Maximum employer contributions meaning

In this issue: Funding and investment Scheme governance Pension scams and liberation Daily and weekly news alerts Dates for your diary Trackers Funding and investment TPR publishes revised employer covenant guidance to align with new DB funding code of practice The Pensions Regulator (TPR) has at last issued revised guidance on the employer covenant for trustees overseeing defined benefit (DB) pension schemes, to align with its new DB funding code of practice, which took effect on 12 November 2024 under the Pensions Act 2004 (Code of Practice) (Defined Benefit Funding) Appointed Day Order 2024 (SI 2024/1143). Described by TPR as ‘the last piece of the jigsaw to help schemes carry out valuations under the new DB funding code’, the update introduces the first regulatory definition of employer covenant, intended to deliver greater market certainty and foster consistency between schemes. Notable changes cover cash flow analysis, tests of reasonable affordability, maximum affordable contributions, reliability periods, covenant longevity, and...

ARCHIVED: This Practice Note is archived, not maintained, and provided solely for background reference. It addresses the ‘flexible furloughing’ version of the Coronavirus Job Retention Scheme (CJRS) that operated from 1 July to 31 October 2020. The content reflects the position under the revised CJRS during that timeframe. For more detail on: the extended CJRS running between 1 May and 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived] the extended CJRS in force from 1 November 2020 to 30 April 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 November 2020 to 30 April 2021) [Archived] the original CJRS applying from 1 March to 30 June 2020, see Practice Note: Coronavirus Job Retention Scheme (original version to 30 June 2020) [Archived] For a template letter documenting flexible furlough arrangements under the extended CJRS, see Precedent: Letter—from employer to employee regarding flexible furlough arrangements (extended CJRS 1 May...

This Practice Note reviews the Coronavirus Statutory Sick Pay Rebate Scheme (CSSPRS), temporarily reinstated by the Statutory Sick Pay (Coronavirus) (Funding of Employers’ Liabilities) Regulations 2022 (SSP Funding Regs 2022), SI 2022/5, in force from 14 January 2022. The reintroduced CSSPRS applied to coronavirus-related sickness absence between 21 December 2021 and 17 March 2022. Employers were able to reclaim coronavirus-related SSP via the online service until 24 March 2022, which has since closed. For further detail, see: LNB News 25/02/2022 13... Key points to note The government’s plan to reimburse coronavirus-related statutory sick pay was first outlined in the Spring Budget 2020 (see News: Special temporary measures for Statutory Sick Pay (SSP) refunds announced in Budget). Section 39(1) of the Coronavirus Act 2020 inserted a new funding mechanism into the Social Security Contributions and Benefits Act 1992 (SSCBA 1992) to meet employers’ SSP liabilities connected to coronavirus. SSCBA 1992, s 159B(1) authorises regulations so that HM Revenue and Customs can fund employers’ statutory sick...

ARCHIVED: This archived Practice Note is not maintained and is provided purely for background. It reviews the extended Coronavirus Job Retention Scheme (CJRS) that applied from 1 November 2020 to 30 April 2021, described here as the ‘extended CJRS’ or the ‘CJRS extension’. For details on the extension from 1 May 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived]. Background to the extended CJRS 31 October 2020: HM Treasury announced a November 2020 extension of the CJRS and deferred the start of the Job Support Scheme. See: Furlough Scheme Extended and Further Economic Support announced; Employment aspects of the new coronavirus lockdown and the extension of the CJRS (2/11/20). 2 November 2020: Announcement that the extended CJRS would operate until 2 December 2020. Sources: HMRC Help and Support bulletin (3 November 2020 at 10:33am); National Restrictions: Financial Support For Jobs And Businesses (PDF summary, 2 November 2020); The extension of the CJRS: a small amount...