Powered by Lexis+®
Jurisdiction(s):
United Kingdom

King's Speech: Pension Schemes Bill (superfunds, DC VfM, small pots); FTT criticises TPR on auto-enrolment penalties; AE expansion and PPF consolidator absent

Published on: 18 July 2024

Published by a LexisNexis Pensions expert
Legal News
imgtext
Article summary

In this issue:

  • King’s Speech
  • Automatic enrolment
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

King’s Speech

Government outlines new Pension Schemes Bill in King’s Speech

The Pension Schemes Bill, set out in the King’s Speech and intended to extend and apply across Great Britain, covers (among other matters):

  • long-anticipated legislation for commercial superfunds. The superfund market is currently operating under a temporary regime introduced in 2020. One superfund—Clara Pensions—has completed two transactions so far, while other participants have voiced concerns about uncertainty and fluid requirements. For more detail, see Practice Notes: the DWP’s permanent regime for DB superfunds and TPR’s interim regime for DB superfunds
  • measures to weed out small, under-performing defined contribution pension schemes via a new Value for Money (VfM) framework. New VfM powers for the Pensions Regulator (TPR) were first announced in July 2023, although the government then indicated that primary legislation would be necessary. It is not yet clear whether the new government will carry forward the earlier proposals in full. The measures trailed in the King’s Speech point to introducing ‘a standardised test that trust based defined contribution schemes will need to meet to demonstrate they deliver value’...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow