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Basic scheme information from 6 April 2014—checklist

Basic scheme information from 6 April 2014—checklist THIS CHECKLIST APPLIES TO OCCUPATIONAL PENSION SCHEMES ON AND FROM 6 APRIL 2014 For information on the requirement to provide basic scheme information before 6 April 2014, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014—Basic scheme information (ARCHIVED) and Checklist: Basic scheme information before 6 April 2014—checklist [Archived]. Basic scheme information requirement Under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations), trustees of occupational pension schemes must provide basic scheme information to: • prospective members, and • members who have not already received such information within one month of the scheme receiving their jobholder information or, if no such information has been received, within two months of them joining the scheme. Basic scheme information must also be given at the request of any of the following persons: • a member or prospective member • their spouse or civil partner • a scheme beneficiary, or • a recognised trade union (ie a...

FCA consultation paper tracker—2015 [Archived]

FCA consultation paper tracker—2015 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2015, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice Fees and levies Payment systems CP15/44: PSR regulatory fees 2016/17 This consultation includes information on the Payment Services Regulator (PSR)'s regulatory fees that relate to their functions and activities under the Financial Services (Banking Reform) Act 2013 (FSBRA), and the new EU Interchange Fee Regulation (IFR).The PSR were looking for feedback on their proposed approach to the allocation, calculation and collection of PSR fees for 2016/17. This document formed part of their annual cycle of fees consultation for 2016/17.The PSR’s...

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Pension freedoms—an introduction

STOP PRESS: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected to...

Event-specific disclosure requirements for occupational and personal pension schemes

Event-specific disclosure requirements for occupational and personal pension schemes STOP PRESS: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance. Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance)...

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Precedent Defined Benefit (DB) Transfer Form

Precedent Defined Benefit (DB) Transfer Form [ ] PENSION SCHEME REQUEST FOR TRANSFER OF BENEFITS Name:_______________________________________ Date of Birth: __________________________________ Membership Number:___________________________ National Insurance Number: _____________________ Company Name: ______________________________ Address:______________________________________ Date of Joining the Scheme: _______________________ Date of Leaving: ________________________________ To the Trustees of the [ ] Pension Scheme (the ‘Scheme’). I hold benefits in the Scheme and I wish to apply to transfer the value of those benefits from the Scheme as set out below. This includes any benefits which would be payable from the Scheme to my dependants or beneficiaries in the event of my death. I confirm that I have received a statement of entitlement in respect of my benefits in the Scheme which shows the cash equivalent transfer value (CETV) of my benefits as at my guarantee date. I wish to transfer my benefits to the following Receiving Arrangement(s): Name of Receiving Arrangement:___________________________________ Address of Receiving Arrangement:___________________________________ HMRC Registration Number:_______________________________________ DECLARATIONS Decision to transfer out • The decision I have made to...

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Where a member of an occupational DC pension scheme designates their pension fund into flexi-access drawdown at age 60, ie prior to their normal retirement age (age 65), at what time are the information requirements of reg 19 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (giving first information on accessing benefits) triggered?

Where a member of an occupational DC pension scheme designates their pension fund into flexi-access drawdown at age 60, ie prior to their normal retirement age (age 65), at what time are the information requirements of reg 19 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (giving first information on accessing benefits) triggered? Regulation 19 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734, applies in respect of members who have a right or entitlement to flexible benefits and requires the scheme to provide them with retirement information ‘at least four months before: • where there is a retirement date, that date, or • where there is no retirement date, the date the member attains normal pension age’ [reg 19(3)] Moreover: • ‘retirement date’ means ‘the date specified by: ◦ the member to the trustees or managers of the scheme that is acceptable under the rules of the scheme, or ◦ the trustees or managers of the scheme...

On a TUPE transfer, does a loan by the employer to the employee (eg a cycle to work or season ticket loan) transfer to the transferee? Can the transferor deduct outstanding loan repayments from its final (pre-transfer) wage payment to the employee or does the transferor, absent an agreement between the transferor and transferee, lose the right to repayment? If the employer offers non-contractual flexible benefits (including loans), can the transferor withdraw these during the period immediately prior to the TUPE transfer, to prevent new loans being granted?

On a TUPE transfer, does a loan by the employer to the employee (eg a cycle to work or season ticket loan) transfer to the transferee? Can the transferor deduct outstanding loan repayments from its final (pre-transfer) wage payment to the employee or does the transferor, absent an agreement between the transferor and transferee, lose the right to repayment? If the employer offers non-contractual flexible benefits (including loans), can the transferor withdraw these during the period immediately prior to the TUPE transfer, to prevent new loans being granted? Does a loan between the transferor and the transferring employee transfer to the transferee? Under regulation 4 of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246, on completion of a relevant transfer the transferee acquires: • all rights, powers, duties and liabilities under or in connection with the contracts of employment of transferring employees (except certain rights relating to old age, invalidity or survivors' benefits under occupational pension schemes, which are excluded) •...

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DB underpin in DC plan is safeguarded benefit requiring member to seek advice before transfer (Dr R CAS-53517-H3N1)

Pensions analysis: In the Pensions Ombudsman determination of Dr R, CAS-53517–H3N1, the Ombudsman rejected a complaint that a scheme wrongly insisted a member take advice before transferring safeguarded rights. The trustees were therefore correct in concluding that a defined benefit (DB) underpin in a defined contribution (DC) plan constituted safeguarded rights and, where these rights are valued over £30,000, required advice to be taken by the member before the trustees may pay a transfer. Martin Scott of gunnercooke LLP looks at the decision.

FCA publishes details of new employment offer

The Financial Conduct Authority (FCA) has announced that it has set out a new employment offer which it says is designed to reward strong, consistent performance, aid career development and close pay gaps. The offer follows an ‘extensive, wide-ranging and comprehensive’ consultation with all FCA colleagues and the FCA’s Staff Consultative Committee. The FCA says the changes, including updates to the proposals consulted upon, will mean that the FCA ‘continues to provide one of the best reward packages of any regulator or enforcement agency in the UK’.