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Pensions law update: Spring Budget reforms; TPR general code and DB statement of strategy; HMRC LTA abolition guidance; PPF public sector consolidator; general levy increases; social factors guidance

Published on: 07 March 2024

Published by a LexisNexis Pensions expert
Legal News
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Article summary

In this issue:

  • Spring Budget 2024
  • The Pensions Regulator
  • Pensions taxation
  • The Pension Protection Fund
  • Investment
  • Scheme governance
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

Spring Budget 2024

Key pensions announcements and views from the market

In the Spring Budget 2024, delivered on 6 March 2024, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, outlined the government’s central objective: to stimulate growth by funnelling more capital into UK equity markets, improving the UK’s standing as a listing venue, and building on the Mansion House reforms announced in the Autumn Statement 2023.

Key pensions measures include:

  • expanding the regulatory remit of the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) to enable the closure or winding-up of poorly performing defined contribution (DC) schemes, aligned with the reformed Value for Money (VFM) framework
  • requiring DC funds to publish, by 2027, a public breakdown of their asset allocations (including UK equity). Schemes will also be required to benchmark performance, costs and other metrics against at least two schemes managing over £10bn of assets...

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