On 17 December 2015, the Board of the Pension Protection Fund (PPF) published final details of how the 2016/17 levy will be calculated.
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In December 2015 the Pensions Regulator (TPR) published its long-awaited guidance on what Integrated Risk Management (IRM) may look like and how trustees should go about putting it in place. The guidance effectively expands the material on IRM provided in Code of Practice 3: Funding of defined benefits, which has been effective since July 2014.
2015 was one of the busiest years ever for pensions, with the introduction of the new pensions freedoms in April 2015 creating particular challenges for the trustees of both defined benefit and defined contribution schemes. A look ahead at some of the key dates in trustees’ calendars shows that there will certainly be no slowing of the pace in 2016. In addition, there are a few possible developments that we may see in 2016 that could have the potential to blow existing pensions planning completely out of the water.
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An increase in the level of corporate bond yields is positive news for pension scheme accounting deficits and company balance sheets. We take a look at market conditions and accounting assumptions at the 31 December 2015 year end in more detail.
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On 24 November 2015, the Pensions Regulator (TPR) published its new draft Code of Practice on the governance and administration of trust-based occupational defined contribution (DC) schemes. It is subject to consultation, which closes on 29 January 2016, and the final Code is expected to come into force in July 2016.