P&E Update: Pensions Bulletin

Topics covered in this bulletin:

The Watch List

New Law

• PPF levy rules for 2017/18 finalised
• Early exit charges and member-borne commission – consultation
• Standardising disclosure of charges and transaction costs – consultation
• Auto-enrolment guidance updated

Tax

• Finance Bill (No. 2) Amendments

Cases

• High Court rules on whether RPI altered or its compilation materially change
• Pension increases applied to minimise interference with scheme integrity
• No wage increase in 2nd year of front-loaded 2-year pay deal
• Exoneration clause cannot protect against breaches of investment duties
• Distress and inconvenience compensation cap questioned
• Employer’s inaccurate statement about accrued pension rights treatment post TUPE transfer

Points in Practice

• Regulator publishes DB investment guidance
• Solicitor and firm fined for refusing to give documents to Regulator
• OTC derivatives clearing exemption