The Month In Pensions – January 2021 – Time for the Pension Schemes Act 2021

The Month in Pensions - Gowling WLG

In The Month In Pensions for January 2021, Ian Chapman-Curry focuses on the legislation that will become the Pension Schemes Act 2021. At the point of recording, the Pension Schemes Bill 2019 – 21 was on the cusp of receiving Royal Assent so this episode focuses on what it will mean for pension scheme trustees and employers.

When enacted, the Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes.

We've created one page overviews of the key issues and actions for trustees and scheme sponsors:

• Trustees for our one page overview for trustees; and
• Sponsors for our one page overview for scheme sponsors.

We'll also look over some of the other developments that have made the headlines in the world of pensions in January 2021, including:

• DWP publishing its response to default fund charge cap consultation (DWP’s consultation response ‘Review of the Default Fund Charge Cap and Standardised Cost Disclosure’);
• Government announces expansion of Dormant Assets Scheme to certain pension assets ( press release issued by HM Treasury and the Department for Digital, Culture, Media & Sport);
• TPR issues interim response to its funding code consultation ( TPR’s DB funding code of practice consultation interim response);
• PPF issues response to its levy consultation (the PPF’s ‘Outcome of the 2021/22 levy consultation’); and
• Small Pots Working Group issues report (Small Pots Working Group Report).

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3DfNlDs

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk

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