Pensions Weekly Update – 29 April 2020

April 2020
Region: Europe

Here is our brief weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

  • The Association of Professional Pension Trustees (APPT) has opened its accreditation process for professional trustees. This is very similar in format to the accreditation process offered by the Pensions Management Institute (PMI). The APPT has said that it will award provisional accreditation until such time as it is possible to take all of the required PMI exams and obtain a disclosure and barring service check.
  • The Pensions Ombudsman (TPO) has lifted the temporary restrictions on its services that were implemented due to the COVID-19 pandemic and is now accepting new complaints, as well as continuing work on existing cases.
  • The Fire Brigades Union has confirmed that, backed by a number of other unions, it has begun court proceedings against the government, challenging a pause in the review of a cost control mechanism built in to certain public sector pension schemes, which could result in an improvement in benefits, whilst the government considers its response to the McCloud judgment.
  • The Economic Secretary to the Treasury, John Glen, has made a written ministerial statement confirming that the government intends to temporarily suspend tax rules that would result in “significant” tax charges being applied to pension income received by recently retired public sector workers, aged between 50 and 55, who return to work to support the government’s response to COVID-19.
  • This week, we are expecting The Pensions Regulator (TPR) to publish
    • Guidance on communicating with members regarding the impact of COVID-19
    • The annual funding statement for defined benefit schemes

If you would like specific advice on any of these issues, or on anything else, please contact a member of our Pensions team.

Access our global COVID-19 Coronavirus Resource Hub for guidance on key legal and risk issues for businesses.

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