Pension schemes are subject to a number of different levies. This briefing note collates previously published information to help schemes understand how much they can expect to pay in 2016/17.
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In June 2016, the Pensions Regulator (TPR) published its ninth annual analysis of valuations and recovery plans, covering valuations with an effective date falling in the year to 21 September 2014. The analysis covers scheme demographics, assumptions used and details of recovery plans.
On 26 May 2016, the Department for Work and Pensions (DWP) issued a consultation setting out a range of radical options that could potentially help the British Steel Pension Scheme (BSPS). Whilst the consultation is apparently only focused on the BSPS, it opens up the question of whether similar options could be made available to any pension scheme with a weak employer. Some of the options proposed could also have implications for PPF levy payers.
On 9 May 2016, the Pensions Regulator’s (TPR’s) revised defined contribution (DC) Code of Practice was laid before Parliament, where it will remain for 40 days before coming into force in July. At this point, TPR will publish final versions of its ‘how to’ guides which support the new Code, together with its revised compliance and enforcement policy.
As had been expected, today (18 May 2016) saw the announcement of a Pensions Bill following the Queen’s Speech. Slightly disappointingly, Her Majesty did not actually mention it in the speech itself, although she did refer to the Lifetime Savings Bill which will provide the legislative framework for the Lifetime ISA.
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