Jurisdiction(s):
United Kingdom

July snap election disrupts UK pensions reform: Mansion House, auto-enrolment, triple lock, lifetime allowance, DB funding code, PPF role and consolidation in limbo

Published on: 28 May 2024

Published by a Law360 reporter

Legal News

Article summary

Nearly a dozen regulatory measures for the industry have been paused as the civil service enters the pre-election purdah period. Although the two main parties appear broadly aligned on many pensions policy questions, differences persist, and voices across the sector are urging concrete manifesto commitments. “A key uncertainty concerns the destiny of the recently overhauled pensions tax regime, alongside several other unresolved ideas, including the Chancellor’s Mansion House package,” noted Helen Ball, a partner at law firm Sacker & Partners LLP. “At present, it is far from certain how many will make it through the formation of a new government.”

Mansion House

Over the past year the pensions landscape has shifted markedly and visibly, driven by a strong political impetus, most notably, for retirement savings vehicles to channel more capital into growth assets such as start-ups and infrastructure schemes and projects. In June 2024, Chancellor Jeremy Hunt announced a suite of measures he said would “unlock” investment from pension funds into so-called productive finance, intended to spur economic expansion across the economy. Since that point, the government has imposed duties on defined contribution (DC) schemes and local government pension funds to make public disclosures on their overall level of international...

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