Pensions Weekly Update – 11 October 2023 | Publications | Insights & Events

Authors:

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.
Are you in-house counsel or an HR professional? If so, take a look at Global Edge, our award-winning resource that allows you to collate and compare employment law issues in up to 39 different jurisdictions within minutes. For example, if your business is proposing to acquire a company that has operations in, say, Portugal, South Africa, Qatar and Hong Kong, and you want to know the minimum terms and conditions that must be provided to workers in those jurisdictions, Global Edge will produce a report setting out all of this information at the press of a button. If you already have employees based in various jurisdictions, you can keep up to date with all of the latest employment law requirements at a glance. Global Edge includes a horizon scanning function, which means that you can also be prepared for forthcoming HR developments in the jurisdictions in which you are interested. If you would like a demonstration of Global Edge, please email global.edge@squirepb.com.

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