Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.
The Society of Pension Professionals (SPP) has published a paper on the lifetime allowance (LTA) and a review of the options. This follows on from the government’s announcement at Spring Budget 2023 that the LTA would be abolished from 6 April 2024. The paper contains some useful case studies. It considers the features of the LTA and explores the potential consequences of retaining the LTA, abolishing the LTA, and abolishing and then reinstating the LTA.
The establishment of the Transition Plan Taskforce (TPT) was announced in November 2021 at COP26. It was launched in March 2022. Following consultation, the TPT has now published a disclosure framework to assist in the production of high quality standardised transition plans to net zero. As part of its Green Finance Strategy, the government said that it would consult by the end of 2023 on requiring the largest companies to publish their transition plans, if they have them. The framework should bring a level of consistency that will assist investors, including pension funds.
Our latest factsheet in our Pensions Life Hacks series offers tips on Data Protection Impact Assessments. Look out for the next factsheet, which will offer tips on how far back you need to go when preparing a benefit specification.
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If you would like specific advice on any of these issues or on anything else, please contact a member of our Pensions team.