Horizon scanning—Pensions
Horizon scanning—Pensions

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

  • Horizon scanning—Pensions
  • Legislation on tax registration of collective defined contribution (CDC) schemes—Retrospective effect from 6 April 2021
  • DWP consultation on draft regulations introducing duty on trustees of occupational pension schemes to deliver members a nudge to pensions guidance—Spring 2021?
  • PPF response to consultation on draft guidance for commercial consolidators—Spring 2021?
  • TPR consultation on updated TKU content—Spring 2021?
  • Full consultation response on improving outcomes for DC members—June 2021
  • Consultation on consolidation for small DC schemes—Q2 2021?
  • Consultation on mandating use of simplified annual benefit statements—Q2 2021?
  • FCA measures to help IGCs compare value for money of pensions—Q2 2021?
  • Guidances to be published by the GMP Equalisation Working Group—during H1 2021
  • 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: Case tracker—forthcoming cases—pensions

  3. judgments handed down in 2020, see: Case tracker—judgments handed down in 2020—pensions

  4. consultations, see: Consultation tracker—pensions

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

Legislation on tax registration of collective defined contribution (CDC) schemes—Retrospective effect from 6 April 2021

The policy paper and draft legislation relating to collective money purchase arrangements (also known as collective defined contribution (CDC) schemes) were first published on 21 July 2020 in the Pension Schemes Bill. CDC arrangements are defined as money purchase arrangements but work in a different way to other benefits. As a result, they do not replicate any of the existing types of benefits precisely. Part 1 of the Pension Schemes Act 2021 provides the legislative framework to establish and operate CDC schemes into the pensions tax relief provisions of the Finance 2004, Part 4.

However, legislation was required to be included in a Finance Bill to allow pension schemes that provide CDC benefits to operate as UK-registered pension schemes in the same way that existing UK-registered pension schemes can operate under Part 4 of the Finance Act 2004. This would open up

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