Horizon scanning—Pensions
Horizon scanning—Pensions

The following Pensions guidance note provides comprehensive and up to date legal information covering:

  • Horizon scanning—Pensions
  • Budget—11 March 2020
  • Joint consultation on the Retail Prices Index—11 March 2020–22 April 2020
  • Consultation response on DB consolidation—Q1 2020?
  • TPR to consult on guidance for pension schemes on climate-related practices as part of the Governance Code—Q1 2020? and DWP guidance—March 2020
  • Further HMRC GMP equalisation guidance—as soon as possible
  • PPF levy deadlines—31 March/1 April 2020
  • New rules on disclosure of costs and charges for scheme governance bodies (like IGCs) in workplace pension schemes—1 April 2020
  • FCA extends remit of IGCs—6 April 2020
  • DWP implementation of new rules for investment consultancy and fiduciary management into pensions law—in force 6 April 2020
  • more

This Practice Note summarises the key legal developments that are expected to impact pension lawyers within the next 18 months and will continue to track them to their conclusions.

To track developments relating to:

  1. legislation, see Tracker: Legislation tracker—pensions

  2. forthcoming cases, see Tracker: Case tracker—forthcoming cases—pensions

  3. judgments handed down in 2019, see Tracker: Case tracker—judgments handed down in 2019—pensions

  4. consultations, see Tracker: Consultation tracker—pensions

  5. Pensions Ombudsman determinations, see Tracker: Pensions Ombudsman determination tracker

Budget—11 March 2020

HM Treasury has confirmed that the government will hold its Budget on Wednesday, 11 March 2020.

Joint consultation on the Retail Prices Index—11 March 2020–22 April 2020

In February 2019, the UK Statistics Authority (UKSA) consulted the Bank of England and the Chancellor of the Exchequer to stop the publication of the Retail Prices Index (RPI) and, in the interim, address the shortcomings of RPI by aligning it with CPIH. On 4 September 2019, the Chancellor of the Exchequer responded by announcing his intention to consult on the timing of when to bring the methods in CPIH into RPI, effectively aligning the measures, to give users time to prepare for the many complex effects such a change will have.

In a letter to the chair of the House of Lords Economic Affairs Committee on 13 January 2020, the Chancellor of the Exchequer, Sajid Javid,