Pension fund accounts meaning

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Banks and mutuals Investment funds and asset management FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies What to note from FCA, government financial growth proposals — Law360, Expert analysis: On 10 July 2025, the Financial Conduct Authority (FCA) released its Secondary International Competitiveness and Growth Objective (SICGO) Report 2024/25, charting how growth and competitiveness are being woven into its regulatory approach. Charlotte Rendle, senior knowledge lawyer, Matt Handfield, consultant, and Rosie MacArthur, managing associate, at Simmons & Simmons LLP distil...

In this issue: Autumn Budget 2024 The Pension Protection Fund The Pensions Ombudsman Scheme amendments Pensions dashboards Daily and weekly news alerts Dates for your diary Trackers Autumn Budget 2024 Key pensions announcements and views from the market In the Autumn Budget 2024, delivered on 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, stated the government’s overriding aim is to repair the economy’s foundations and drive change by safeguarding working people, mending the NHS and rebuilding Britain. The principal pensions measures are: from 6 April 2027, unused pension pots and death benefits payable from a pension will be counted within an individual’s estate for inheritance tax purposes. As part of these reforms, pension scheme administrators will be responsible for reporting and settling any inheritance tax due on unused pension funds and death benefits...

In this issue: Key developments and horizon scanning; UK, EU and international regulators and bodies; regulated activities; authorisation, approval and supervision. Accountability, culture and social governance; prudential requirements; operational resilience; financial crime and sanctions. Consumer protection; conduct standards; complaints, compensation and claims management; investigations, enforcement and discipline. Capital markets and derivatives regulation; dispute resolution for financial services lawyers; sustainable finance and ESG. Banks and mutuals; UK MiFID II; consumer credit, mortgages and home finance; insurance regulation. Payment services and systems; fintech and cryptoassets; regulation of AI in financial services. LexTalk® Financial Services: a Lexis®Nexis community; Financial Services Enforcement Database; daily, weekly and intraday news alerts; new and updated content; dates for your diary; latest Q&A. Key developments and horizon scanning Financial Services and Markets Act 2023 (Commencement No 10 and Saving Provisions) Regulations 2025 SI 2025/873 commence specified FSMA 2023 provisions on 15 July 2025, 28 November 2025 and 1 January 2026. See: LNB News 16/07/2025 24....

ARCHIVED This archived Practice Note explains how coronavirus affected trustees administering pension schemes, summarising the approaches taken by the Pensions Regulator, the Pension Protection Fund, the Pensions Ombudsman and other regulators. It also outlines the consequences for public service pension schemes, including measures under the Coronavirus Act 2020. The COVID-19 pandemic posed significant challenges for those running schemes, and this Note records the stances adopted by the various pensions regulatory bodies (including the Pensions Regulator (TPR) and the Pension Protection Fund (PPF)) alongside the practical issues trustees encountered. It also addresses the effect of coronavirus on public service arrangements, including impacts arising via the Coronavirus Act 2020. TPR’s position TPR consistently indicated it would regulate in a pragmatic and sympathetic manner where breaches arose from COVID-19. It introduced a number of easements, with some ending on 30 June 2020, for example: the option to pause DB transfer processing permitting delays to filing revised recovery plans and others extended to 30...

Statutory framework In England, there are three pension arrangements in place for firefighters, collectively referred to as the Firefighters’ Pension Scheme. These are: Firefighters’ Pension Scheme 1992 (FPS 1992), which stopped accepting new members from 6 April 2006 and ended future accrual on 1 April 2022 Firefighters’ Pension Scheme 2006 (FPS 2006, or NFPS – the New Firefighters’ Pension Scheme), which likewise closed to future accrual with effect from 1 April 2022 Firefighters’ Pension Scheme 2015 (FPS 2015), which commenced on 1 April 2015 FPS 1992 also covered fire and rescue personnel in Scotland and Wales. FPS 2006 did not, and separate new schemes were put in place by the Firefighters’ Pension Scheme (Scotland) Order 2007, SSI 2007/199, and the Firefighters’ Pension Scheme (Wales) Order 2007, SI 2007/1072. In 2014 and 2015, distinct successor schemes were also introduced for England, Scotland and Wales, titled respectively the Firefighters’ Pension Scheme 2015, the Firefighters’ Pension Scheme (Scotland) 2015 and the Firefighters’ Pension Scheme...

Defined benefit (DB) pension scheme deficit A defined benefit (DB) pension scheme is in deficit when the value of its assets falls short of its liabilities. There are several ways to assess the shortfall, for example: on the scheme funding basis — required by the Occupational Pension Schemes (Scheme Funding) Regulations 2005, SI 2005/3377, and used to determine future contributions. If a shortfall is identified on this basis, the trustees and sponsoring employer must agree a recovery plan to clear it. For further information, see Practice Note: The scheme-specific funding regime — Recovery plan on a solvency basis — liabilities measured as the premium an insurer would need to secure the scheme benefits in full (the ‘buy-out basis’) on the Pension Protection Fund (PPF) basis — assets and liabilities valued using standard assumptions and the benefit structure set by the PPF on an accounting basis — assets and liabilities measured as required by an accounting standard For further information,...