting-out

Draft Pensions Bill: other provisions

Pension protection levy

Scheme funding

Miscellaneous amendment regulations

VAT on fund management fees

GMP equalisation

Automatic enrolment

Same sex partners

Disclosure of information

HMRC

Pensions Regulator

OTC derivatives: EU EMIR regulation

Financial transaction tax

Parental leave

ABI code of conduct on retirement choices

Agreement on disclosure of charges

This document provides the preliminary results of the quantitative impact study conducted by EIOPA on Institutions for Occupational Retirement Provision...

From its commencement on 1 April 2013, the PRA has adopted a number of legacy Financial Services Authority policy publications relevant to the advancement of its objectives...

The IASB has issued an exposure draft intended to clarify the application of IAS 19, Employee benefits (2011) to plans that require employees or third parties to contribute towards the cost of benefits. Comments are due by 25 July 2013...

This Policy Statement provides feedback on the responses FSA received to those proposals and presents the final rules and guidance FSA have adopted, which are in Appendix 1...

Speech by Gabriel Bernardino; Chairman of EIOPA; 14th Handelsblatt Conference on Occupational Pension Plan Management; 11 March 2013, Berlin...

The Long-Term Guarantee Assessment requires participating firms to test the application of the proposed package of measures designed to address issues affecting products with long-term guarantees under a variety of scenarios...

An important driver for the Report was the changing landscape of pension provision in Europe. Governments, employers and IORPs are increasingly shifting risks and the responsibility for individual financial planning towards members of pension schemes particularly via defined contribution schemes...

People approaching retirement will get clearer help and information to get the best possible pension deal under an initiative to be implemented on 1 March 2013 by the ABI...

Topics in this issue:

PPF levy deadlines: don’t forget them if you use a contingent asset to reduce your levy!

Finance Bill 2013 - more tax changes

State pension reform - the end of contracting-out

Pensions Regulator consults on regulation of DC pension schemes

Government responds to consultation on equal marriage

Transfers to DB arrangements - annual allowance issues

PPF confirms approach to levy and GMPs

Derivatives - implications of EMIR for pension schemes

Future proposed changes to Fair Deal policy

Government publishes proposals for flexible parental leave

Mayer Brown Pension Scheme Governance programme re-launched

Upcoming Pensions Group events at Mayer Brown

Dates and deadlines

Important deadlines for reducing a defined benefit scheme’s 2013/14 Pension Protection Fund levy are fast approaching...

This Bulletin has been issued by the FRC to provide guidance for reporting accountants in relation to the requirements placed upon them in connection with stakeholder pension schemes...