Atkin trustees, actuaries, consultants & administrators

Current Issues - June 2017

General Election – Where are we now?: The Conservative Party’s loss of its overall majority means that a number of proposals made before the election are unlikely to happen. The Queen’s Speech did refer to a ‘Data Protection Bill’ which will implement the General Data Protection Regulation, to ensure that the UK maintains its ability to share data with the EU after Brexit. This will have implications for pension schemes and we would suggest that Schemes start speaking to their advisors now about it.

Government Green Paper – TPR issues a response: TPR has called for greater powers including a strengthening of information gathering powers and legally enforceable codes of practice. TPR also wants to introduce a DB chair’s statement and to have the power to compel parties to submit to an interview. However, there has to be questions over how much time the Government will be able to devote to pensions reform with the challenges of Brexit likely to dominate over the next few years.

Pension transfer advice: The Financial Conduct Authority has published proposals on the advice provided to members thinking of transferring their DB pensions. Fraud

Compensation Levy: Given the expectation of increased claims, the Pension Protection Fund (PPF) is intending to charge a Levy of 25 pence per member In 2017/18.

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Atkin & Co have acted as our Pension Scheme advisors and Actuaries for over 5 years. We consider them to be extremely experienced and knowledgeable in the field of pensions and in our view are one of very few pensions specialists in the UK that can understand the the intricate workings of the more complex pension schemes. They have done some excellent work for us in connection with our pension scheme over the years.

Andrew, Independent Trustee Client