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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We used Atkin Trustees as part of a wind up of our scheme. With the help and support of Richard Bryant we were able to move forward a process that had become stalled - his expert guidance was invaluable to me and the other Trustee involved. The whole process was handled in a practical and timely manner, and I felt at last we had access to expert Trustee experience and knowledge to guide us through the many obstacles that we faced. It was a pleasure working with Richard.

Len, Independent Trustee client